CRA 01/14/2011 Minutes - Laserfiche WebLink

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Community Redevelopment Agency January 14, 2011 Page 2 Mr. Newlon stated that the auditors would begin conducting their audit in February and the auditor's report should be available at the April CRA meeting. The Agenda was modified to hear the Director's Report. Fourth Item of Business: Director's Report Ms. Lynch reviewed the Director's Report dated January 11, 2011 (a copy is on file in the Community Development Department). Ms. Lynch said Mr. Rubin has agreed to sell his parcel to the CRA for a net price of $100,000. A general discussion ensued regarding the City's purchasing requirements, the estimated closing costs and any outstanding real estate taxes on the parcel. The CRA Board decided that the CRA would purchase the property as sole purchaser and a budget amendment would be presented to the City Commission in the amount of $110,000 to allocate funds for the purchase of the property. Ms, Lynch distributed a copy of the property appraiser's receipt showing that the current taxes were paid on November 30, 2010 (a copy is attached and made a part of the minutes). Ms. Lynch stated that an appraisal of the site is not required, the cost of the Phase 1 Analysis of the site is included in the City's grant and an endangered species assessment is not applicable for that site. She explained that there would be fees for the title search, the boundary survey, recording fees and closing fees and she estimated $110,000 would be sufficient to cover the purchase of Mr. Rubin's property. Mr. McGregor made a motion to approve $100,000 for the purchase of the property and up to $15,000 for the closing costs. Mr. Ritchie seconded the motion. In response to the Board's question, Mr. Newlon stated that the CRA would have approximately $300,000 in the budget after purchasing Mr. Rubin's property and the Concord Center site improvements. The motion passed unanimously by voice vote. Fifth Item of Business: CRA Plan Update A. Update on Corridor Developments B. Review of Plan Objectives C. Discussion of Northern Sub-Area Investment(s) Mr. Martin reviewed staffs memo dated January 10, 2011 (a copy is attached and made a part of the minutes). Mr. Martin stated that on January 10, 2011 Chef Keogh emailed staff stating that the return on investment in the property was too marginal to bring to his investor pool and he withdrew the restaurant from the site. Mr. Martin