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CASSi'rLB1rRRI' CITY COMMISSION <br />Minutes of July 25, 2011- Regular Meeting <br />Page 13 of 18 <br />001-0190-517.72-22 Interest -Sales Tax Ref Note $ 11,820 <br />Series 2008 <br />INCREASE: <br />001-0000-389.90-00 Other Non-Operating Sources $3,039,820 <br />Recommendation: The City Manager and the Finance Director recommended approval of Resolution 11- <br />2289 and related Budget Amendment #11-046. <br />Audience Input: The following individual came fortivard to address Resolution 11-2289: <br />1) Mr•. John Casselberry, 700 South Lost Lake Lane, reiterated his concerns regarding the <br />preservation historical financial records. Mr•. Casselberiy also voiced concerns regarding drawing <br />down the reserve accounts. <br />MOTION: Vice Mayor Miller moved to approve Resolution 11-2288 and related Budget <br />Amendment #11-046, as presented. Motion was seconded by Commissioner <br />Hufford. <br />DISCUSSION: Vice Mayor Miller stated he felt it made sense to pay this obligation in full due to the <br />increase in the interest rate after it was determined that the note was not eligible to be <br />tax exempt, and free up some debt service for the CRA. Fund balance reserve levels <br />were discussed and clarified as well as the amount of interest savings that will be <br />realized by this action. <br />Motion carried by voice vote 4 -1 (Commissioner Doerner dissenting). <br />D. Resolution 11-2290 - Request to Pay-Off Land Acquisition Note, Series 2008 - Lalce <br />Concord Property and Related Budget Amendment #11-045 <br />The City Clerk read Resolution 11-2290 by title as follows: <br />"A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA, AUTHORIZING THE PAYOFF <br />IN ADVANCE OF MATURITY DATE OF LAND ACQUISITION NOTE, SERIES 2008 APPROVED <br />VIA RESOLUTION 08-1925; PROVIDING FOR CONFLICTS, SEVERABILITY AND AN <br />EFFECTIVE DATE." <br />Staff Presentation: Mr. Randy Newlon, Finance Director, stated Resolution 11-2290 and related Budget <br />Amendment #11-045 allow for the payoff in frill of an outstanding loan with Hancock Bank on the Lake <br />Concord property. The outstanding principal is $2,277,000. Accrued interest will be $37,119. The total to be <br />disbursed would be $2,314,119. On September 16, 2005, the City of Casselberry acquired a 1.9 acre parcel of <br />land on the east side of U.S. Highway 17-92 on Lake Concord. The land was purchased from Concord <br />Ventures, LLC for redevelopment and especially to quash the re-establishment of an adult entertainment use on <br />