AGENDA MEMORANDUM

 

 

Meeting Date:           June 9, 2008

 

From:                          Kenneth L. Thomas, Director of Housing & Economic Development          

                       

Subject:                      Resolution accepting Carver Heights and Vicinity Community Redevelopment Agency funding of $240,000 for Kristen Court project, contingent on the City of Leesburg seeking $1.5 million to fund CRA projects

 

 

Staff Recommendation:

Staff recommends approval of a resolution accepting the Carver Heights & Vicinity CRA funding of $240,000 to cover Bond Anticipation Note payments for the Kristen Court project contingent upon a commitment by the City Commission to seek $1.5 million in advance funding for CH&VCRA projects. 

 

Analysis:

On May 27, 2008 the Carver Heights and Vicinity CRA Board approved a resolution authorizing CRA funding of $240,000 for the Kristen Court Project contingent on a commitment by the Leesburg City Commission to seek $1.5 million in advance funding for CRA projects that will be paid by future tax increment revenues received by the CRA. 

 

The $1.5 million will be used to acquire property, build senior housing, improve sidewalks, streetlights and develop underground utilities.    The CRA anticipates that revenues over the next eight years will provide sufficient funding to meet the debt service for a $1.5 million loan.

 

Options:

1.  Agree to receive funding of $240,000 for the Kristen Court Project in exchange for a commitment by the City Commission to seek $1.5 million in advance funding for CRA projects to be repaid by future tax increment revenues received by the CRA; or

2.   Such alternative action as the Commission may deem appropriate

 

Fiscal Impact

The Carver Heights and Vicinity CRA Board will need to appropriate $240,000 for the Kristen Court Project in their 2008-09 Fiscal Year Budget.  In addition, the loan payments for the $1.5 million will be paid by CRA Tax Increment Funding.

 

Submission Date and Time:    6/4/2008 3:28 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. _______EFS_________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _017-6190-599-69-10_

 

Project No. __________________

 

WF No. _____________________

 

Budget  _____ $240,000_________

 

Available ____$283,035 _________


 

RESOLUTION NO._______________

 

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING THE  CITY OF LEESBURG FINANCE DEPARTMENT TO RECEIVE  FUNDING OF $240,000 FOR THE KRISTEN COURT PROJECT FOR BAN PAYMENTS IN 2009 FROM THE CARVER HEIGHTS & VICINITY COMMUNITY REDEVELOPMENT AGENCY CONTINGENT ON A COMMITMENT BY THE LEESBURG CITY COMMISSION TO SEEK $1.5 MILLION IN ADVANCE FUNDING FOR CARVER HEIGHTS & VICINITY COMMUNITY REDEVELOPMENT AGENCY PROJECTS TO BE REPAID BY FUTURE TAX INCREMENT REVENUES RECEIVED BY THE CRA; AND PROVIDING AN EFFECTIVE DATE.

 

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

 

            THAT the City Commission of the City of Leesburg, Florida hereby authorizes acceptance of $240,000 from the Carver Heights & Vicinity CRA to pay the BAN payments for 2009 contingent on the City Commission seeking $1.5 million in advance funding for CRA projects, which will be repaid by future tax increment revenues received by the CH&VCRA..

 

             THAT this resolution shall become effective immediately.

 

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _9th____ day of __June____ 2008.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk