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1 <br />Finance .Department Director <br />95 Triplet Lalce Drive, Casselberiy, Florida 32~0~ ®Telephone (40~) 262-~~00, Ext. 1147 <br />Fax (40~) 262-7746 ®Email jnewlon@casselberiy.org <br />T®: Community Redevelopment Agency Board of Commissioners <br />Fr®rn: Randy Newlon, Finance ®irector <br />ate: November 12, 2010 <br />Subject: Review ®f Shared C®sts t® Large Land cquisiti®ns ®C®nc®rd Center and <br />City Center Parcels <br />The City and the Community Redevelopment Agency have worked together since the inception <br />of the CRA to advance economic development within the CRA disfrict. The City has advanced <br />funding to the CRA in its early years when Tax Increment Funding (TIF) was just beginning to <br />accumulate. The CRA has helped the City with financial support to carry some large purchases <br />of land that were beyond the CRA's capacity to acquire on its own. There were two large <br />parcels purchased by the City that the CRA continues to provide assistance for. One is the <br />Concord Center property on Lake Concord. It is approximately 1.9 acres and is located on the <br />east side of U.S. Highway 17-92 and just north of the City Hall Complex. The other is known as <br />the City Center located south of City Hall. It is almost 15 acres. <br />CITI° CENTER <br />The City Center site was acquired in two transactions. Most of the land was acquired from <br />Casselberry Investment Properties (CIP) and one major outparcel at the corner of Triplet Lake <br />®rive and US Highway 17-92 was purchased from First Coast Energy. The outparcel used to <br />be a Shell gas station which had been demolished. <br />CIP Pr®perty <br />The CIP property was acquired by the City on 4/29/2004. The cost at closing to the City was <br />$2,763,476. Other costs were paid outside of closing totaling $5,403 and the CRA paid for an <br />appraisal costing $3,000. In 2005, the City paid to have an old post office building demolished <br />which existed on the property. The demolition cost $22,190. To fund the land acquisition, the <br />City borrowed $3,000,000 from SunTrust Bank in an interest only tax exempt note. <br />Shell Pr®perty <br />At the same time that the City was negotiating for the CIP property, the City was also exploring <br />the purchase of the Shell property. The City paid $2,350 to have an appraisal performed. The <br />City closed on the purchase 12/20/2005. The cost at closing was $461,244. Other costs <br />expended by the City outside of closing came to $31,404. <br />www.casselberry.org <br />