CRA 05/24/2012 Minutes - Laserfiche WebLink

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Community Redevelopment Agency May 24, 2012 Page 6 of 8 said an extreme amount of money has been invested in the Bennett Auto Supply space and it will take several years to get a payback on that investment. He said they are tapped for funds. Mr. Wolle said they think that the media company is a good tenant mix that doesn't require a lot of parking and gives them the ability to lease out the third unit, He said they don't have the funds to attract the company. A discussion ensued regarding the City and CRA providing interest free loans. Mr. Newton said he didn't believe that was consistent with the City's mission to provide interest free loans but felt it was consistent with the CRA's mission because it is a blighted property. Mr. Martin said he has had conversations with SunTrust Bank and they are interested in what the City is doing. Mr. Martin said in his experience working in Winter Parl<, staff assisted in teeing up housing loans for people in the west Winter Park area and Through the CRA money, was deposited in the bank and the bank made loans on behalf of the CRA, Mr. Martin said there may be an option to facilitate similar deals and he would research that option. Mr. Daigle withdrew his motion. Mr. Jones made a motion that this item be tabled until the next CRA meeting. Ms. Peters seconded the motion. Mr. Jones requested that staff provide the information regarding this agenda item to the City Commission. The motion passed unanimously by voice vote. Eighth Item of business: Discussion of the 3~year budget Strategy Mr. Martin reviewed a PowerPoint presentation regarding the allocation of resources (a copy is attached and made a part of the minutes). A general discussion ensued regarding assemblage of properties within the CRD. Ninth Item of business; Proposed budget for F,Y. 20122013 Mr. Martin reviewed the proposed CRA Budget for Fiscal Year 2012-2013 (a copy in on file in the Community Development Department), Mr. Martin suggested the following capital projects for the Proposed CRA 2012-2013 budget; 1. CRA allocate $500,000 for property acquisition. 2. CRA allocate $70,000 for a fountain for Grassy Lake as a joint funding project with the Public Works Department.