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Community Redevelopment Agency August 28, 2017 Page 2 of 3 Ms. Glancy asked for a motion for the Finance Report. Ms. Solomon made a motion to approve the Finance Report as presented. Mr. Aramendia seconded the motion. The motion passed unanimously by voice vote. Fifth Item of Business: 2017/2018 Bu Ms. Rebecca Bowman, Finance Director, reviewed the proposed 2017/2018 CRA Budget (a copy is attached and made a part of the minutes). Ms. Glancy asked for a motion for the 2017/2018 CRA Budget. Mr. Aramendia made a motion to approve the 2017/2018 budget as presented. Ms. Solomon seconded the motion. The motion passed unanimously by voice vote. Sixth Item: Budget Amendments. Ms. Rebecca Bowman, Finance Director reviewed the budget amendment. Ms. Bowman said staff is requesting approval of the budget amendment to recognize the revenue and expenses related to the rental properties. She said nothing was budgeted at the time the properties were purchased. She said staff is bringing forward the budget amendment to provide the revenue and the authorization for spending. In response to the Board's question, Ms. Bowman stated that 120 Quail Pond Circle is currently rented but 110 Quail Pond Circle is vacant at this time. Mr. Randy Newlon, City Manager, explained that 110 Quail Pond Circle does not meet the City's designated parking requirements. He said this budget amendment will allow for the funding of the parking area improvements and some miscellaneous repairs that are needed. Mr. Newlon said based on the feedback, it leads staff to believe that the rent point is too high. Mr. Newlon authorized staff and the property manager to reduce the rent to $1700 a month. He said staff believes 110 Quail Pond Circle would be rented by the first of the new fiscal year. Ms. Glancy asked for a motion for the budget amendment. Ms. Solomon made a motion to approve the budget amendment as presented. Mr. Meadows seconded the motion. The motion passed unanimously by voice vote. Seventh Item of Business: Other Business. There was no other business. Eighth Item of Business: Public Comments. There were no public comments.