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WHEREAS, the City Commission of the City of Casselberry, Florida adopted Resolution No. 95- <br />889, finding the existence of certain slum and blighted areas within the boundary of the Casselberry <br />Community Redevelopment Area ( "the Area, ") and determining that the rehabilitation, conservation or <br />redevelopment, or a combination thereof, of the Area by the Community Redevelopment Agency is <br />necessary in the best interest of the public health, safety, morals, or welfare of the residents and citizens of <br />the City of Casselberry; and <br />WHEREAS, the City Commission of the City of Casselberry, Florida has adopted Ordinance No. <br />95 -851, creating a Community Redevelopment Agency ("CRA ") to carry out and effectuate the purposes of <br />community redevelopment within the boundaries of the Area; and <br />WHEREAS, the Seminole County Board of County Commissioners has, by Resolution No. 95 -13- <br />255, delegated to the City the right and authorization to exercise powers as described and provided in <br />Chapter 163, Part III, Florida Statutes, such powers to include the power to create and establish a <br />Community Redevelopment Agency; and <br />WHEREAS, the CRA has determined that economic development serves an important public <br />purpose by creating jobs and improving the welfare of City residents; and <br />WHEREAS, the CRA has appropriated funds for the purpose of economic development; and <br />WHEREAS, the CRA's adopted Redevelopment Plan allows for business incentives which may <br />include grants and /or loans; and <br />WHEREAS, the City understands it is inadmissible to mortgage its own assets; and <br />WHEREAS, economic development assistance provided by the CRA is consistent with programs <br />and goals to provide for opportunities that support business retention, expansion, recruitment, and growth; <br />and <br />WHEREAS, 4200 Investments, LLC approached the CRA for economic development assistance <br />for a property located at 105 and 111 West Melody Lane, Casselberry, Florida 32707, as more thoroughly <br />described in Exhibit "A" ( "Property "); and <br />