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Community Redevelopment Agency February 7, 2013 Page 2 of 8 Mr, Jones said the Chair was open for nominations for Vice - Chairman. Ms. Peters nominated Mr. McGregor as Vice - Chairman, Mr. Alfred seconded the motion. Mr. McGregor was elected as Vice - Chairman by a unanimous voice vote. Fourth Item of Business: Approval of Minutes for the meeting held on January 10, 2013. Mr. Jones asked for a motion on the approval of the minutes for the public meeting held on January 10, 2013. Mr. McGregor made a motion to approve the January 10, 2013 minutes. Mr. Trueba seconded the motion. The motion passed unanimously by voice vote. Fifth Item of Business: Finance Report Ms. Rebecca Bowman, Finance Director, reviewed the Finance Report for the period ending December 31, 2012 that was distributed to the Board Members (a copy is attached and made a part of the minutes). Ms. Bowman explained that this finance report does not include the $187,981 Tax Increment Funding (TIF) payment received from Seminole County on January 3, 2013. She said that the actual uncommitted fund balance is approximately $600,000. A general discussion ensued regarding the reduced TIF payments due to the drop in property tax values and elimination of tax revenue from the properties taken for the flyover project. Mr. McGregor made a motion to approve the Finance Report. Mr. Alfred seconded the motion. The motion passed unanimously by voice vote. Sixth Item of Business: City Center Development Ms. Sandra Smith, Interim Community Development Director, presented a PowerPoint presentation (a copy is attached and made a part of the minutes). Ms. Smith explained that ACi was hired to assist the City with the development proposals for redevelopment of the City Center and Concord Center properties. Ms. Smith reviewed the adopted Guiding Principles that were developed for the redevelopment of the City property. She said that five proposals were received and were vetted against the Guiding Principles established by the City Commission. Ms. Smith said two proposals were selected and those developers conducted one on one interviews with the City Commissioners. She said the City Commission selected Casto for the commercial portion of the project and Integra Land Company for the residential portion of the project.