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Community Redevelopment Agency March 11, 2011 Page 2 Redevelopment District properties declined $108,000 and that impacts the revenue the CRA received from the City by approximately $1000. Mr. Newlon said the Mayor received a letter from the Seminole County Property Appraiser's office dated January 27, 2011 which estimated a 7-9% decline in the 2011 taxable value for the City of Casselberry. Mr. Newlon distributed and reviewed the Casselberry CRA Finance Report for month ending February 28, 2011 (a copy is on file in the Community Development Department). Mr. Ritchie stated that he attended a City Commission meeting in January and one of the Commissioners made a public statement that the CRA has not been efficient in the expenditures of its money and it reflects in the budget. Mr. Ritchie requested Mr. Newlon review the Finance Report line by line and recommended to the Chairman that the CRA send a letter to the City Commission as to exactly how the CRA is using their money in rebuttal to the comments made at the City Commission meeting. A lengthy discussion ensued regarding the February 28, 2011 CRA Finance report and a number of expenditures made by the CRA that were requested and supported by the City Commission, It was stated that the CRA pays the debt service on the Concord Center and City Center properties, shared costs with the City for the Community Development Director and the Economic Development Coordinator positions and also an administrative allowance of $36,000 for general administrative expenses, After reviewing the Finance Report the Board felt that the criticism was unfair and unfounded and the Board should respond accordingly. Mr. Trueba arrived at the meeting at 9;18 a.m. A lengthy discussion ensued regarding the comments made at the City Commission meeting. It was stated that over 80% of the CRA budget is spent directly on items related to the City and the Board uses its best judgment and due diligence in making these economic decisions. The Board stated that the CRA has enjoyed a long term partnership with the City from the inception of the CRA and the CRA has acquired properties, removed blight and improved economic conditions in conjunction with the City and many at the request of the City. Ms. Sandi Solomon, Commissioner, 6 Bayberry Branch, Casselberry, Florida came forward. Ms. Solomon apologized to the CRA Board if any of them were insulted or belittled in any way by the comments that were made at the City Commission meeting. Ms. Solomon said that she appreciates the Board for all their efforts in serving on the Community Redevelopment Agency. Ms. Solomon said the CRA and the City are partners and the CRA's main goal