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CASSELBERRY CITY COMMISSION Minutes of October 24, 2016 — Regular Meeting Page 8 of 11 F. Seminole County Redevelopment Planning Agency Report No report. 9. RESOLUTIONS No items were presented for consideration on this agenda. 10. FIRST READING OF ORDINANCES No items were presented for consideration on this agenda. 11. PUBLIC HEARINGS No items were presented for consideration on this agenda. 12. OTHER ITEMS A. Delegation of Authority to Finance Director to Execute Any Documents Necessary for the Liquidation and Conversion to Cash of Tax Credit Certificates Received from the State of Florida as Reimbursement for Brownfield Cleanup. (Agenda was amended to add this item. Seepage 2 of these minutes for motion) Staff Presentation: Mr. Newlon gave an overview of the reason for the request to add this item, explaining that over the years the City had spent a considerable amount to cleanup various brownfield sites around the City, removing fossil fuel chemicals out of the groundwater at former gas station sites and that sort of thing. He further explained that the City had been successful in applying for reimbursement of some ofthat expense from the State of Florida, which was returned to the City in the form of tax credit certificates. He advised that the City had at this time received approximately $114,000 in tax credit certificates, but in order to realize the value of the tax credits the City had to utilize a broker in order to liquate those tax credits and convert them to cash. He further stated that the request was for delegation of authority to the Finance Director to execute whatever documents were necessary to convert the tax credits to cash, and when that was completed she would bring a budget amendment to the Commission for consideration of the revenues and expenses from the conversion. Audience Participation: No one came forward to address this item. MOTION: Commissioner Hufford moved to delegate authority to the Finance Director to execute any documents necessary for the liquidation and conversion to cash of tax credit certificates received from the State of Florida as reimbursement for brownfield cleanup. Motion was seconded by Commissioner Solomon.