CC Minutes 01/12/2012 Joint Meeting with CRA

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CASSELBERRY CITY COMMISSION Minutes of January 12, 2012 — Joint Meeting with Community Redevelopment Agency Page 3 of 4 Mr. Martin briefly outlined several alternatives for use of the CRA capital resources. He stated that the 15 acres could be made a little more park -like and then land banked and use the resources for other projects. He stated that some other possible projects could include purchasing and land banking additional properties, finishing development of the Lake Concord property, investment in upgrading private properties up and down the corridor to increase the value of the area, and transforming the Oxford Road area, as well as a number of other possibilities for investment of the funds. He noted that the City does need to make a choice on how these resources are going to be used prior to the sunset of the CRA. r Discussion: Discussion ensued regarding the City's and CRA's vision for the City Center, concerns and possible solutions. Both the Commission and the CRA were generally in favor of focusing the CRA fields on development of the 15 -acre parcel, and felt the concept proposed by ACi was moving in the right direction. They all agreed that the City should push for a 10 -year extension of the CRA and should arrange for a joint meeting with the Seminole County Commission to discuss the matter. After further discussion, Commission directed the City Manager to negotiate a contract setting forth a scope of services to include preparation of two proformas, one with a residential component and one without, and a framework for vetting the concept to the private sector to see what the level of interest is. The contract would then be brought back for approval. In response to additional questions, Mr. Adams further explained the process and what services his company would be providing. He explained that they would be screening private sector parties in order to bring prospective partners to the City for development of this project. He stated that they would meet with developers, give them the criteria and framework for the project, get a detailed proforma set up with line items, allowing for some flexibility for creative purposes, and detailed information on financing partners and financial capabilities of the developer. They would then bring three possible partners who have been selected based on this analysis back for consideration by the Commission and CRA. He explained that this process could take approximately nine months. Mr. Trueba left the meeting at 7: 39 p. m. The Commissioners and CRA Board Members thanked the City Manager, Mr. Adams and Mr. Martin for their presentations and Mayor Glancy thanked everyone for their attendance. Copies of the presentations made at this joint meeting are attached to and made a part of these minutes.