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Community Redevelopment Agency December 10, 2010 Page 6 Hurricane Katrina to Seminole County, She said Mr. Miller has been in the restaurant industry since 1984 and he gave a completely objective opinion to Chef Keogh's Pro Forma. Ms, Glancy said the long term equity is based on the City's investment and support for the project. She asked the Board to keep an open mind on the project and to base their decision on what they believe is a good investment of the CRA TIF money and the community. She felt that losing this opportunity may hinder the extension to the CRA term. A lengthy discussion ensued regarding the investment and development of the Concord Center property. Mr. Ritchie made a motion that in theory with the proposal that was presented that if the City Commission was to go back in session and vote that in and bring it to the CRA Board, the CRA Board would be willing to meet again in an emergency session and move favorably, Mr. McGregor seconded the motion. A brief discussion ensued regarding the CRA requesting a budget amendment from the City Commission to allocate CRA funds for the Concord Center property thus eliminating the need for an emergency CRA meeting, Mr. Ritchie withdrew his motion. A brief discussion ensued regarding the lease to include a $500,000 grant from the CRA and a structured loan for whatever the balance ($420,000 - $440,000) but no money would be expended until Chef Keogh has secured his investors. Mr. Ritchie made a motion to request the City Commission approve a capital budget amendment in the amount of $500,000 for investment into the site and the remaining balance up to $420,000 to be used as a loan to be given to the Estado 11 project contingent upon seeing the final lease agreement and other terms associated with the instruments that consummate that deal. Mr. McGregor seconded the motion. The motion passed unanimously by voice vote. Ms. Glancy stated that this allows the Estado 11 project to be brought back to the City Commission with the support of the CRA Board and to revisit this item during their discussions at the end of the City Commission meeting. Ms, Glancy requested the CRA Board attend the City Commission meeting and speak to the Commission during citizen's comments as to their support for the project for all the reason the Board mentioned today. She said it helps for the Commission to hear it from each one of the CRA members.