CRA 05/24/2012 Minutes - Laserfiche WebLink

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Community Redevelopment Agency May 24, 2012 Page 3 of S Commission and the County Commission. He said the uncertainties of extending the CRA term and relative to certain City Commissioners for political purposes of having a unified approach and working together. Mr. Jones said he wanted these points put on the record so that at a future date if someone is using this for political purposes to question the actions of the CRA Board they can go back and look at the record to see these issues have been addressed. The motion passed unanimously by voice vote, Seventh Item of Business: Proposal to provide GrantlLoan Support for the relocation of Multi-Cultural Media Solutions to vacant space at X200 S. US Highway 1792 Mr. Martin stated that the CRA budgeted $100,000 for economic development incentives, He said that the direction staff received from the Board was to keep it open ended and to bring projects to the Board that have a significant economic development element for the corridor, f-le said there is about 20,000 feet of vacant space that is somewhat challenged in bringing new uses to the property, Mr. Martin said he became aware that there were discussions between the property owner and a potential fenant and the deal could not be secured due to a gap in terms for the tenant improvements, Mr. Martin said that it is an undeveloped shell space and in order to bring it into a leasable condition a significant amount of improvements needed to be done. Mr. Martin thought this was an opportunity for redevelopment for consideration by the CRA. Mr. Martin said that the proposal is to provide a $25,000 grant and a $50,000 loan to the property owner to help upgrade the space. Mr. Martin said he researched the State's PACE Program that provides assistance for energy efficiency upgrades; however, there are challenges between the federal and state government on this program. Mr. Martin suggested that the CRA provide a $50,000 loan to the property owner to be paid back over 7 years to the CRA. He said if the CRA no longer exists, the loan payments would go back to the City, A discussion ensued regarding the legal ramifications regarding repayment of the loan if the CRA term sunsets and extension of the CRA term. Mr. Vince Wolle, Results Realty Partners, said a large outlay of cash was used to acquire the note and foreclosed on the borrower. He said they are in the process of trying to refinance the property; however, it is very difficult to obtain financing on investment property that is less than 80% occupied, He said that they have applied for