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:

  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

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

 

 

 

Submission Date and Time:    6/10/2011 2:05 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 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