CRA 09/26/2016 Minutes - Laserfiche WebLink

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Community Redevelopment Agency September 26, 2016 Page 2 of 3 expedite their request. Mr. Newlon said that staff needs feedback to complete a justification report to update the CRA Plan that would justify the eight-year extension. Mr. Newlon said if the CRA were to be extended, the City's forecast estimates there could be as much as $8 million to invest in the corridor. He said there have been some very valuable investments in this district that have started to pay off. He said it has shown that it can attract private money to foster economic development and increase the City's tax base. Mr. Newlon said the increased tax base will increase the Tax Increment Funding (TIF) the CRA will have to spend in the future. He said if the City is granted the extension to the CRA term, it will provide significant money to invest in the corridor to continue that momentum and hopefully attract more private development and further improve the district. Mr. Newlon said the City needs to determine how to expend the $8 million to benefit the CRA, the City, the County, residents and businesses. Mr. Newlon reviewed a list of potential projects for the CRA Board's consideration (a copy is attached and made a part of the minutes). Mr. Newlon asked the Board to provide any suggestions to add to the list of potential projects. Mr. Newlon requested the Board's consensus on prioritizing the list of projects and to set a value for the projects to be placed on the funded list until the expected money is consumed. He said the remaining projects would be added to the unfunded list but would be included in the report to Seminole County Government and held for the City's reference for the City's vision. Ms. Solomon suggested adding an event center to the list of projects. A general discussion ensued regarding relocating the Police Station. A lengthy discussion ensued regarding prioritizing the projects. The Board prioritized the following funded projects: 1. Land — Lake Concord Park expansion $1,500,000 2. Land — Commercial Assembly $2,000,000 3. Parking Structure $4,500,000 Mr. Aramendia explained that some communities use a "garage bank" which allows a business to pay monies to a fund when their site does not have sufficient parking. He said that could provide another funding mechanism. A brief discussion ensued regarding a pedestrian bridge, signalization to the Lemon Lane intersection and connection to Sun Rail. Fifth Item of Business: Other Business. There was no other business.