CRA 08/16/2012 Minutes - Laserfiche WebLink

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Community Redevelopment Agency August 16, 2012 Page 2 of 6 Fourth Item of Business: Economic Development Incentive Policy. Fifth Item of Business: Final Approvals for 42001792 LLC Grant/Loan Agreements. Mr. Donald Martin, Community Development Director, explained that this is a follow up item to establish an Economic Development Incentive Policy. He said this is required to facilitate the redevelopment of 4200 South US Highway 17/92, Casselberry, Florida, Mr. Kyle Dudgeon, Planner, distributed revised copies of the Community Redevelopment Agency Economic Development Incentive Fund Program Policy and Resolution 12 -02 authorizing the execution of the Economic Development Agreements for 4200 Investments, LLC (copies are attached and made a part of the minutes). Mr. Dudgeon explained that the language has been revised to the eligibility requirements and procedure for application and approval. Ms, Rebecca Bowman, Interim Finance Director, explained that during the due diligence process it was determined that a policy was needed to provide guidelines for the program. She stated that staff has defined the Economic Development Incentive Fund Policy and it requires approval from the CRA Board. In response to the Board's question regarding repayment of the loan if the CRA is dissolved, Ms. Bowman stated that she spoke with the auditors and it is her understanding that any cash that is left in the CRA would need to be returned to the County. She said in this case the debt has been incurred and the payment would default to the City. A general discussion ensued regarding the documentation required to facilitate the loan, the monies that the CRA allocates for the grant program and the economic development incentive funding. Mr. Randy Newlon, Interim City Manager, explained there may be other assets that need to be resolved at the time the CRA term sunsets and the assets will be dissolved according to Florida Statutes, Mr. Daigle made a motion to approve the CRA Economic Development Incentive Fund Program dated August 16, 2012, Mr. McGregor seconded the motion. In response to the Board's question regarding other potential businesses for this program, Mr. Martin stated that the Economic Development Team is looking for areas where the program could make a difference in terms of bringing new economic development opportunities to the corridor. He said there is nothing else lined up at this point. The motion passed unanimously by voice vote.