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.
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.
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
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.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. ______JB__________
Deputy C.M. _______EFS_________
City Manager ___________________
Account No. _017-6190-599-69-10_
Project No. __________________
WF No. _____________________
Budget _____ $240,000_________
Available ____$283,035 _________
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.