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

Beecher St Properties

$             66,000

 

$                69,500

 

$           3,500

Land Purchases

630,700

 

627,200

 

(3,500)

Eligible Projects

251,178

 

181,178

 

(70,000)

Redevelopment Plan Marketing

0

 

20,000

 

20,000

Underground Utility Lines

50,000

 

50,000

 

0

Entrance Improvements

120,000

 

120,000

 

0

Park Improvements

0

 

100,000

 

100,000

  Berry Park

100,000

 

0

 

(100,000)

  Lighting

80,000

 

0       

 

    (80,000)

  Sidewalks

94,000

 

0

 

(94,000)

Infrastructure Projects/Improve

0

 

224,000

 

224,000

 

$        1,391,878

 

$           1,391,878

 

$                 -0-   

 

 

 

 

 

 

Following are detailed comments and analysis on the requested reallocation of the budget from Chris Edwards CRA Coordinator.

 

Beecher Street Properties:

Under the difference column, a total of $3,500 is shown.  A total of $3,500 was transferred from the Land Purchases category to compensate for a budget deficit in the Beecher Street Properties category.  The total budget pursuant to the $3,500 transfer is $69,500.

 

 

 

 

Land Acquisition:

Based on the transfer total of $3,500 to the Beecher Street Properties category the remaining balance was $627,200.  However to date, a total of $189,546 has been expended on subject projects.  The total remaining balance is $437,454.

 

Eligible Projects:

Under the difference column, a total of $70,000 is shown.  A total of $20,000 was transferred to the Redevelopment Plan Amendment and Marketing category and a total of $50,000 was transferred to the Infrastructure Improvement Project category for a total transfer amount of $70,000. 

 

The total remaining balance to date is $181,178.  The balance of $181, 178 is designated for the following projects/programs: Housing Rehabilitation Program (Project R.E.F.R.E.S.H.), Business Redevelopment Assistance and Guidance Group (B.R.A.G.G.), Demolition Program and 1st time Homebuyers Program Assistance.

 

Redevelopment Plan Amendment and Marketing:

In order to complete newly recommended projects and programs provided by the community-based advisory committee (West Leesburg CDC), a revised Carver Heights CRA redevelopment plan is required.  Based on the need to amend the current plan (adopted in 2001), staff recommends a total budget of $20,000.  The budget will cover the expense of professional fees and document preparation.  In addition to the amendment of the plan, a marketing component is needed. Marketing will help stimulate public and private sector project/program investment and engagement in the CRA.  

 

Park Improvements (Berry Park and Holliman Way):

Staff recommends a total park improvement budget of $100,000. Due to the lack of external funding from the State, there is no need to allocate more than $100,000 to this category.  In the past two state grant funding cycles, staff has submitted grant applications for development assistance but no funding is available.  Staff does not anticipate any funding for the current funding cycle.

 

Under the difference column, a total of $80,000 is shown for Lighting and a total of $94,000 is shown for Sidewalks.   The total for lighting and sidewalks is $174,000.  The community has recommended that staff allocate more funding for community-wide infrastructure improvements.  Staff recommends Sidewalks and Lighting sub categories consolidate to the Infrastructure Improvement category with a total budget of $174,000.

 

Infrastructure Improvements:

Based on the need for infrastructure improvements throughout all of the CRA (lighting, sidewalks, drainage etc.), staff recommends a total budget of $224,000.  Funding for this category is supported by the consolidation of Sidewalks and Lighting total budget of $174,000 and a total of $50,000 from the eligible projects category.  Staff recommends the total budget of $224,000 in an effort to improve infrastructure throughout the CRA, especially the current Beecher Street/Griffin Road Drainage Improvement Project in relation the CDBG application.

 

Options:

  1. 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: 

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

 

 

 

 

Submission Date and Time:    6/22/2011 5:58 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 and,

 

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

 

Project

Current Budget

 

Proposed Budget

 

Difference

Beecher St Properties

$             66,000

 

$                69,500

 

$           3,500

Land Purchases

630,700

 

627,200

 

(3,500)

Eligible Projects

251,178

 

181,178

 

(70,000)

Redevelopment Plan Marketing

0

 

20,000

 

20,000

Underground Utility Lines

50,000

 

50,000

 

0

Entrance Improvements

120,000

 

120,000

 

0

Park Improvements

0

 

100,000

 

100,000

  Berry Park

100,000

 

0

 

(100,000)

  Lighting

80,000

 

0       

 

    (80,000)

  Sidewalks

94,000

 

0

 

(94,000)

Infrastructure Projects/Improve

0

 

224,000

 

224,000

 

$        1,391,878

 

$           1,391,878

 

$                 -0-   

 

Beecher Street Properties:

Under the difference column, a total of $3,500 is shown.  A total of $3,500 was transferred from the Land Purchases category to compensate a budget deficit in the Beecher Street Properties category.  The total budget pursuant to the $3,500 transfer is $69,500.

 

Land Acquisition:

Based on the transfer total of $3,500 to the Beecher Street Properties category the remaining balance was $627,200.  However to date, a total of $189,546 has been expended on subject projects.  The total remaining balance is $437,454.

 

Eligible Projects:

Under the difference column, a total of $70,000 is shown.  A total of $20,000 was transferred to the Redevelopment Plan Amendment and Marketing category and a total of $50,000 was transferred to the Infrastructure Improvement Project category for a total transfer amount of $70,000. 

 

The total remaining balance to date is $181,178.  The balance of $181, 178 is designated for the following projects/programs: Housing Rehabilitation Program (Project R.E.F.R.E.S.H.), Business Redevelopment Assistance and Guidance Group (B.R.A.G.G.), Demolition Program and 1st time Homebuyers Program Assistance.

 

 

 

Redevelopment Plan Amendment and Marketing:

In order to complete newly recommended projects and programs provided by the community-based advisory committee (West Leesburg CDC), a revised Carver Heights CRA redevelopment plan is required.  Based on the need to amend the current plan (adopted in 2001), staff recommends a total budget of $20,000.  The budget will cover the expense of professional fees and document preparation.  In addition to the amendment of the plan, a marketing component is needed. Marketing will help stimulate public and private sector project/program investment and engagement in the CRA.  

 

Park Improvements (Berry Park and Holliman Way):

Staff recommends a total park improvement budget of $100,000. Due to the lack of external funding from the State, there is no need to allocate more than $100,000 to this category.  In the past two state grant funding cycles, staff has submitted grant applications for development assistance but no funding is available.  Staff does not anticipate any funding for the current funding cycle.

 

Under the difference column, a total of $80,000 is shown for Lighting and a total of $94,000 is shown for Sidewalks.   The total for lighting and sidewalks is $174,000.  The community has recommended that staff allocate more funding for community-wide infrastructure improvements.  Staff recommends Sidewalks and Lighting sub categories consolidate to the Infrastructure Improvement category with a total budget of $174,000.

 

Infrastructure Improvements:

Based on the need for infrastructure improvements throughout all of the CRA (lighting, sidewalks, drainage etc.), staff recommends a total budget of $224,000.  Funding for this category is supported by the consolidation of Sidewalks and Lighting total budget of $174,000 and a total of $50,000 from the eligible projects category.  Staff recommends the total budget of $224,000 in an effort improve infrastructure throughout the CRA, especially the current Beecher Street/Griffin Road Drainage Improvement Project in relation the CDBG application.

 

 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 _27th____ day of June 2011.

 

                                                                            __________________________

                                                                             Mayor

ATTEST:

 

__________________________________

City Clerk