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~~y ~ ~~~~ Community .Development Department Director ~® Fr®rn: ate. Soabjec~: g5 Triplet Lalce Drive, Casselberry, Florida 32~0~ o Telephone (40~) 262-~~00, Ext. 11io Fax (40~) 262-~~q.6 o Email dmartin@casselberry.org Community Redevelopment Agency Board of Commissioners Donald S. Martin, Director January 10, 2011 CRA Plan Update I`TR®UC`TI®N At the May, 2010 meeting staff outlined a process for updating the CRA- Plan. The strategy proposed using the 2007 plan document prepared by Real Estate Research as the basis for a new plan update. This plan would be tweaked by staff to reflect current conditions, issues, programs and projects sufficient to continue the redevelopment effort from 2015 to 2025. Preparation of the Plan Update anticipates and helps facilitate a City/County agreement extending the life of the CRA for an additional ten years. On November 3rd, the City Manager sent a letter to the Acting County Manager Joseph Forte requesting that discussions begin regarding the ten-year extension. Following up, I met with Seminole County Planning Director Nicole Guillet to further discuss a process for going forward. In this meeting it is proposed that the Board begin the update process with a review of the plan objectives and a discussion of the Northern Sub-Area plans and program. P®ATE ®N CRRG®®R ®EVE~®PMENTS Estad®s 11 At the last meeting of the CRA, the Board unanimously approved a request by Mayor Glancy to support the the Estados 11 restaurant proposal on the Lake Concord property by authorizing a request for CRA capital funds up to $920,000 for development of the site infrastructure to make the site pad ready. Infrastructure elements including fill and grading, underground stormwater, utilities, parking, landscape and irrigation. At the City Commission meeting on December 13t", 2010 the City Commission approved a non-binding Letter of Intent (LOI) to Chef Keogh establishing a land lease rate and structured grant/loan to provide for the site development infrastructure. From December 14 until January 10, staff and Chef Keogh engaged in extensive negotiations to massage the LOI language to make it acceptable for purposes of selling the deal to investors while preserving stated Commission objectives. After significant work to create an acceptable LOI, Chef Keogh notified the City on January 10t" that the constraints were to significant to overcome and reluctantly he would have to seek other locations to establish the first restauranfi of the Estados 11 chain. www.casselberry.org