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Community Redevelopment Agency April 8, 2011 Page 2 Intent provides Chef Keogh nine months to acquire the investors for the project and then the final lease agreement would be negotiated with the City. Mr. Joel Knopp, Audit Manager, Moore, Stephens Lovelace P.A., distributed and reviewed the letter dated April 8, 2011 from Moore Stevens Lovelace to the Community Redevelopment Agency and the Audit Report for year ending September 30, 2010 (copies are attached and made a part of the minutes). In response to the Board's question, Mr. Knopp stated that no improprieties or excessive spending outside the regular guidelines of accepted business practices was found in the CRA audit. Mr. Jones asked for a motion to address approval of the audit. Mr. McGregor made a motion to accept the audit. Mr. Ritchie seconded the motion. The motion passed unanimously by voice vote. Mr. Jones requested that Mr. Newton convey the auditor's findings to the City Commission that no improprieties or excessive spending were found in the CRA audit. Fourth Item of Business: CRA Plan Update Revised Objectives (add Economic Development) Programs (add Economic Development Support) Action Plan Resource Allocation & TIF Revenue Projections Implementation Management Appendices Market Analysis (GenerallCity Center) Market Analysis (Civic Center) Facade Design Guidelines Streetscape Concept Plan Mr. Don Martin, Community Development Director, reviewed the CRA Plan including Sections 2.1.6 through 8.9 (a copy is attached and made a part of the minutes). A lengthy discussion ensued regarding the Board's concern that 2.1.6 Objective 6 - Creating a "City Center" limits the potential for the development of the 15 acre parcel. The Board suggested that the language should be expanded to allow other possible development options. Mr. Martin stated that negotiations have continued with Robbins Development Partners and the contract is approximately 95% complete. Mr. Martin estimated that the contract would be ready for vetting by the City Commission and the CRA in late April or May. Mr. Martin explained there are significant lead times in the contract for due diligence, closing on the property, etc.