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Community Redevelopment Agency September 10, 2010 Page 2 auditing fees. The City's auditing fee is $50,000 annually and the CRA would be $5,500 annually. He said that is a $1,000 savings from the 2009 CRA auditing fees. He said the selection of the auditors would be presented to the City Commission for approval at the September 27, 2010 meeting. Mr. Newlon stated that the CRA requested information from the auditing firms regarding their CRA experience. Mr. Newlon distributed and reviewed a letter from Moore Stephens Lovelace PA dated August 30, 2010 outlining their CRA experience (a copy of the letter is attached and made a part of the minutes). Mr. Jones and Mr. Isom arrived at the meeting at 9:07 a.m. A brief discussion ensued regarding the outstanding $22,000 expenditure for Anniversary Park. The Board requested that Mr. Newlon provide an update on that expenditure at the next meeting. Mr. Martin stated that there has been discussion regarding paying the debt on the Lake Concord property which would favorably impact the fund balance for the CRA. He said that there is a proposal for the City Center property and if there is a cash payment from the developer to the City that would also impact the debt service for the CRA. The Board requested staff provide a breakdown of the total investment for the Lake Concord and City Center properties from the CRA and the City. The Board requested that information include such items as appraisals, geo tech reports, asbestos removal etc. The Board felt a history of the properties would be beneficial to assist in understanding the financial commitment and working relationship between the CRA and the City. Fourth Item of Business: Update on Estados II Mr. Martin reviewed the staff memo dated September 10, 2010 that was included in the meeting packet (a copy is on file in the Community Development Department). Mr. Martin said the key issues are to negotiate the lease rate for the Lake Concord property, determine the additional cost necessary to prepare the pad for development and should there be a contribution to help develop the pad. He said the City is completing its due diligence on the property. Mr. Martin stated that a financial advisor was hired to review the business plan and pro forma for the project. He said that work should be completed by the end of September. He said the geo tech contract has been executed and the work will begin this month. Mr. Martin stated that staff and representatives for the project met with St. John's River Water Management District to discuss impacts to the lake and wetlands. Mr. Martin distributed a site plan that Chef Keogh had prepared