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C®nc®r~ Center ~~rnrnary <br />The amount in total paid by the City to purchase the Concord Center was $2,300,560. The CRA <br />collected rent temporarily until the buildings became vacant. Then, the CRA paid to have all of <br />the buildings demolished. The net cost to the CRA was $56,366. Debt Service from inception <br />through FY 2010 was entirely paid by the CRA and came to $555,338. The total expended by <br />the CRA to carry the Concord Center property was $611,704. <br />Sl1NI~Y <br />The City and the CRA has worked cooperatively to acquire and support the City Center and <br />Concord Center properties for the purpose of redevelopment. Acquisition of both parcels was <br />financed with debt issues secured with City revenues. The debt was structured for both to be <br />short-term, interest only and at taxable rates. The debt service burden has almost entirely been <br />carried by the CRA. The City is responsible for satisfaction of the principal. At the end of FY <br />2010, the City has disbursed $5,840,638 for acquisition and debt service. The CRA has spent <br />$1,513,216. <br />www.casselberry.org <br />