CRA 07/08/2011 Minutes - Laserfiche WebLink

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Community Redevelopment Agency July 8, 2011 Page 6 available to them for handling the debt. She said staff met with a financial advisor who presented several options to the City to address the City's debt. She said it included consolidating the Lake Concord and City Center notes and two additional notes for City properties and that option is going before the City Commission on July 11, 2011. Mr. Martin reviewed the proposed 2011/2012 proposed budget that was included in the meeting packet. Mr. Martin stated that he did not budget any funds for capital expenditures in last year's budget or the 2011/2012 budget. He said the Board could consider capital expenditure requests; however, it would require approval by the City Commission. Mr. Martin explained that Chef Keogh is working on raising his private capital and his deadline is September 30, 2011. He said that the CRA appropriation was for the 201012011 budget year. He said if there is not an appeal to extend that money to another budget year, that money would go back into the CRA's uncommitted funding and would be available. Dr. Kelly Brock, Assistant Public Works Director/City Engineer, gave a brief update on the proposed federal and state regulations for stormwater requirements. He said if the statewide rule passes, it would have an immediate impact on redevelopment. He said that rule has been delayed and it will not be implemented this year. Dr. Brock said the federal proposed rules from the Environmental Protection Agency would impact redevelopment, stormwater utilities and water and sewer utilities. He said implementation of that rule is vague. He said he doesn't know what the immediate impact would be on redevelopment. A general discussion ensued regarding balancing the proposed CRA budget. Mr. Martin suggested removing the $100,000 from the Economic Opportunity Incentive line item and the remaining balance from the Professional Services line item to provide a balanced budget. In response to the Board's question regarding the transfer to the General Fund, Mr. Martin explained that half his salary and half of the Economic Development Coordinator's salary is paid by the CRA. Ms. Bowman stated there is also an administrative allowance for all the bookkeeping, record keeping that the City does for the CRA. In response to the Board's question regarding the breakdown of the salaries, Ms. Bowman explained that staffs salary cost also include all the overhead such as taxes and benefits.