AGENDA MEMORANDUM

Date: June 13, 2011

From: Jerry Boop, CPA, CGFO Finance Director

Subject: Ordinance reallocating the 2008 Revenue Note for the Carver Heights/Montclair Area CRA

Staff Recommendation:

Staff recommends adoption of the attached ordinance reallocating the 2008 Revenue Note for the Carver Heights/Montclair Area CRA.

Analysis:

The following adjustments are required to reallocate the 2008 Revenue Note among the projects based on actual and projected expenditures:

Project	Current Budget	Proposed Budget	Difference
704 Beecher St	$ 40,000	$ 62,789	$ 22,789
706 Beecher St	26,000	6,711	(19,289)
Land Purchases	630,700	627,200	(3,500)
Eligible Projects	251,178	181,178	(70,000)
Redevelopment Plan Amendment & Marketing	0	20,000	20,000
Underground Utility Lines	50,000	50,000	0
Entrance Improvements	120,000	120,000	0
Park Improvements:
Berry Park	100,000	25,000	(75,000)
Lighting	80,000	0	(80,000)
Sidewalks	94,000	0	(94,000)
Holliman Way	0	75,000	75,000
Infrastructure Projects/Improve	0	224,000	224,000
	$ 1,391,878	$ 1,391,878	$ -0-

Due to the IRS certificate attached to the various Bond Issues and Bank Notes, both bond and disclosure counsel have suggested formal adoption and recognition of changes in funding between projects by the governing body in charge. This practice has been in place since the issuance of the 2004 Capital Improvement Bonds.

Options:

Adopt the attached ordinance reallocating the 2008 Revenue Note for the Carver Heights/Montclair Area CRA; or

2. Such alternative action as the Commission may deem appropriate

Fiscal Impact:

There is no fiscal impact on the Carver Heights/Montclair Area CRA.

Submission Date and Time: 6/10/2011 12:42 PM____

Department: ______________________

Prepared by: ______________________

Attachments: Yes____ No ______

Advertised: ____Not Required ______

Dates: __________________________

Attorney Review : Yes___ No ____

_________________________________

Revised 6/10/04

Reviewed by: Dept. Head ________

Finance Dept. ____JB___________

Deputy C.M. ___________________

Submitted by:

City Manager ___________________

Account No. _________________

Project No. ___________________

WF No. ______________________

Budget ______________________

Available _____________________

ORDINANCE NO.________

An ordinance of the City commission of the city of leesburg, florida, REALLOCATING the 2008 Revenue note BETWEEN VARIOUS PROJECTS; and providing an effective date.

WHEREAS, it is now necessary to reallocate the 2008 Revenue Note for the Carver Heights/Montclair Area CRA as follows:

Project	Current Budget	Proposed Budget	Difference
704 Beecher St	$ 40,000	$ 62,789	$ 22,789
706 Beecher St	26,000	6,711	(19,289)
Land Purchases	630,700	627,200	(3,500)
Eligible Projects	251,178	181,178	(70,000)
Redevelopment Plan Amendment & Marketing	0	20,000	20,000
Underground Utility Lines	50,000	50,000	0
Entrance Improvements	120,000	120,000	0
Park Improvements:
Berry Park	100,000	25,000	(75,000)
Lighting	80,000	0	(80,000)
Sidewalks	94,000	0	(94,000)
Holliman Way	0	75,000	75,000
Infrastructure Projects/Improve	0	224,000	224,000
	$ 1,391,878	$ 1,391,878	$ -0-

and,

WHEREAS, such action was not anticipated in the original 2008 Revenue Note for the Carver Heights/Montclair Area CRA, and

WHEREAS, there is no fiscal impact on the Carver Heights/Montclair Area CRA

NOW THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY OF LEESBURG, FLORIDA:

SECTION I.

This ordinance shall become effective upon its passage and adoption by the Leesburg City Commission in the manner provided by law.

PASSED AND by the City Commission of the City of Leesburg, Florida at the regular meeting held the _____ day of June 2011.

__________________________

Mayor

ATTEST:

__________________________

City Clerk