CRA 04/17/2014 Minutes - Laserfiche WebLink

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Community Redevelopment Agency April 17, 2014 Page 6 of 9 project has drawn interest from Seminole State College to invest in a fine arts facility to expand their campus in our city. A general discussion ensued regarding improving the quality of life in Casselberry by drawing businesses into the City, competition with other cities for development, the current CRA budget, and the purpose of the proposed realignment of the road. Ms. Sandra Smith, Community Development Director, explained that the CRA budgeted funds in the 2012 and also in the 2013 budgets for land acquisition and infrastructure improvements and to date none of those funds have been expended. Ms. Smith stated that Mr. Triece worked with Mr. Kyle Dudgeon, Economic Development Planner, regarding potential acquisition of properties within the Community Redevelopment District (CRD). She said in those discussions the CRA did not find any properties that they felt they would be interested in investing in at that time. She said the CRA has committed $30,000 for a fagade grant improvement for Mr. Walter Judge's property on State Road 436 and $133,000 is committed to administrative services. She said there are no other commitments at this time for the CRA's budget. Mr. Newlon requested a commitment from the CRA so that negotiations can be concluded with the developers. He said the CRA is funded entirely by the City of Casselberry and Seminole County and both governmental bodies have endorsed this project and this concept. He said both governmental bodies are considering the CRA term extension. Ms. Rebecca Bowman, Finance Director, explained that this project would fall under the list of projects that the CRA has expressed an interest in using CRA funds. She said this project falls under the purpose of the CRA Board. Ms. Bowman said that there are adequate funds in the budget to commit to this project. She said that the CRA is over half way through the 2013/2014 budget year and there is a significant portion of the existing budget that has not been spent. Ms. Bowman said that next year the CRA would receive another $500,000 in TIF revenue to go forward with other projects. A general discussion ensued regarding Seminole State College potentially developing in Casselberry, the CRA assisting in funding the road realignment project and providing availability to the reserve funds in the CRA budget if the Board commits to the road realignment project.