CRA 04/17/2014 Minutes - Laserfiche WebLink

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Community Redevelopment Agency April 17, 2014 Page 5 of 9 Mr. Newlon said that he also presented this information to the Seminole County Commission for their feedback. He said a copy of the letter from the Seminole County Commission stating they were in favor of the project was provided to the CRA Board. Mr. Newlon said the project is consistent with the mission of the CRA. Mr. Newlon asked the CRA Board to consider assisting the City to accomplish this project. A general discussion ensued regarding the benefit to the CRA with the development of the Concord Village project. Mayor Charlene Glancy thanked Mr. Andrew Jones for his father's service on the CRA Board and welcomed him to the Board. Mayor Glancy also thanked the other board members for their service on the CRA Board. Mayor Glancy stated that the site has been vacant for many years. She said the CRA's contribution to the Concord Village project could encourage support from the Seminole County Commission to extend the CRA term another ten years. Mayor Glancy said Seminole County has given their support to the City's CRA to use the funds towards this project but there are no guarantees at this point to extend the CRA term. She felt that the CRA's support of the Concord Village project will show Seminole County that the City is making smart decisions with their tax dollars as well as the City's tax dollars in investing in this project. Mayor Glancy said the increased tax base from this project will be incredible and can bring money back to the CRA Tax Increment Funding (TIF) to be reinvested over the next ten years. She said that this project is the beginning of the downtown for the Casselberry community. She said it will serve as a catalyst to attract so much more to this area. Mayor Glancy said that the City's beautification efforts and the CRA projects are the reasons that the developers have shown such a strong interest in Casselberry. She said that Seminole State College is showing an interest in developing the old Wal -Mart site for cultural arts. Mayor Glancy said there was a study conducted by a local marketing firm which concluded that the proposed 200 luxury apartment complex will yield $4.7 million in spending in our community per year. Mayor Glancy asked the Board to consider funding the Triplet Lake Drive Realignment project. A general discussion ensued regarding the CRA Board looking for projects that will return equity so that the Board can perpetuate the CRA. Mr. Newlon said that the CRA is set to sunset in 2015 and the mission of the Board is to not to leave money on the table but to invest it in the community. Mr. Newlon said that the Concord Village