CARVER HEIGHTS/MONTCLAIR AREA
COMMUNITY REDEVELOPMENT AGENCY
AGENDA MEMORANDUM
Meeting 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:
2. Such alternative action as the Commission may deem appropriate
Fiscal Impact:
There is no fiscal impact on the Carver Heights/Montclair Area CRA.
|
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 CARVER HEIGHTS/MONTCLAIR AREA COMMUNITY Redevelopment agency commission of the city of leesburg, florida, reallocating the 2008 Revenue note; 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 by the Carver Heights/Montclair Area Community Redevelopment Agency by the Commission of the City of Leesburg, Florida at the regular meeting held the __ day of ___ 2011.
________________________________
Chairperson
ATTEST:
__________________________________
Secretary