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Community Redevelopment Agency September 28, 2015 Page 2of3 Fifth Item of Business: Project Funding: Lake Concord Park. Ms. Sandra Smith, Community Development Director, explained that the City is requesting additional funding from the Community Redevelopment Agency (CRA) for the Lake Concord Park Project. She said Seminole County Government extended the City's Community Redevelopment District's term for another two years and in granting the extension, it approved the CRA's Plan Update for implementation. Ms. Smith explained that the CRA Plan Update included $500,000 for incentives to enhance redevelopment opportunities for the old Walmart site. Ms. Smith stated that the City has had some discussions with Seminole State College and it has been determined that they are unable to go forward with their proposed project for the site. Ms. Smith said the City is requesting that the CRA consider providing the $500,000 that was originally dedicated to the Walmart site to the Lake Concord Project for the additional costs incurred for the development of that site. She said that staff is recommending the CRA amend the CRA Plan Update and the 2015/2016 Budget to commit $500,000 to meet the construction needs for the Lake Concord Project and to permit flexibility in the use of the original $1 million already distributed for the benefit of the project. Mr. Randy Newlon, City Manager, said the CRA was originally chartered in 1995 and has been in existence for 20 years. He said in 1995 the Tax Increment Value that the CRA was built around had a taxable value of $91 million for the entire district. He said since that time the valuation of the taxable values of the properties in the district has grown just $45 million. Mr. Newlon said the Lake Concord Park Project, from a CRA perspective, is estimated to add $30 million in taxable value upon its successful completion. He said the development of Lake Concord Park has led to the development of the old Walmart site and it could generate another $30 million in taxable value. Mr. Newlon said with the growth from these two projects it may lead to a further extension of the CRA's existence. Mayor Glancy asked for a motion on the approval of the project funding for Lake Concord Park. Commissioner Solomon made a motion to approve the project funding for Lake Concord Park. Commissioner Aramendia seconded the motion. The motion passed unanimously by voice vote. Sixth Item of Business: Other Business. There was no other business before the Community Redevelopment Agency.