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Community Redevelopment Agency September 8, 2011 Page 2 of 6 more unspent funding and will carry over approximately $1.4 million into 2012, Mr, Newlon said the commitment to Estados 11 remains unresolved and some items will need to be rolled over to the 2011/2012 CRA Budget, He said that the CRA approved the 2011/2012 budget which included a transfer of $255,651 to be used to support the estimated debt service for the two land notes, Mr, Newlon explained that the City Commission recently authorized staff to pay the land notes in full and this change has been made to the 2011/2012 proposed CRA budget that will be presented to the City Commission for the first budget hearing, Mr. Trueba arrived at the meeting at 9:05 a.m. Fifth Item of Business: Economic Development Incentives Mr. Martin reviewed staffs memo dated September 9, 2011 (a copy is on file in the Community Development Department). He said that the CRA budget has a line item of $100,000 to promote economic development within the Community Redevelopment District (CRD), He said staff has outlined the following proposed economic development incentive programs: 1. Development Infrastructure Assistance (DIA) Program: Grant funding not to exceed $20,000 for qualified improvements. 2. Job Creation Bonus Program: Incentive available to new, non-retail businesses to generate a minimum of five new full time qualifying jobs. 3. Micro Loan Program: Providing funds to local small and new businesses within CRD to help create and grow the CRA's small business community. Mr. Ritchie arrived at the meeting at 9:15 a.m. A discussion ensued regarding the proposed economic development incentives and the previous CRA Facade Grant program. Mr. Ritchie expressed a concern that the CRA is receiving significantly less revenue than it has in the past couple of years. He said that the CRA has committed funds to redevelopment and there is no still activity on these parcels. Mr. Ritchie is concerned that the CRA money would be depleted on small projects, Mr. Ritchie said that it was difficult to deny the CRA facade grants, He said the previously approved CRA facade grants did not provide much economic development for the CRA. Mr, Ritchie said he would support a project if it had the right economic impact for that project. Mr. Ritchie felt that a specific program was not needed. to promote business, A general discussion ensued regarding the proposed economic development incentive program, development to increase the tax base for the CRD, the previous facade grant program, current/future redevelopment