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Community Redevelopment Agency <br />April 11, 2013 <br />Page 2 of 6 <br />Fourth Item of Business: Finance Report <br />Ms. Rebecca Bowman, Finance Director, reviewed the Finance Report for the period ending February 28, <br />2013 that was distributed to the Board Members (a copy is attached and made a part of the minutes). Mr. Randy <br />Newlon, City Manager, made a clarification on the Finance Report that there is a significant amount of money <br />committed to the CRA Budget; however, that money has not been spent, as well as the fund balance, and they can <br />still be committed. He said there is approximately $1.5 million that could be used by the Board. <br />Fifth Item of Business: Concord Village - ACi Presentation <br />Mr. Newlon introduced Mr. Larry Adams, ACi, to the CRA Board. He said that Mr. Adams is working with <br />the City to coordinate the development of the City and CRA owned properties and he is here to provide an update to <br />the Board. <br />Mr. Adams explained that ACi is a third party advisor to the City. He said ACi was hired to reevaluate the 15 <br />acre City Center site and City /CRA capabilities of land including the land from the Home Depot site down to the <br />Methodist Church parking lot and the land adjacent to the Target outparcel. Mr. Adams said they spoke with the <br />underwriters to determine the financial opportunities for this location. He said it was determined that a restaurant and <br />a new housing product in Casselberry could be supported for this property. Mr. Adams said there were ten interested <br />developers and of that five submitted financial offers for the City Center site and adjacent parcels to create a real <br />village for gathering. He said there were two developers that joined together during the process. He said Casto <br />would develop the frontage for retail and restaurants and the housing portion would be developed by Intregra. <br />Mr. Adams said the most important piece that ACi was instructed to follow was the City Commission's <br />guiding principles. He said the guiding principles deal with creating a unique place, creating something that the City <br />could afford to allow somebody to come in develop the land but also to help balance the financial equation where <br />there may be some additional hardship issues on the land (muck). <br />Mr. Adams said they have a proposal in hand and they are developing that into an actual structured <br />development agreement framework so that we can say exactly what the financial aspects will be. He said he feels <br />