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HomeMy WebLinkAboutCRA Agenda Packet 9-8-2015 Special CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY SPECIAL BOARD MEETING CAPE CANAVERAL LIBRARY MEETING ROOM 201 Polk Avenue, Cape Canaveral, Florida Tuesday September 8, 2015 4:45 PM AGENDA CALL TO ORDER: ROLL CALL: PUBLIC PARTICIPATION: Any member of the public may address any items that do not appear on the agenda and any agenda item that is listed on the agenda for final official action by the Board excluding public hearing items which are heard at the public hearing portion of the meeting, ministerial items(e.g. approval of agenda, minutes, informational items), and quasi-judicial or emergency items. Citizens will limit their comments to three (3) minutes. The Board will not take any action under the "Public Participation"section of the agenda. The Board may schedule items not on the agenda as items and act upon them in the future. NEW BUSINESS: 1 . Approve Minutes for Regular Community Redevelopment Agency Board Meeting of August 19, 2014. 2. Approve FY 14/15 Line Item Transfer within the CRA Budget in the amount of $109,883.75 for Sidewalk Gap and Striping Projects within the CRA. 3. Approve FY 2015/16 Community Redevelopment Agency Meeting Schedule and Financial Reporting Requirements. 4. a. Resolution No. 2015-04; a joint Resolution of the City Council of the City of Cape Canaveral, Florida, and the Cape Canaveral Community Redevelopment Agency ("Agency"); providing for the approval of an Interlocal Agreement authorizing a loan from the City to the Cape Canaveral Community Redevelopment Agency, in an amount not to exceed $854,000.00, for purposes of commencing certain redevelopment activities within the redevelopment area related to replacing and upsizing Lift Station No. 6, constructing water line improvements or such other activities in order to promote anticipated economic growth; providing for the incorporation of the terms and conditions of the Interlocal Agreement into the Redevelopment Plan of the Cape Canaveral Community Redevelopment Agency; providing for the repeal of prior inconsistent resolutions, no conflicts; severability, and an effective date. b. Recommend approval of Resolution No. 2015-04 to the Cape Canaveral City Council. Cape Canaveral Community Redevelopment Agency Special Board Meeting September 8, 2015 Page 2 of 2 5. Resolution No. CRA-02; adopting a budget for the Cape Canaveral Community Redevelopment Agency for Fiscal Year 2015-16; providing for repeal of prior inconsistent resolutions; providing for severability; providing for an effective date. 6. Resolution No. CRA-03; amending the Cape Canaveral Community Redevelopment Agency budget for Fiscal Year 2014-15; providing for repeal of prior inconsistent resolutions; providing for severability; providing for an effective date. OPEN DISCUSSION: REPORTS: ADJOURNMENT: Pursuant to Section 286.0105,Florida Statutes,the public is advised that If a person decides to appeal any decision made by the Community Redevelopment Agency with respect to any matter considered at this meeting, that person will need a record of the proceedings, and for such purpose that person may need to ensure that a verbatim record of the proceedings is made,which record includes the testimony and evidence upon which the appeal is to be based. This notice does not constitute consent by the Agency for the introduction or admission into evidence of otherwise inadmissible or irrelevant evidence, nor does it authorize challenges or appeals not otherwise allowed by law. In accordance with the Americans with Disabilities Act: all interested parties may attend this Public Meeting. The facility is accessible to the physically handicapped. Persons with disabilities needing assistance to participate in the proceedings should contact the Agency Clerk's office(868-1220 x220 or x221)48 hours in advance of the meeting. COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING t\ CAPE CANAVERAL LIBRARY MEETING ROOM 201 Polk Avenue, Cape Canaveral, Florida August 19, 2014 4:30 PM MINUTES CALL TO ORDER: The Chair called the Meeting to Order at 4:31 P.M. ROLL CALL: Board Members Present: John Bond, Bob Hoog, Buzz Petsos, Rocky Randels and Betty Walsh. Others Present: CRA Director David L. Greene, CRA Attorney Anthony Garganese, Community & Economic Development Director Todd Morley, Planning & Zoning Director David Dickey and Finance Director John DeLeo, Recording Secretary Mia Goforth. AUDIENCE TO BE HEARD: Eric Braga, resident of Cape Shores, spoke on behalf of citizens' concern and opposition to the proposed Cumberland Farms development project. He requested explanation of the process of the proposed development from the Community Redevelopment Agency (CRA) Board. CRA Attorney Anthony Garganese explained that each Member of the CRA Board also serves on the City Council and advised the CRA Board not to address the request in this capacity. Discussion ensued and included how this particular property is not part of the CRA District and how any discussion surrounding it would take place at the Community Appearance Board, the Board of Adjustment, the Planning and Zoning Board and City Council; and how this meeting of the CRA Board plays no role in the Cumberland Farms project. NEW BUSINESS: 1. Approve Minutes for Regular Community Redevelopment Agency Board Meeting of September 17, 2013: Chairman Randels explained the events of the prior meeting. Motion by Board Member Petsos, seconded by Vice-Chairperson Walsh, to approve the minutes of the September 17, 2013 Meeting. The motion carried unanimously. 2. Approve Election of Officers and Organizational Structure Policy of the Community Redevelopment Agency (CRA) Board: Chairman Randels explained the agenda item and noted the Board Policy indicates the Chairperson will be the same as the Mayor of the City Council; Vice-Chairperson will be the same as the Mayor Pro Tem of the City Council; CRA Director and Registered Agent will be the same as the City Manager and CRA Clerk (Recording Secretary) will be the same as the person assigned the duties of City Clerk. Motion by Board Member Bond, seconded by Board Member Hoog, to approve Election of Officers and Organizational Structure Policy of the Community Redevelopment Agency (CRA) Board. The motion carried unanimously. City of Cape Canaveral, Florida Community Redevelopment Agency Board Meeting August 19, 2014 Page 2 of 2 3. Ratify RFP # 2014-01 Consulting Services for the City of Cape Canaveral/City of Cape Canaveral Community Redevelopment Agency Branding Initiative Award to Prismatic and approve an expenditure of CRA funds in an amount of 50 percent of the contract cost, or $15,000.00: Chairman Randels explained the agenda item. Discussion ensued and included the need for one motion; the timeframe to complete the process is approximately six months; this begins a public participation/stakeholder process similar to the Visioning project. Motion was made by Board Member Petsos, seconded by Board Member Bond for approval. Discussion ensued and included the re-branding of KSC Federal Credit Union and copyright indemnification. CRA Attorney Garganese stated a revision to the contract could be made to expressly require indemnity for copyright violations. Discussion continued regarding copyright language from the RFP and how the CRA Attorney could insert it into the contract. Board Members reached consensus to amend the motion. The motion carried unanimously, as amended, to include the contract revision. 4. Resolution No. CRA-01; adopting a budget for the Cape Canaveral Community Redevelopment Agency for Fiscal Year 2014-15; providing for the repeal of prior inconsistent resolutions; providing for severability; providing for an effective date: CRA Attorney Garganese read the Resolution title into the record. Chairman Randels explained the item and its benefits to the area. Motion by Vice-Chairperson Walsh, seconded by Board Member Petsos, to approve the Budget. Discussion ensued and included explanation of the CRA purpose; amenities, the Budget for 14/15 FY, and the connection to the City Visioning; funds from impact fee dollars for the North Atlantic Avenue Improvements; way-finding; grants for facade improvements and to create a quality image for Cape Canaveral; and Ridgewood Avenue improvements. The motion carried unanimously. 5. Approve FY 2014/15 CRA Meeting Schedule and Financial Reporting Requirements: Chairman Randels stated the proposed schedule of meetings is on the third Tuesday of March, June, September and December. It was noted that if no business needs to be conducted, the meeting would not take place. Motion by Board Member Petsos, seconded by Board Member Hoog, for approval of item five. The motion carried unanimously. OPEN DISCUSSION: None REPORTS: None ADJOURNMENT: Motion by Board Member Hoog, seconded by Vice-Chairperson Walsh, to adjourn the meeting at 5:05 p.m. The motion carried unanimously. Mia Goforth, Deputy City Clerk Rocky Randels, Chairman (Recording Secretary) rCape Canaveral r*i-�� " 4;.; Commmunity Redevelopment Agency Board g Y Agenda Form CRA Board Meeting Date: 9/8/2015 Item No. �� Subject: Approve FY 14/15 Line Item Transfer within the CRA Budget in the amount of $109,883.75 for Sidewalk Gap and Striping Projects within the CRA. Department: Community Development Summary: The 2014/15 CRA Budget includes funding for the N. Atlantic Avenue Improvement Project. This Project has been delayed and will not commence prior to the end of the current Fiscal Year. Accordingly, Staff recommends these funds be reallocated to the current Vision/Walkable/Bikeable Projects listed below: • $50,088.75 of the East and West Central Boulevards Gap Sidewalk Project. This project continues the City's initiative to complete sidewalks in the City. • $14,795 of Striping Services to remove/grind and replace portions of striping on Central Boulevard and Canaveral City Park. • Approximately $45,000 toward the Gap Sidewalk Project along Adams Avenue. Total: $109,883.75 Upon approval, Staff will make necessary revisons to affected line items. Submitting Director: David Dickei x Dickey Date: 08/25/2015 Attachment: None Financial Impact: Staff time to prepare this Agenda item. Reviewed by Administrative/Financial 911\6 Services Director: John DeLeo Date: The CRA Director/Registered Agent recomm ds that the CRA Board take the following action: Approve FY 14/15 Line Item TNnsfer within the CRA Budget in the amount of $109,883.75 for Sidewalk Gap and Striping Projects within the CRA. Approved by CRA Director/ Registered Agent: David L. Greene 0-1)--/- Date: 7////S Cape Canaveral . r Community Redevelopment Agency Board 4:air; Agenda Form CRA Board Meeting Date: 9/8/2015 Item No. 3 Subject: Approve FY 2015/16 Community Redevelopment Agency Board Meeting Schedule and Financial Reporting Requirements. Department: Community Development Summary: The City of Cape Canaveral Community Redevelopment Agency (CRA) Board is required to hold certain financial meetings each year: 1 . Approve Annual CRA Budget (due October 1St of each year). 2. Approve Annual Report (due March 31st of each year). 3. Approve Annual CRA Financial Audit (due March 31st of each year). Additionally, the CRA Board will need to meet as necessary for other items, including consideration of grant requests for CRA Programs. To reasonably accomplish these goals, Staff recommends the CRA Board adopt and reserve the following meeting schedule for the upcoming Fiscal Year 2015/16: • The third Tuesday of August, • The third Tuesday of November, • The third Tuesday of March, and • The third Tuesday of May. In the case where a meeting date is scheduled and there is no business for the CRA Board to consider, no meeting will be held. Submitting Director: David Dickey oAIIPa- Date: 08/25/2015 Attachment: None Financial Impact: Staff time to prepare this Agenda Item. I Reviewed by Administrative/Financial Services Director: John DeLeo Date: S\?S'„ The CRA Director/Registered Agent recommend that the CRA Board take the following action: Approve FY 2015/16 Community Redevelopment Agency Board , Meeting Schedule and Financial Reporting Requirements. Approved by CRA Director/ Registered Agent: David L. Greene O'-49 ,_ Date: 81� c /_Se' ih.CE Qat Cape Canaveral &AI .9 '14: Community Redevelopment Agency Board Agenda Form CRA Board Meeting Date: 9/8/2015 Item No. 1` Subject: a. Resolution No. 2015-04; a joint Resolution of the City Council of the City of Cape Canaveral, Florida, and the Cape Canaveral Community Redevelopment Agency ("Agency"); providing for the approval of an Interlocal Agreement authorizing a loan from the City to the Cape Canaveral Community Redevelopment Agency, in an amount not to exceed $854,000.00, for purposes of commencing certain redevelopment activities within the redevelopment area related to replacing and upsizing Lift Station No. 6, constructing water line improvements or such other activities in order to promote anticipated economic growth; providing for the incorporation of the terms and conditions of the Interlocal Agreement into the Redevelopment Plan of the Cape Canaveral Community Redevelopment Agency; providing for the repeal of prior inconsistent resolutions, no conflicts; severability, and an effective date. b. Recommend approval of Resolution No. 2015-04 to the Cape Canaveral City Council. Department: Community Development Department Summary: Joint Resolution No. 2015-04 (attachment 1) authorizes a $854,000.00/10- yr. loan from the Wastewater Fund to the CRA Fund. The document includes an Interlocal Agreement (attachment 2), revenue note (attachment 3), and an amortization schedule (attachment 4). The purpose of the loan is to: 1 . Fund replacement and upsizing of Lift Station No. 6 located in the CRA, which will increase the sewer system capacity to accommodate anticipated economic growth in the Imperial Boulevard area and the north-central portion of the City, and 2. Reimburse the Wastewater Fund for expenses incurred for replacement of Lift Station No. 6 and water line extensions, with the first payment due on January 31 , 2016 and the final payment due on January 31 , 2026. The loan amount includes the following costs: • $615,000 for cost of the lift station/sewer lines (attachment 5) • $82,000 for design/engineering • $83,000 for the cost of easements • $74,000 for the cost of water lines A legal advertisement (attachment 6) was placed in Florida Today on August 26, 2015 announcing this Special Meeting and purpose for same. CRA Board Meeting Date: 09/8/2015 Item No. 7 Page 2 of 2 Prior to consideration by the City Council, a similar legal advertisement will be published at least 10 days prior to the public hearing and registered letters (attachment 7) will be mailed to each taxing authority which levies ad valorem taxes on real property within the redevelopement area at least 15 days before the proposed action. Upon approval, the item will be forwarded to the Cape Canaveral City Council for consideration at its September 8, 2015 Special Meeting. If the City Council approves the documents, the loan will commence on October 1 , 2015. The documents are set up to constitute an amendment to the CRA Plan. This is to ensure there is no question that this loan obligation is authorized by the Redevelopment Plan and, therefore, consistent with the Community Redevelopment Act. Submitting Director: David Dickey �� Date: 08/25/2015 Attachments: 1 . Joint Resolution No. 2015-04 2. Interlocal Agreement (2015 Funding Loan Agreement) 3. Exhibit "A" Cape Canaveral CRA 2015 Revenue Note 4. CRA 2015 Funding Note (Loan Amortization Schedule) 5. Matrix of anticipated costs related to the replacement of Lift Station No. 6 6. Legal Advertisement 7. Draft letter to Taxing Authorities Financial Impact: $854,000 loan to fund the replacement of Lift Station No. 6 (Imperial Boulevard) and water line extensions by Atlantic Development of Cocoa, Inc. The Wastewater Fund will be reimbursed by the Agency in annual equal installments amortized on a 10 year term. The first installment shall be due the City on January 31, 2016 and subsequent installments shall be due each year thereafter on January 31st until the note is paid in full. The annual interest rate will be set at 2%. Staff time and effort to prepare this Agenda item; cost of advertisement/letters to Taxing Authorities and Plan modification. Reviewed by Administrative/Financial ' 31] Services Director: John DeLeo Date: )‘ The CRA Director/Registered Agent recommends Oat the CRA Board take the following actions: 1 . Approve Joint Resolution No. 2015-04 and authorize CRA Chairman to execute same. 2. Recommend approval of Joint Resolution No. 2015-04 to the Cape Canaveral City Council. Approved by CRA Director/ Registered Agent: David L. Greene - Date:glaipS Attachment 1 JOINT RESOLUTION NO. 2015-04 A JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAPE CANAVERAL, FLORIDA, AND THE CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY ("AGENCY"); PROVIDING FOR THE APPROVAL OF AN INTERLOCAL AGREEMENT AUTHORIZING A LOAN FROM THE CITY TO THE CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY, IN AN AMOUNT NOT TO EXCEED $854,000.00, FOR PURPOSES OF COMMMENCING CERTAIN REDEVELOPMENT ACTIVITIES WITHIN THE REDEVELOPMENT AREA RELATED TO REPLACING AND UPSIZING LIFT STATION NO. 6, CONSTRUCTING WATER LINE IMPROVEMENTS OR SUCH OTHER ACTIVITIES IN ORDER TO PROMOTE ANTICIPATED ECONOMIC GROWTH; PROVIDING FOR THE INCORPORATION OF THE TERMS AND CONDITIONS OF THE INTERLOCAL AGREEMENT INTO THE REDEVELOPMENT PLAN OF THE CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY; PROVIDING FOR THE REPEAL OF PRIOR INCONSISTENT RESOLUTIONS, NO CONFLICTS; SEVERABILITY, AND AN EFFECTIVE DATE. WHEREAS,in 2012 the City created the Agency pursuant to Resolution 2012-16; and WHEREAS,the Agency is beginning to generate tax increment funding; and WHEREAS, the Agency desires to engage in redevelopment activities along and in the vicinity of Imperial Boulevard and the north-central portion of the City for purposes of promoting future economic development within the Redevelopment Area and the City; and WHEREAS,in furtherance of the aforesaid redevelopment purpose,the Agency desires to participate with the City in replacing and upsizing a City sewer lift station(No.6)and constructing water line improvements in order to increase the sewer and water levels of service for future economic development within the intended service area of the lift station and the Redevelopment Area; and WHEREAS, because of the Agency's relative short existence, the Agency has not yet generated sufficient tax increment funding to pay the full cost of the design, engineering and construction of the lift station and water line redevelopment project(s) at the time of construction and therefore, the Agency desires to borrow funds from the City so it may timely commence and complete the lift station and water line project(s); and City of Cape Canaveral and Cape Canaveral Community Redevelopment Agency Joint Resolution No.2015-04 Page 1 of 5 WHEREAS, the City desires to lend funds to the Agency for purposes of allowing the Agency to commence and complete the lift station and water line project(s) in furtherance of the Agency's Redevelopment Plan; and WHEREAS,the Florida Attorney General has previously opined that such loans between a city and redevelopment agency complies with Florida law. See Op. Fla. Att'y Gen. 2001-30; and WHEREAS, it is necessary and proper for the Agency to borrow funds to commence redevelopment activities within the Agency's Redevelopment Area and to reimburse the City under the terms and conditions of this Agreement; and WHEREAS,the Agency is willing and prepared to issue its redevelopment revenue notes secured by increment revenues deposited in its Redevelopment Trust Fund, and by any other available funding received by the Agency, to repay the City any funds loaned by the City to the Agency under this Agreement; and WHEREAS,the City and Agency are desirous of entering into an interlocal agreement to provide for the loan of funds to the Agency by the City and for the repayment thereof from increment revenues deposited into the Redevelopment Trust Fund, and by any other available funding received by the Agency,or the proceeds of bonds that may be issued by the Agency in the future; and WHEREAS, the City and the Agency hereby deem the terms and conditions of the attached Interlocal Agreement to be consistent with the Agency's Redevelopment Plan and hereby fully incorporated into the Agency's Redevelopment Plan in accordance with Section 163.361, Florida Statutes; and WHEREAS, the City Council of the City of Cape Canaveral, Florida, and the governing board of the Cape Canaveral Community Redevelopment Agency, hereby fmd this Resolution to be in the best interests of the public health, safety, and welfare of the citizens of Cape Canaveral and Agency's redevelopment area. NOW, THEREFORE, BE IT JOINTLY RESOLVED BY THE CITY OF CAPE CANAVERAL, BREVARD COUNTY, FLORIDA, AND THE CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY,AS FOLLOWS: Section 1. Recitals. The foregoing recitals are hereby fully incorporated herein by this reference as findings of the City Council of Cape Canaveral and the governing board of the Agency. Section 2. Adoption of Interlocal Agreement. The Interlocal Agreement attached hereto as ATTACHMENT "1" is hereby approved by the City and the Agency and shall be deemed fully incorporated into this Joint Resolution by this reference ("Interlocal Agreement"). The Interlocal Agreement shall be dated October 1, 2015 and become effective on that date. City of Cape Canaveral and Cape Canaveral Community Redevelopment Agency Joint Resolution No.2015-04 Page 2 of 5 Section 3. Incorporation into the Agency's Redevelopment Plan. The Interlocal Agreement shall hereby be deemed fully incorporated into the Agency's Redevelopment Plan and shall be implemented pursuant to the terms and conditions of the Interlocal Agreement and the Community Redevelopment Act of 1969. Section 4. Repeal of Prior Inconsistent Resolutions. All prior inconsistent resolutions adopted by the City Council and Agency are hereby repealed. Section 5. Severability. If any section,clause,phrase,word,or provision is for any reason held invalid or unconstitutional by a court of competent jurisdiction, whether for substantive or procedural reasons, such portion shall be deemed a separate, distinct, and independent provision, and such holding shall not affect the validity of the remaining portions of this Resolution. Section 6. No Conflict. The City and Agency hereby declare that this Resolution is mutually beneficial to each party's objectives and does not present a conflict of interest between the City and the Agency. Section 7. Effective Date. This Resolution shall become effective immediately upon adoption by the City Council of the City of Cape Canaveral, Florida and the Cape Canaveral Community Redevelopment Agency. This Resolution shall not be effective or binding until approved by both the Agency and the City. (SIGNATURE PAGE FOLLOWS) City of Cape Canaveral and Cape Canaveral Community Redevelopment Agency Joint Resolution No.2015-04 Page 3 of 5 ADOPTED at a Special Meeting of the City Council of the City of Cape Canaveral, Florida, assembled this 8th day of September, 2015. CITY OF CAPE CANAVERAL Rocky Randels,Mayor ATTEST: Angela Apperson, City Clerk Name FOR AGAINST John Bond Bob Hoog Buzz Petsos Rocky Randels Betty Walsh Approved as to form and legal sufficiency for the City only: Anthony A. Garganese,City Attorney City of Cape Canaveral and Cape Canaveral Community Redevelopment Agency Joint Resolution No.2015-04 Page 4 of 5 ADOPTED at a Special Meeting of the Cape Canaveral Community Redevelopment Agency assembled this 8th day of September, 2015. CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY Rocky Randels, Chairman ATTEST: Angela Apperson, Recording Secretary Name FOR AGAINST John Bond Bob Hoog Buzz Petsos Rocky Randels Betty Walsh Approved as to form and legal sufficiency for the Agency only: Anthony A. Garganese, Agency Attorney City of Cape Canaveral and Cape Canaveral Community Redevelopment Agency Joint Resolution No.2015-04 Page 5 of 5 Attachment 2 to Agenda Form Prepared by and return to: Anthony A. Garganese, City Attorney Garganese, Weiss & D'Agresta, P.A. Post Office Box 2873 Attachment"1"to Orlando, Florida 32802-2873 Joint Resolution No. 2015-04 (407) 425-9566 INTERLOCAL AGREEMENT (2015 Funding Loan Agreement) This Agreement entered into this 1ST day of October, 2015, by and between the CITY OF CAPE CANAVERAL, FLORIDA, a municipal corporation of the State of Florida("City"), and the CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY, a body politic and corporate created pursuant to Part III, Chapter 163, Florida Statutes and City of Cape Canaveral Resolution No. 2012-16("Agency"). WITNESSETH: WHEREAS,in 2012 the City created the Agency pursuant to Resolution 2012-16; and WHEREAS,the Agency is beginning to generate tax increment funding; and WHEREAS, the Agency desires to engage in redevelopment activities along and in the vicinity of Imperial Boulevard and the north-central portion of the City for purposes of promoting future economic development within the Redevelopment Area and the City; and WHEREAS, in furtherance of the aforesaid redevelopment purpose, the Agency desires to participate with the City in replacing and upsizing a City sewer lift station (No. 6) and installing new water lines in order to increase the sewer and water levels of service for future economic development within the intended service area affected by the improvements that are Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency 2015 Funding Loan Agreement Page 1 of 24 also within the Redevelopment Area; and WHEREAS, because of the Agency's relative short existence, the Agency has not generated sufficient tax increment funding to pay the full cost of the lift station and water line redevelopment project at the time of construction and therefore, the Agency desires to borrow funds from the City so it may timely commence and complete the lift station and water line project; and WHEREAS, the City desires to lend funds to the Agency for purposes of allowing the Agency to commence and complete the lift station project and water line improvements (inclusive of design and engineering costs and land acquisition costs) in furtherance of the Agency's Redevelopment Plan; and WHEREAS, the Florida Attorney General has previously opined that such loans between a city and redevelopment agency complies with Florida law. See Op. Fla. Att'y Gen. 2001-30; and WHEREAS, it is necessary and proper for the Agency to borrow funds to commence redevelopment activities within the Agency's Redevelopment Area and to reimburse the City under the terms and conditions of this Agreement; and WHEREAS, the Agency is willing and prepared to issue its redevelopment revenue notes secured by increment revenues deposited in its Redevelopment Trust Fund, and by any other available funding received by the Agency, to repay the City any funds loaned by the City to the Agency under this Agreement; and WHEREAS, the City and Agency are desirous of entering into an interlocal agreement Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency 2015 Funding Loan Agreement Page 2 of 24 to provide for the loan of funds to the Agency by the City and for the repayment thereof from increment revenues deposited into the Redevelopment Trust Fund, and by any other available funding received by the Agency, or the proceeds of bonds that may be issued by the Agency in the future; and WHEREAS, the City and the Agency hereby deem the terms and conditions of this Interlocal Agreement to be consistent with the Agency's Redevelopment Plan and hereby fully incorporated into the Agency's Redevelopment Plan in accordance with Section 163.361, Florida Statutes; and WHEREAS, the City Council of the City of Cape Canaveral, Florida, and the governing board of the Cape Canaveral Community Redevelopment Agency, hereby find this Interlocal Agreement to be in the best interests of the public health, safety, and welfare of the citizens of Cape Canaveral and Agency's redevelopment area. NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties hereto agree as follows: SECTION 1. RECITALS; AUTHORITY. The foregoing recitals are true and correct and hereby incorporated herein by this reference. This Agreement is entered into pursuant to the authority of Section 163.01, Florida Statutes, and Part III, Chapter 163, Florida Statutes, particularly including Section 163.400,Florida Statutes. SECTION 2. CONSISTENCY AND INCORPORATION INTO THE REDEVELOPMENT PLAN. The City and the Agency hereby agree that this Agreement is Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency 2015 Funding Loan Agreement Page 3 of 24 consistent with the Agency's Redevelopment Plan and is also hereby fully incorporated into the Agency's Redevelopment Plan by this reference. SECTION 3. DEFINITIONS. (a) As used in this Agreement, the following terms shall have the following meanings: (1) "Act" means the actions by the governing body of the Agency and the City Council creating the Agency and authorizing this Interlocal Agreement, Section 163.01, Florida Statutes, as amended, Part III, Chapter 163, Florida Statutes, and other applicable provisions of law. (2) "Agency" means the Cape Canaveral Community Redevelopment Agency Florida, and any successor thereto. (3) "Agency Bonds" means the bonds that may be issued by the Agency which may be adopted by the governing body of the Agency, and authorized and approved by the City Council pursuant to Section 163.358(3) and 163.385(1), Florida Statutes, to repay the Agency Notes. (4) "Agency Notes" or "Notes" means, collectively, the Agency's one or more Redevelopment Revenue Notes, dated the date of delivery thereof, issued in the original principal amount of up to Eight Hundred Fifty-Four Thousand and NO/100 Dollars ($854,000.00) for Redevelopment Activities authorized pursuant to the Redevelopment Plan, or such lesser amount as may have been advanced by the City to the Agency as provided in this Agreement, and such amount as may be Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency 2015 Funding Loan Agreement Page 4 of 24 outstanding from time to time, for the purpose of providing funds to the Agency to pay costs incurred by the Agency in connection with the Redevelopment Activities. (5) "Area" or "Redevelopment Area" means the Agency's jurisdictional area of operation which is legally described and set forth in City Resolution 2012-16, as may be amended. (6) "City" means the City of Cape Canaveral, Florida, a Florida municipal corporation. (7) "City Council"means the elected governing body of the City. (8) "Fiscal Year" means the period commencing on October 1 of each year and continuing to and including the succeeding September 30. (9) "Governing Body" means the governing board of the Agency, or any successor board, commission or council thereto. (10) "Holder," "Note Holder," "Registered Holder," or "Registered Owner" means the registered owner or owners (or its or their authorized representative) of any of the Notes. (11) "Increment Revenues" means any monies deposited in the Redevelopment Trust Fund pursuant to Section 163.387, Florida Statutes, plus any investment earnings thereof. (12) "Investment Obligations" means any obligations in which surplus funds of local units of government may be invested under the Investment of Local Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency 2015 Funding Loan Agreement Page 5 of 24 Government Surplus Funds Act, Part IV, Chapter 218, Florida Statutes, as amended. (13) "Plan" means the Redevelopment Plan adopted by the Agency and the City Council pursuant to the Act for redevelopment in the area of operation of the Agency. (14) "Redevelopment Activities" shall mean those activities falling within the definitions of"community redevelopment,""redevelopment," "related activities," and "community policing innovation" as those terms are defined in section 163.340, Florida Statutes, and authorized by the Plan including design and engineering costs incurred by the City and/or Agency directly related to such activities. (15) "Purchase Price" means the amount paid by the City to the Agency and the amount deposited in the CRA Project Account which shall be equal to the par amount of the Agency Note being purchased at that time by the City for the Redevelopment Activities provided in this Agreement. (16) "CRA 2015 Project Account" means the Agency's CRA 2015 Project Account, which is internally created by the City to track the loan funds provided hereunder for auditing purposes. Said account is specifically created pursuant to Section 12 hereof, in which the proceeds loaned by the City to the Agency for the Redevelopment Activities shall be deposited. Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency 2015 Funding Loan Agreement Page 6 of 24 (17) "Redevelopment Trust Fund" means the redevelopment trust fund of the Agency created and established pursuant to the Act in which Increment Revenues are deposited. (b) Words importing singular numbers shall include the plural number in each case and vice versa, and words importing persons shall include firms, corporations or other entities, including governments or governmental bodies. References to Florida Statutes are to Florida Statutes(2015), as amended. SECTION 4. FINDINGS AND DETERMINATIONS. (a) The parties hereto recognize and find that it is in the best interest of each and the public to establish an additional cooperative relationship between the parties hereto in order to best carry out the purposes of the Act, specifically including the Redevelopment Activities, and operating activities related to redevelopment of the Area on a timely and expeditious basis. The parties hereto do further find that the Agency does not presently have sufficient available funds to timely carry out certain Redevelopment Activities under the Act, specifically the sewer lift station No. 6 project and water line improvements,because the Agency has had a relatively short existence since it was created by the City, and it is necessary that the City make a loan or loans to the Agency from time to time in order to provide funds to the Agency to carry out its duties and responsibilities under the Act. See Op. Fla. Att'y Gen. 2001-30. (b) It is hereby ascertained, determined and declared by the Governing Body of the Agency, that: Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency 2015 Funding Loan Agreement Page 7 of 24 (1) It is in the best interests of the citizens of the City and is contemplated by the Act and the Agency's Redevelopment Plan that the Agency undertake certain actions in order to further the redevelopment of its Area of operation within the corporate limits of the City through the implementation of the Plan by engaging in Redevelopment Activities. (2) The Agency is authorized under the Act to issue the Agency Notes and use the proceeds thereof to pay all or a portion of the Redevelopment Activities of the Agency. (3) The Agency Notes will be paid from all available funding sources available to the Agency including, but not limited to, Increment Revenues, grants, and any Agency Bonds that may be issued by the Agency if financially feasible, and the Agency is authorized under the Act to issue the Agency Notes without a vote of the electors residing within the area of operation of the Agency or within the City or any part thereof. (4) A negotiated sale of the Agency Notes to the City is required and necessary and is in the best interests of the Agency for the following reasons: the costs of issuance of the Agency Notes are likely to be greater and the time until issuance longer if the Agency Notes are sold at public sale by competitive bid than if the Agency Notes are sold at negotiated sale, and there is no basis, considering prevailing market conditions, for any expectation that the terms and conditions of a sale of the Agency Notes at public sale by competitive bid would Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency 2015 Funding Loan Agreement Page 8 of 24 be more favorable than at negotiated sale; short term obligations having the characteristics of the Agency Notes are typically sold at negotiated sale under prevailing market conditions; the market conditions are favorable for the immediate issuance of the Agency Notes to the City; and the Agency has undertaken substantial negotiations with the City regarding the purchase of the Agency Notes by the City, and has received a favorable commitment for the purchase of the Agency Notes. SECTION 5. AUTHORIZATION. The parties acknowledge and agree the Agency has been authorized to proceed with the implementation of the Plan, and the issuance of the Agency Notes to pay the costs thereof is hereby authorized and approved as required by Section 163.358(3)and Section 163.385(1), Florida Statutes. SECTION 6. PAYMENT OF PURCHASE PRICE. On October 1, 2015, the City shall make the requested payment of the Purchase Price to the Agency by depositing funds in the amount of said Purchase Price into the CRA Project Account(as created pursuant to Section 12). Further, no later than such time, the Agency agrees to execute an Agency Note evidencing the Agency's obligation to repay the City the Purchase Price. Simultaneously with the delivery of any Agency Note for the Redevelopment Activities, as provided in Section 12 below, the City shall pay to the Agency an amount equal to the Purchase Price, not to exceed Eight Hundred Fifty-Four Thousand and No/100 Dollars ($854,000.00) which shall be deposited in the CRA Project Account herein created and established in Section 12 hereof. SECTION 7. DESCRIPTION OF NOTE. Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 9 of 24 (a) The Agency Notes shall be issued in one or a series of separate notes not to exceed a cumulative total of Eight Hundred Fifty-Four Thousand and No/100 Dollars ($854,000.00), for the purpose of financing all or part of the Redevelopment Activities undertaken by the Agency within the Agency's Redevelopment Area, and for no other purpose. Each of the Agency Notes shall be designated by the following applicable title: Cape Canaveral Community Redevelopment Agency, 2015 Funding Revenue Note, and shall be issued in the name of and delivered to the City, and have a term of ten(10)years. (b) Interest on the outstanding principal balance of each of the Initial Funding Agency Notes shall be equal to two percent(2%)per annum. (c) The offer of the City to purchase the Agency Notes set forth above in the principal amounts stated or such lesser principal amounts as may be paid to the Agency by the City from time to time as provided herein, at a purchase price of par in accordance with the terms and conditions as set forth herein, is hereby accepted and the Agency Notes are hereby awarded and sold to the City upon the terms set forth herein. Payment of the purchase price of the "Cape Canaveral Community Redevelopment Agency, 2015 Funding Revenue Note" shall be made in the form of one or more payments to the Agency of funds which shall be deposited in the CRA Project Account as provided herein. The Chairman and the Recording Secretary of the Agency are hereby authorized to execute the Agency Notes as further provided in this Agreement in such principal amount and deliver the applicable Agency Note in the name of or upon the order of the City upon payment of the principal amount thereof by the City to the Agency. Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 10 of 24 (d) If the date for payment of the principal of, and interest on, any of the Agency Notes shall be a Saturday, Sunday, legal holiday or a day on which banking institutions in the City are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such institutions are authorized to close, and payment on such date, which shall include accrued interest to such date, shall have the same force and effect as if made on the scheduled date of payment. (e) Principal due on each of the Agency Notes is payable to the City upon presentation of the Agency Note to the Agency when due at the offices of the Agency, or such other location within the City as may be designated by the Agency and reasonable notice thereof given to the City. (f) So long as any portion of the principal amount of any of the Agency Notes or interest thereon remains unpaid: (1) if any law, rule, regulation or executive order is enacted or promulgated by any public body or governmental agency which changes the basis of taxation of payment or causes a reduction in yield to the City with respect to the principal or interest payable pursuant to the Agency Note, including without limitation the imposition of any excise tax or surcharge thereon, or (2) if as a result of action by any public body or governmental agency, any payment is required to be made by, or any federal, state or local income tax deduction is denied the City by reason of the ownership of, borrowing money to invest in, or receiving principal or interest on the Agency Note, the Agency shall reimburse the City within thirty (30) days after Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page I l of 24 receipt by the Agency of written demand for such payment and shall indemnify the City against any loss, cost, charge or expense with respect to such charge. (g) In the event it shall be necessary for the City to pay any documentary excise tax levied or imposed upon any of the Agency Notes pursuant to Chapter 201, Florida Statutes, then the Agency shall be required under the provisions of this Agreement to pay or indemnify the City for the payment of such tax, provided the City shall have delivered to the Agency a notice stating that as a consequence of final action by an appropriate governmental authority, it shall have been determined that the City is obligated to pay such documentary excise tax on the Agency Note and requesting reimbursement from the Agency of the amount paid. The City shall give the Agency notice of any proceedings, either administrative or judicial, or both, which may result in a determination of the City's obligation to pay such tax, and nothing herein shall prohibit the Agency from participating in such proceedings to the extent allowable by applicable law, rule,policy,or ruling. For the purpose of this subsection, the term "final action" shall mean either (i) action taken by the Florida Department of Revenue or other appropriate governmental official or agency which cannot be appealed administratively or in a court of competent jurisdiction, or, if any such action is appealable, in the opinion of counsel to the City (which opinion is acceptable to the Agency), such appeal would likely not be successful; or (ii) action by any court of competent jurisdiction as to which the time to appeal has expired or as to which an appeal has been denied or dismissed without further right of appeal. Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 12 of 24 SECTION 8. EXECUTION OF NOTE. Each of the Agency Notes shall be signed and executed in the name of the Agency as set forth in the form of the note attached hereto as EXHIBIT "A."" The signatures of the Chairman or other officers of the Agency authorized to sign the Agency Note shall be manual. The seal (if any) of the Agency shall be impressed, imprinted, reproduced or lithographed on each of the Agency Notes. Each of the Agency Notes shall be validly executed when signed by the persons who shall respectively hold the appropriate offices at the time of execution and attestation, without regard to who held the office on the effective date of this Agreement, the date of that Agency Note or who held that office at the time of the delivery of that Agency Note. SECTION 9. PREPAYMENT. Each of the Agency Notes shall be subject to prepayment, in whole, or in part, at the option of the Agency, on any date prior to its maturity, without premium or penalty. Notice shall be given to the City at least five (5) days prior to the • date for such prepayment. SECTION 10. NOTE MUTILATED,DESTROYED, STOLEN OR LOST. (a) If any of the Agency Notes is mutilated, destroyed, stolen or lost, the Agency may, in its discretion either deliver a duplicate replacement Agency Note or pay the Agency Note together with accrued interest. Any mutilated Agency Note shall be surrendered to and canceled by the Agency. (b) Any such duplicate Agency Note shall constitute an original contractual obligation on the part of the Agency whether or not the destroyed, stolen,or lost Agency Note be at any time found by anyone, and such duplicate Note shall be entitled to the same benefits and Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 13 of 24 rights as to lien on, and source of and security for payment from, the revenues and other funds pledged herein as the mutilated, destroyed, stolen or lost Agency Note was entitled. SECTION 11. FORM OF NOTE. Each of the Agency Notes shall be substantially in the form of the note attached hereto as EXHIBIT "A" (with such variations, omissions and insertions, due to differences in denominations and other provisions, as may be required or permitted by this Agreement or any amendment hereto). SECTION 12. CRA 2015 PROJECT ACCOUNT. (a) On October 1, 2015, the City is hereby authorized to internally transfer $854,000.00 of the Purchase Price, to a separate internal fund or account hereby designated as the Cape Canaveral Community Redevelopment Agency, "CRA 2015 Project Account," which is hereby created and established. Said internal fund or account shall be maintained by the City. The funds on deposit therein shall be withdrawn, used and applied by the Agency solely for the Redevelopment Activities authorized by this Agreement, and for purposes incidental thereto or for repayment of any of the Agency Notes. (b) The funds in the CRA 2015 Project Account that, in the opinion of the Agency and the City, are not immediately necessary to expend for Redevelopment Activities, as hereinabove provided, may be invested and reinvested in Investment Obligations which shall mature or be redeemable at the option of the Agency at face value not later than the dates on which such funds are needed. All income derived from investment of funds in the CRA 2015 Project Account shall be deposited therein and shall be used to pay costs of Redevelopment Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 14 of 24 Activities and the administration and operation of the Agency or to repay principal of and any interest on the Agency Notes. (d) Funds in the CRA 2015 Project Account shall be secured at all times in the manner prescribed by the laws of the State of Florida relating to the securing of public funds. (e) Upon expiration of the term of this Agreement and Agency Note, any amounts then remaining in the CRA 2015 Project Account and not reserved by the Agency for the payment of any remaining costs incurred and for which the Agency is obligated to pay, shall be used to reduce the outstanding principal amount of the Agency Notes. SECTION 13. COVENANTS OF THE AGENCY. Until the principal of and interest on all of the Agency Notes has been paid in full, the Agency covenants with the City as follows: (a) Punctual Payment. The Agency covenants and agrees with the City that it will punctually pay or cause to be paid the principal and interest of each of the Agency Notes, in conformity with the terms of the Agency Note and this Agreement and that it will be unconditionally and irrevocably obligated, so long as any of the Agency Notes are outstanding and unpaid, to take all lawful action necessary or required during each Fiscal Year to make any and all payments of principal of and interest on each of the Agency Notes as such become due and payable. (b) Pledge of Certain Proceeds and Revenues. The payment of the principal of and interest on each of the Agency Notes issued hereunder shall be secured by a lien on and pledge of, and the Agency does hereby irrevocably pledge to the payment of each of the Agency Notes Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 15 of 24 and the interest thereon: (i) the undistributed proceeds of the Agency Notes and the investment earnings thereon in the CRA 2015 Project Account that have not been incurred or used to pay costs of the implementation of the Plan and administration and operation of the Agency, (ii) Increment Revenues; (iii) all other revenue and funding sources available and received by the Agency at any given time, and (iv) the proceeds from any Agency Bonds that may be issued by the Agency with the City's approval to repay the Agency Notes. (c) Agency Notes Not General Obligation of the Agency. The Agency Notes and the obligations evidenced thereby shall not be deemed to constitute a general obligation of the Agency or the City or a debt, liability or obligation of the Agency, the City, the State of Florida or any political subdivision thereof or a pledge of the faith and credit of the Agency, the City, the State of Florida or any political subdivision thereof. Neither the Agency, the City, the State of Florida or any political subdivision thereof, shall be directly, indirectly or contingently obligated to levy or to pledge any form of ad valorem taxation whatsoever for the payment of any of the Agency Notes or make any appropriation therefrom for its payment. (d) Investment of Funds. All income on investments of funds in the CRA 2015 Project Account shall be retained therein and used for the purposes specified for such account. (e) Compliance with Laws and Regulations. The Agency covenants and agrees to perform and comply in every respect material to the security of each of the Agency Notes with all applicable laws, rules and regulations relating to the preparation and implementation of the Plan and the performance of the Agency's covenants and obligations hereunder. Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 16 of 24 (f) Trust Funds. As provided by Section 159.11, Florida Statutes, and this Agreement, all accounts created herein shall constitute trust funds to secure the payment of the Agency Notes and for the purposes herein provided, shall be established with and held by such officer, board or person as may be designated by the Agency, and used only for the purposes as set forth herein. SECTION 14. PAYMENT OF AGENCY NOTES. The Agency covenants and agrees with the City to pay when due and payable the full principal amount of each of the Agency Notes, plus any accrued interest, to the City from Increment Revenues in the Redevelopment Trust Fund, all other revenue and funding sources available and received by the Agency at any given time, proceeds from any Agency Bonds issued to repay the Agency Notes, or funds in the CRA Project Account. To secure the payment of each of the Agency Notes, the Agency does hereby pledge and grant to the City a lien upon the Increment Revenues deposited in the Redevelopment Trust Fund, all other revenue and funding sources available and received by the Agency at any given time, the net proceeds from any such Agency Bonds and the funds in the CRA Project Account. The Agency further covenants and agrees that it will not permit any lien or encumbrance on the funds in the Redevelopment Trust Fund, or funds from any other revenue and funding sources available and received by the Agency at any given time, superior to or on a parity with the lien created by this Agreement without prior approval by the City. SECTION 15. REDEVELOPMENT TRUST FUND; DEPOSIT OF INCREMENT REVENUES. Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 17 of 24 (a) The City covenants and agrees that so long as all prerequisites under the Act for doing so have been satisfied, it will take such action as is necessary to create and continue in existence the Redevelopment Trust Fund and cause the deposit therein of Increment Revenues. (b) The Agency covenants and agrees that upon creation of the Redevelopment Trust Fund it will take all such actions as are necessary to collect and cause to be deposited in the Redevelopment Trust Fund all Incremental Revenues and will retain all funds in the Redevelopment Trust Fund. (c) The Agency covenants and agrees, so long as any of the Agency Notes remain outstanding, to promptly deposit Increment Revenues in the Redevelopment Trust Fund as such revenues are received from each "taxing authority" or become available to the Agency for the purpose of being deposited into the Redevelopment Trust Fund. (d) The Agency covenants and agrees, so long as any of the Agency Notes remain outstanding, to promptly pay to the City any funds received by the Agency from any other revenue and funding sources available at any given time that are not required to fund normal operating expenditures of the Agency. SECTION 16. REMEDIES; NO GENERAL OBLIGATION. In the event the Agency should fail to perform any promise, covenant or condition contained herein, the City shall be entitled to seek any remedy then available to it under applicable law and may proceed to obtain equitable relief, including injunctive relief, from any court of competent jurisdiction. The parties hereto recognize and acknowledge that the only sources of payment to the City of the Agency Notes are from funds in the CRA 2015 Project Account, Increment Revenues deposited Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 18 of 24 in the Redevelopment Trust Fund, funds from any other revenue and funding sources available and received by the Agency at any given time, and the proceeds from any Agency Bonds issued to repay the Agency Notes, and the obligation evidenced here is not a general obligation or a pledge of the full faith and credit of the Agency or any other governmental entity or political subdivision of the State of Florida,under any applicable statutory or constitutional provision. SECTION 17. FURTHER DOCUMENTS. The parties hereby agree to execute such agreements, instruments, certificates, or other documents (including an Agency Note substantially in the form attached hereto as EXHIBIT"A") as may be necessary to cause payment of each Purchase Price to be timely made, each Agency Note issued, proceeds therefrom deposited in the CRA 2015 Project Account, and such other purposes as may be necessary under this Agreement. SECTION 18. REPRESENTATIONS AND WARRANTIES. (a) The Agency does hereby represent and warrant to the City that it has all requisite power, authority and authorization to enter into this Agreement and issue each of the Agency Notes, has taken, or will take in the near future, all necessary actions required to enter into this Agreement and issue each of the Agency Notes, make any payment contemplated hereby, and to fulfill any and all of its obligations, duties and responsibilities for or required of it by this Agreement, for their exercise individually or collectively. (b) The City does hereby represent and warrant to the Agency that it has all requisite power, authority, and authorization to enter into this Agreement, has taken, or will take in the near future, all necessary actions required to enter into this Agreement, pay each of the Purchase Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 19 of 24 Price, accept and hold the Agency Notes and to fulfill any and all of its obligations, duties and responsibilities for or required of it by this Agreement, whether exercised individually or collectively. (c) The City does hereby represent and warrant to the Agency that it does not intend to sell, convey, assign, or give any of the Agency Notes to any other person and intends to hold all Agency Notes until maturity. SECTION 19. AMENDMENTS. This Agreement may be amended only by the mutual written agreement of the City and the Agency at any time and from time to time. SECTION 20. THIS AGREEMENT CONSTITUTES A CONTRACT. In consideration of the acceptance of their mutual duties, obligations, and responsibilities hereunder, this Agreement shall be deemed to be and shall constitute a contract between the City and the Agency. SECTION 21. SEVERABILITY. If any one or more of the covenants, agreements or provisions of this Agreement shall be held contrary to any express provisions of law or contrary to any policy or express law, although not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisions of this Agreement. SECTION 22. CONTROLLING LAW. All covenants, stipulations, obligations, and agreements of the City and the Agency contained in this Agreement shall be deemed to be covenants, stipulations, obligations and agreements of each of the City and Agency, respectively, Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 20 of 24 to the full extent authorized by the Act and provided by the Constitution or the laws of the State of Florida. Any and all provisions of this Agreement and any proceedings seeking to enforce or challenge any provisions of this Agreement shall be governed by the laws of the State of Florida. Venue for any proceeding pertaining to this Agreement shall be Brevard County, Florida. SECTION 23. NO MEMBER LIABILITY. No covenant, stipulation, obligation or agreement contained herein shall be deemed to be a covenant, stipulation, obligation or agreement of any present or future member of the governing body or agent or employee of the City or the Agency in its, his or their individual capacity, and neither the members of the City Council or the Governing Body of the Agency, nor any official executing this Agreement shall be liable personally or shall be subject to any accountability for reason of the execution by the City or the Agency of this Agreement or any act pertaining thereto. SECTION 24. FILING OF AGREEMENT ONLY; AGENCY NOTES MAINTAINED ON FILE. (a) The Clerk of the City is hereby authorized and directed after approval of this Agreement by the City Council and the Governing Body of the Agency and the execution thereof by the duly qualified and authorized officers of each of the parties hereto, to file this Agreement with the Clerk of the Circuit Court of Brevard County, Florida, in accordance with Section 163.01(11), Florida Statutes. (b) Any original Agency Notes executed in furtherance of this Agreement shall be maintained on file at Cape Canaveral City Hall for safekeeping. The Agency Note(s) shall not be recorded. Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 21 of 24 SECTION 25. ASSIGNMENT. Neither party to this Agreement may assign, sell, transfer, convey, or give any or all of its rights, duties, obligations, and responsibilities under this Agreement, specifically including the City holding any of the Agency Notes, without the prior written approval and consent of the other party. SECTION 26. VALIDATION. If determined by the City Council to be necessary, the Agency consents to, and shall cooperate with, the City Attorney initiating and undertaking proceedings under Chapter 75, Florida Statutes, to validate the Agency's obligations created and established by and pursuant to this Agreement, including the Agency Notes. SECTION 27. EXPIRATION DATE. Unless extended by mutual agreement of the City and the Agency by adoption and execution of a subsequent interlocal agreement, this Agreement shall expire at such time as the principal and accrued interest on all of the Agency Notes is paid by the Agency or when the Agency sunsets as a legal entity,whichever occurs first. SECTION 28. EFFECTIVE DATE. This Agreement shall become effective on October 1, 2015 upon the execution by the appropriate officers of the City and the Agency, and upon filing this Agreement with the Clerk of the Circuit Court of Brevard County, Florida, as required by Section 163.01(11), Florida Statutes. IN WITNESS WHEREOF, the parties hereto, by and through the undersigned, have entered into this Interlocal Agreement on the date and the year first above written. [Signature Page Follows] Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 22 of 24 CITY OF CAPE CANAVERAL,FLORIDA ATTEST(SEAL): By: Angela Apperson, City Clerk Rocky Randels,Mayor STATE OF FLORIDA COUNTY OF BREVARD I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State and County aforesaid to take acknowledgments, personally appeared Rocky Randels, Mayor of the City of Cape Canaveral, ❑ to me known personally or 0 who produced as identification, to be the person described in and who executed the foregoing instrument and he acknowledged before me that he executed the same for the purposes set forth herein, and he did not swear an oath. (Notary Seal) NOTARY PUBLIC My Commission Expires: Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 23 of 24 CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY ATTEST: By: Angela Apperson,Recording Secretary Rocky Randels,Chairperson STATE OF FLORIDA COUNTY OF BREVARD I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State and County aforesaid to take acknowledgments, personally appeared Rocky Randels, Chairperson of the Cape Canaveral Community Redevelopment Agency, 0 to me known personally or ❑ who produced as identification, to be the person described in and who executed the foregoing instrument and he acknowledged before me that he executed the same for the purposes set forth herein, and he did not swear an oath. (Notary Seal) NOTARY PUBLIC My Commission Expires: Interlocal Agreement City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency CRA Initial Funding Loan Agreement Page 24 of 24 Attachment 3 to Agenda Form Exhibit"A" to Interlaocal Agreement (2015 Funding Loan Agreement) $854,000.00 UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF BREVARD CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY 2015 REVENUE NOTE (Sewer Lift Station No.6 and Water Line Improvements) KNOW ALL MEN BY THESE PRESENTS, that the Cape Canaveral Community Redevelopment Agency,Florida hereinafter called the"Agency"),a Florida public body corporate and politic, created and existing under and by the virtue of the laws of the State of Florida, for the value received,hereby promises to pay to the City of Cape Canaveral,Florida(hereinafter called the "City") or to registered assigns or legal representatives thereof(Collectively, the "Registered Owner"), on the 1 s`day of October, 2015, unless prepaid prior thereto as hereinafter provided,but solely from the funds hereinafter mentioned,the principal sum of EIGHT HUNDRED FIFTY-FOUR THOUSAND AND NO/100 DOLLARS as of the date of maturity hereof and to pay interest on the outstanding principal sum hereof from the date hereof,as provided in the Agreement,until this Note is fully paid at an annual interest rate equal to TWO PERCENT(2%)per annum to be used for any Redevelopment Activities including the lift station No.6 project identified in that certain Interlocal Agreement between the City and the Agency, dated October 1,2015("Agreement"),and Joint Resolution No.2015-4,adopted September 8,2015 by the City and Agency("Joint Resolution")(computed on the basis of a year containing 365 days). In no event, however, shall interest be charged in an amount in excess of the maximum interest rate permitted to be paid by applicable law. It is understood and agreed to by the Agency that repayment of this Note will be in annual equal installments amortized on a ten(10)year term. The first installment shall be due the City on January 31,2016 and subsequent installments shall be due each year thereafter on January 31$`until the Note is paid in full. The intent and purpose of this Note is to require repayment no later than the expiration of the ten year term. Principal and Interest on the outstanding principal balance of this Note shall be payable in equal installments,being due during the course of each fiscal year of the City and Agency at the time stated above, unless the Agency chooses to prepay the Note. Upon execution of this Note by the Agency,it is the Agency's intent to irrevocably pledge all future tax increment revenues,grants,or 2015 Revenue Note Page 1 of 3 any other available funding source received by the Agency to repay the outstanding principal and interest balance of this Note until such time it is repaid in full,excluding annual increment revenues that are reasonably necessary and budgeted to cover the Agency's annual operational expenses. Principal and interest due on this Note are payable to the Registered Owner in immediately available funds upon presentation when due at the offices of the Agency in the City of Cape Canaveral,Florida. This Note will be subject to prepayment,in whole or in part,at the option of the Agency on any date prior to its maturity, without permission or penalty. Notice of such prepayment shall be given in the manner required by the Agreement, as hereinafter defined. This Note is issued to finance the Redevelopment Activities in that certain Interlocal Agreement between the City and the Agency,dated October 1,2015 ("Agreement"), and pursuant to the authority of and in full compliance with the Constitution and laws of the State of Florida, including particularly Part III,Chapter 163,Florida Statutes(2015)as amended,and actions by the Agency and the City Council of the City of Cape Canaveral, Florida, authorizing this Note. This Note is subject to all terms and conditions of Agreement and capitalized terms not otherwise defined herein shall have the same meanings as ascribed to them in the Agreement. The payment of the principal of and interest on this Note is secured by a lien on and pledge of, and the Agency does hereby irrevocably pledge to the payment of this Note and the interest thereon,(i)revenues received by the Agency and deposited in the Redevelopment Trust Fund of the Agency pursuant to Section 163.387, Florida Statutes, as amended ("Increment Revenues"); (ii) bonds issued by the Agency and secured by the Increment Revenues(the"Agency Bonds");and(iii) any other legally available funds of the Agency including,but not limited to,grants,fees,and other revenues. Reference is made to the Agreement for the provisions, among others, relating to the terms, lien and security for this Note, the rights, duties and obligations, to all of which provisions the Registered Owner hereof assents by acceptance hereof. This Note and the obligations evidenced hereby,when delivered by the Agency pursuant to the terms and conditions of the Agreement and Joint Resolution, shall not be or constitute an indebtedness of the Agency, City or State of Florida, within the meaning of any constitutional, statutory or charter limitations of indebtedness, but shall be payable solely from the designated revenues, as provided in the Agreement and the Resolution. No holder of this Note shall have the right to compel the exercise of the ad valorem taxing power of the City or the State, or taxation in any form of any property therein to pay this Note or the interest thereon. It is hereby certified and recited that all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of this Note exist,have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable hereto, and that the issuance of this Note does not violate any 2015 Revenue Note Page 2 of 3 constitutional or statutory limitation or provision. IN WITNESS WHEREOF, the Cape Canaveral Community Redevelopment Agency, Florida,has issued this Note and has caused the same to be manually signed by the Chairman,and attested and countersigned by the Recording Secretary,and its corporate seal or a facsimile thereof to be affixed,impressed,lithographed or reproduced hereon, all as of the 1st day of October,2015. CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY ATTEST: By: By: Angela Apperson Rocky Randels, Chairperson Recording Secretary 2015 Revenue Note Page 3 of 3 Attachment 4 City of Cape Canaveral, CRA 2015 Funding Note to Agenda Form Enter values Loon summary Loan amount $ 854,000.00 Scheduled payment $ 95,072.85 Annual interest rate 2.00 % Scheduled number of payments_ 10 Loan period in years, 10 Actual number of payments1 10 Number of payments per year, 1 Total early payments~$ Start date of loan 10/1/2015 Total interest $ 83,065.56 Optional extra poymenis $ Lender name: Pmt Beginning Scheduled Extra Ending Cumulative No. Payment Date Balance Payment Payment Total Payment Principal Interest Balance Interest 1 1/31/2016 $ 854,000.00 $ 95,072.85 $ - $ 95,072.85 $ 89,425.43 $ 5,647.42 $ 764,574.57 $ 5,647.42 2 1/31/2017 764,574.57 95,072.85 - 95,072.85 79,781.36 15,291.49 684,793.21 20,938.91 3 1/31/2018 684,793.21 95,072.85 - 95,072.85 81,376.99 13,695.86 603,416.21 34,634.78 4 1/31/2019 603,416.21 95,072.85 95,072.85 83,004.53 12,068.32 520,411.68 46,703.10 5 1/31/2020 520,411.68 95,072.85 - 95,072.85 84,664.62 10,408.23 435,747.06 57,111.34 6 1/31/2021 435,747.06 95,072.85 - 95,072.85 86,357.91 8,714.94 349,389.15 65,826.28 7 1/31/2022 349,389.15 95,072.85 - 95,072.85 88,085.07 6,987.78 261,304.08 72,814.06 8 1/31/2023 261,304.08 95,072.85 - 95,072.85 89,846.77 5,226.08 171,457.30 78,040.14 9 1/31/2024 171,457.30 95,072.85 - 95,072.85 91,643.71 3,429.15 79,813.60 81,469.29 10 1/31/2025 79,813.60 95,072.85 - 79,813.60 78,217.32 1,596.27 0.00 83,065.56 Attachment 5 Item Estimated to Description Unit Unit Price Total Price Quantity 8 Start-Up and Training 1 LS $ 2,100.00 $ 2,100.00 9 Bypass Pumping 1 LS $ 18.740.00 $ 18.740.00 0 Lift Station No. 6 I Improvements, Complete 1 LS $230,329.50 $ 230,329.50 8-inch Polyvinyl Chloride II (PVC) Sanitary Sewer Pipe, 0- 865 LF 10 Foot $ 64.00 $55,360.00 8-inch Polyvinyl Chloride 12 (PVC) Sanitary Sewer Pipe, 136 LF 10-12 Foot $ 87.00 $ 11,832.00 13 Sanitary Sewer Manholes 7 EA $ 10,800.00 $ 75,600.00 14 Water Main Pipe& Fittings 1290 LF $46.80 $ 60,372.00 15 Wet Tap & Valve 1 EA $ 6,700.00 $ 6,700.00 16 Gate Valves 4 EA $ 1,750.00 $ 7.000.00 17 Asphalt Replacement 1 LS $ 17,686.00 $ 17,686.00 18 Demolition I _ LS $42,400.00 $42,400.00 +�L t Soo LIFT STATION NO. 6 IMPROVEMENTS-BID $61L1 ,too (SUM OF NUMBERS 1 THROUGH 18) $ 592,569.50 Lift Station No. 7 Improvements 19 Mobilization and 1 LS Demobilization $ 5,500.00 $ 5.500.00 �0 General Requirements, Bonds 1 LS & Permits $ 74,200.00 $ 74,200.00 21 Indemnification I LS $ 1,000.00 $ 1.000.00 22 Maintenance of Traffic I LS $ 7,000.00 $ 7,000.00 1 23 Testing Laboratory Services 1 l LS $ 6,600.00 $ 6,600.00 BLK/ab/specs/00300 Tt#200-52528-14001 00300-3 030515 Attachment 6 August 24, 2015 Florida Today P.O. Box 363000 Melbourne, FL 32936-0300 The following is a notice of a Special Community Redevelopment Agency Meeting for the purpose of considering an Interlocal Loan Agreement for the Cape Canaveral Community Redevelopment Agency. Please publish this legal advertisement once on August 26, 2015. Please provide a proof of the advertisement prior to publishing the ad. Also, please provide an affidavit of proof of publication to my attention at the address listed below. Should you have questions regarding this advertisement, please contact my office at 868-1220 x220. Thank you. Sincerely, Angie Apperson Agency Clerk NOTICE OF SPECIAL COMMUNITY REDEVELOPMENT AGENCY MEETING FOR THE PURPOSE OF CONSIDERING AN INTERLOCAL LOAN AGREEMENT FOR THE CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY The Cape Canaveral Community Redevelopment Agency (CRA) will hold a Special Meeting on Tuesday, September 8, 2015 at 4:45 PM in the Library Meeting Room, 201 Polk Avenue, Cape Canaveral, FL to consider: Joint Resolution No. 2015-04 A Joint Resolution of the City Council of the City of Cape Canaveral, Florida, and the Cape Canaveral Community Redevelopment Agency ("Agency"); providing for the approval of an Interlocal Agreement authorizing a loan from the City to the Cape Canaveral Community Redevelopment Agency, in an amount not to exceed $854,000.00, for the purposes of commencing certain redevelopment activities within the redevelopment area related to replacing and upsizing Lift Station No. 6, constructing water line improvements or such other activities in order to promote anticipated economic growth; providing for the incorporation of the terms and conditions of the Interlocal Agreement into the Redevelopment Plan of the Cape Canaveral Community Redevelopment Agency; providing for the repeal of prior inconsistent resolutions, no conflicts; severability, and an effective date. The Resolution is available for inspection during office hours, Monday through Friday, 8:30 AM to 5:00 PM in the office of the City Clerk/office of the Agency, 105 Polk Avenue, Cape Canaveral, FL 32920. Angie Apperson, Agency Clerk • A 0ACE a^'p Attachment 7 ? .,: -- s, 6i--- i A .- City of Cape Canaveral , P 174-3 Community Development Department August 24, 2015 Taxing Authority C/O Taxing Authority Representative Address City, FL Zip Code RE: NOTICE TO TAXING AUTHORITIES OF APPROVAL OF AN INTERLOCAL AGREEMENT AUTHORIZING A LOAN FROM THE CITY TO THE CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY Dear Mr. (Taxing Authority Representative): Consistent with the provisions of Section 163.346, Florida Statutes, the City of Cape Canaveral and the Cape Canaveral Community Redevelopment Agency does hereby issue this notice to each taxing authority which levies ad valorem taxes on taxable real property contained within the geographic boundaries of the City's Community Redevelopment Area. Please be advised that on September 8, 2015 at 4:45 PM the Cape Canaveral Community Redevelopment Agency will hold a Special Meeting and at 5:30 PM or as soon thereafter as possible, the Cape Canaveral City Council will hold a Special Meeting and public hearing to consider: Joint Resolution No. 2015-04 A Joint Resolution of the City Council of the City of Cape Canaveral, Florida, and the Cape Canaveral Community Redevelopment Agency ("Agency"); providing for the approval of an Interlocal Agreement authorizing a loan from the City to the Cape Canaveral Community Redevelopment Agency, in an amount not to exceed $854,000.00, for the purposes of commencing certain redevelopment activities within the redevelopment area related to replacing and upsizing Lift Station No.6,constructing water line improvements or such other activities in order to promote anticipated economic growth; providing for the incorporation of the terms and conditions of the Interlocal Agreement into the Redevelopment Plan of the Cape Canaveral Community Redevelopment Agency; providing for the repeal of prior inconsistent resolutions, no conflicts; severability, and an effective date. P.O. Box 326— 110 Polk Avenue — Cape Canaveral, FL 32920-0326 Telephone (321) 868-1222 —Fax (321) 868-1247 www.cityofcapecanaveral.org e-mail: info@a,cityofcapecanaveral.org Attachment 7 Mr. (Taxing Authority Rep) Page 2 of 2 August_,2015 Both meetings will be held at the Cape Canaveral Public Library Meeting Room, 201 Polk Avenue, Cape Canaveral, FL. The resolution is available for inspection during office hours, Monday through Friday 8:30 AM to 5:00 PM in the office of the City Clerk/office of the Agency, 105 Polk Avenue Cape Canaveral, FL 32920; or within the Public Records Portal on the City's website www.cityofcapecanaveral.org. If you have questions or need additional information, please contact David Greene, Registered Agent, at(321) 868-1220 or e-mail d.greene@cityofcapecanaveral.org. Thank you. Sincerely, David Dickey Community Development Director City of Cape Canaveral, Florida cc: David Greene, City Manager and CRA Registered Agent Angie Apperson, City Clerk and CRA Recording Secretary Todd Morley, Economic Development Director P.O. Box 326— 110 Polk Avenue — Cape Canaveral, FL 32920-0326 Telephone (321) 868-1222 —Fax (321) 868-1247 www.cityofcapecanaveral.org e-mail: info@cityofcapecanaveral.org : r Cape Canaveral .vip4Eti , Community Redevelopment Agency Board -- ' Agenda Form CRA Board Meeting Date: 9/8/2015 Item No. .r Subject: Resolution No. CRA-02; adopting a budget for the Cape Canaveral Community Redevelopment Agency for Fiscal Year 2015-16; providing for repeal of prior inconsistent resolutions; providing for severability; providing for an effective date. Department: Community Development Summary: The City of Cape Canaveral Community Redevelopment Agency (CRA) was established August 21, 2012 with the adoption of Resolution No. 2012-16. The CRA was created pursuant to Part III, Chapter 163, Florida Statutes and is considered I a Dependent Special District under Chapter 189 F.S. As a Special District, the CRA Board is required to adopt a budget for each fiscal year by resolution. The City of Cape Canaveral's Annual Budget includes the Cape Canaveral CRA Budget. Resolution No. CRA-02 (attached) adopts the 2015-16 CRA Budget, which will take effect October 1, 2015 and run through September 30, 2016. The Resolution details the anticipated revenues and expenditures of the Special District. The total projected revenue for the CRA for FY 2015-16 is $262,063; of this $113,353 is from the City and $148,209 is from Brevard County. Notable expenses include $8,739 for operating costs, debt service of $106,205 which includes the $11,133 for annual repayment of start-up costs, $95,072 for the annual payment of the 10-yr. loan created by Joint Resolution 2015-04 for replacement of Lift Station No. 6 and the water line. In accordance with Florida Statute 189.418(4) the proposed budget has been posted to the CRA page of the City's Website. Submitting Director: David Dickey\`‘X-s' Date: 09/01/2015 Attachment: Resolution No. CRA-02 Financial Impact: Staff time to prepare this Agenda item. Reviewed by Administrative Services/ Finance Director: John DeLeo Date: 9\i\\, The CRA Director/Registered Agent recommends hat the CRA Board take the following action: Adopt Resolution No. CRA-02. Approved by CRA Director/ Registered Agent: David L. Greene ( Y Date: 7/1 / /$ RESOLUTION NO. CRA-02 A RESOLUTION OF THE CITY OF CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY ADOPTING A BUDGET FOR THE CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY FOR FISCAL YEAR 2015-16; PROVIDING FOR REPEAL OF PRIOR INCONSISTENT RESOLUTIONS; PROVIDING FOR SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS,the City Council of the City of Cape Canaveral, Florida adopted Resolution 2012-16, creating the Cape Canaveral Community Redevelopment Agency("CRA"), pursuant to Part III, Chapter 163, Florida Statutes; and WHEREAS, the CRA is a dependent special district under Chapter 189, Florida Statutes, known as the Uniform Special District Accountability Act of 1989 ("Act"); and WHEREAS, the Act requires all special districts, including dependent special districts such as the CRA,to adopt a budget for each fiscal year by resolution; and WHEREAS, the Cape Canaveral Community Redevelopment Agency desires to comply with the requirements of the Act and takes this action in order to do so; and NOW, THEREFORE, BE IT RESOLVED BY THE BOARD MEMBERS OF THE CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY,AS FOLLOWS: Section 1. Recitals. The foregoing recitals are deemed true and correct and are hereby fully incorporated herein by this reference and are deemed a material part of this Resolution. Section 2. Adoption of Budget. The Board Members of the Cape Canaveral Community Redevelopment Agency do hereby approve and adopt a budget attached hereto as Exhibit"A"for the CRA for Fiscal Year 2015-16; beginning October 1, 2015 and ending September 30, 2016. Section 3. Repeal of Prior Inconsistent Resolutions. All prior resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of the conflict. Section 4. Severability. If any section, subsection, sentence, clause,phrase or portion of this resolution is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate,distinct and independent provision and such holding shall not affect the validity of the remaining portion hereto. Cape Canaveral Community Redevelopment Agency Resolution No. CRA-02 Page 1 of 2 Section 5. Effective Date. This Resolution shall become effective immediately upon adoption by the Board Members of the Cape Canaveral Community Redevelopment Agency. ADOPTED at a Special Meeting of the Board Members of the Cape Canaveral Community Redevelopment Agency this 8th day of September, 2015. ATTEST: ROCKY RANDELS, Chairperson Angela Apperson, Recording Secretary Name For Against John Bond Robert Hoog Buzz Petsos Rocky Randels Betty Walsh Approved as to legal form and sufficiency for Cape Canaveral Community Redevelopment Agency only: Anthony A. Garganese, Attorney for the Cape Canaveral Community Redevelopment Agency Cape Canaveral Community Redevelopment Agency Resolution No.CRA-02 Page 2 of 2 Exhibit"A"Resolution No.CRA-02 Page 1 of 2 Cape Canaveral Community Redevelopment Agency The Community Redevelopment Plan was developed in FY12-13.The Projects in the Plan are funded with TIF revenues deposited in the Trust Fund to encourage development/redevelopment; financial incentives to developers and businesses; and financing of capital improvement projects. The City loaned the Community Redevelopment Agency$100K to initially fund the CRA. The City will be reimbursed by the Agency in annual equal installments amortized over 10 years.The first installment was due the City on October 31,2014.Subsequent installments are due each year on October 31st until the note is paid in full.The annual interest rate is set at 2%. This past summer, the City completed the rehabilitation of Lift Station #6 which included easement, waterline extension, engineering and design work located within the CRA funded entirely by the Wastewater Fund. It is anticipated in September, 2015, the CRA Board will approve the repayment of$854,000 to the Wastewater Fund.The first payment is due January 31st, 2016 and subsequent installments are due each year thereafter on January 31st until the loan is paid in full.The annual interest rate is set at 2%. Capital Outlay Detail FY 14/15 FY 15/16 Grant Programs $ 10,962 Capital Initiatives 12,500 Sidewalk Gap/Striping& 109,884 140,000 Mobility Projects $ 133,346 $ 140,000 Debt Repayment Schedule General Fund Loan$100K Wastewater Loan$854K Principal Interest Principal Interest FY 16-17 $ 9,498 $ 1,635 $ 79,753 $ 15,320 FY 17-18 9,688 1,445 81,348 13,725 FY 18-19 9,882 1,251 82,975 12,098 FY 19-20 10,080 1,053 84,635 10,438 FY 20-21 10,281 852 86,327 8,746 FY 21-22 10,487 646 88,054 7,019 FY 22-23 10,697 436 89,815 5,258 FY 23-24 10,888 222 91,611 3,462 FY 24-25 - - 79,852 1,630 Exhibit"A"Resolution No.CRA-02 Page 2 of 2 Budget Detail Cape Canaveral Community Redevelopment Agency Fund 106-Dept 016 2012-2013 2013-2014 2014-2015 2014-2015 2015-2016 % Actual Actual Original Projected Adopted inc/Dec Revenue 106-000-300-300100 Cash Forward - - 36,197 13,665 - -100% 106-000-338-338000 Shared Revenue fr Cape Canaveral - - 55,330 55,330 113,353 105% 106-000-338-338001 Shared Revenue fr Brevard Cnty - • 70,000 70,810 148,209 I09% 106-000-361-361100 Interest From Investment - - 501 - 501 100% 106-000.361-361310 Net Increase(decrease)in FMV - - - - - 0% 106-000-381-381001 Transfer from General Fund - - - - 0% Total Revenue S - S - S 162,028 S 139,805 S 262,063 87% Operating 106-016-559-310000 Legal Fees - - 1,000 595 1,000 68% 106-016-559-310001 Administeatvie Fees - - 1,000 175 1,000 471% 106-016-559-400000 Travel&Per Diem - - 644 - 644 100% 106-016-559-450000 Insurance - - 5,000 4,287 5,000 17% 106-016-559-520000 Operating Supplies - - - - 0% 106-016-559-540000 Membership&Training - - 1,095 990 1,095 11% Total Operating - - 8,739 6,047 8,739 45% Capital Outlay 106-016-559-630000 Grant Programs - - 10,962 - - 0% 106-016-559-630001 CapitalInitiatives . - 12,500 12,741 - -100% 106-016-559-630002 Sidewalk Gap&Striping Project - - - 109,884 140,000 27% Total Capital Outlay - - 23,462 122,625 140,000 14% Debt Service 106-016-559-710000 Debt Service-Prinicpal - - 8,966 8,966 94,121 950% 106-016-559.720000 Debt Service-Interest - - 2,167 2,167 12,084 458% Total Debt Service - - 11,133 11,133 106,205 854% Other Expenses 106-016-581-910001 Transfer to General Fund - - - - 0% 106-016-581-910304 Transfer to N.MI Ave Imp.Fund - - 113,694 - - 0% Total Other Expenses - - 113,694 - - 0% Contingency 106-016-559-990000 Contingency - - 5,000 - 7,119 100% Total Contingency - - 5,000 - 7,119 100% Total Community Redevelopment Agency Fund Budget S - S - S 162,028 5 139,805 5 262,063 87% i44"C O a+ � 4 Cape Canaveral ., 4 _.,,, �, , Community Redevelopment Agency Board ....At.dr, Agenda Form CRA Board Meeting Date: 9/8/2015 Item No. e`, Subject: Resolution No. CRA-03; amending the Cape Canaveral Community Redevelopment Agency budget for Fiscal Year 2014-15; providing for repeal of prior inconsistent resolutions; providing for severability; providing for an effective date. Department: Community Development Summary: The City of Cape Canaveral Community Redevelopment Agency (CRA) was established August 21, 2012 with the adoption of Resolution No. 2012-16. The CRA was created pursuant to Part III, Chapter 163, Florida Statutes and is considered a Dependent Special District under Chapter 189 F.S. As a Special District, the CRA Board is required to adopt a budget for each fiscal year by resolution, with any subsequent amendments being adopted likewise by resolution. The CRA Budget for Fiscal Year 2014-2015 needs to be amended to reflect certain budgetary conditions existing at the end of the fiscal year (September 30th). To that end, Resolution No. CRA-03 (attached) has been prepared. The specific revision includes the deletion of a line item of $113,694 for the North Atlantic Avenue Streetscape Project. Due to unforeseen circumstances, the Project will not be awarded/obligated by the end of the 2014-15 fiscal year. The funds are proposed to be transferred to a new line item including $109,884 for capital expenditures for sidewalks/striping within the CRA with the remaining $3,810 being placed in the contingency fund line item. K'Y ' Submitting Director: David Dickey-0° Date: 09/01/2015 Attachment: Resolution No. CRA-03 Financial Impact: Staff time to prepare this Agenda item. Reviewed by Administrative Services/ ' Finance Director: John DeLeo Date: q 1 \The CRA Director/Registered Agent recomm ds that the CRA Board take the following action: Adopt Resolution No. CRA-03. Approved by CRA Director/ Registered Agent: David L. Greene 6 `v-a- Date: `�f///c RESOLUTION NO. CRA-03 A RESOLUTION OF THE CITY OF CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY AMENDING THE CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY BUDGET FOR FISCAL YEAR 2014-15; PROVIDING FOR REPEAL OF PRIOR INCONSISTENT RESOLUTIONS; PROVIDING FOR SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS,the City Council of the City of Cape Canaveral, Florida adopted Resolution 2012-16, creating the Cape Canaveral Community Redevelopment Agency ("CRA"), pursuant to Part III, Chapter 163, Florida Statutes; and WHEREAS, the CRA is a dependent special district under Chapter 189, Florida Statutes, known as the Uniform Special District Accountability Act of 1989 ("Act"); and WHEREAS, the Act requires all special districts, including dependent special districts such as the CRA,to adopt a budget for each fiscal year by resolution,with any subsequent budget amendments being adopted likewise by resolution; and WHEREAS, the Cape Canaveral Community Redevelopment Agency desires to comply with the requirements of the Act and takes this action in order to do so; and NOW, THEREFORE, BE IT RESOLVED BY THE BOARD MEMBERS OF THE CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY,AS FOLLOWS: Section 1. Recitals. The foregoing recitals are deemed true and correct and are hereby fully incorporated herein by this reference and are deemed a material part of this Resolution. Section 2. Adoption of Budget. The Board Members of the Cape Canaveral Community Redevelopment Agency do hereby amend the 2014-15 budget to include the deletion of the line item of$113,694 for the North Atlantic Avenue Streetscape Project. The funds are proposed to be transferred to a new line item including$109,884 for capital expenditures for sidewalks/striping and the remaining$3,810 being placed in the contingency fund line item. Section 3. Repeal of Prior Inconsistent Resolutions. All prior resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of the conflict. Section 5. Severability. If any section, subsection, sentence, clause,phrase or portion of this resolution is for any reason held invalid or unconstitutional by any court of competent jurisdiction, Cape Canaveral Community Redevelopment Agency Resolution No. CRA-03 Page 1 of 2 such portion shall be deemed a separate,distinct and independent provision and such holding shall not affect the validity of the remaining portion hereto. Section 6. Effective Date. This Resolution shall become effective immediately upon adoption by the Board Members of the Cape Canaveral Community Redevelopment Agency. ADOPTED at a Special Meeting of the Board Members of the Cape Canaveral Community Redevelopment Agency this 8th day of September, 2015. ATTEST: ROCKY RANDELS, Chairperson Angela Apperson, Recording Secretary Name For Against John Bond Robert Hoog Buzz Petsos Rocky Randels Betty Walsh Approved as to legal form and sufficiency for Cape Canaveral Community Redevelopment Agency only: Anthony A. Garganese, Attorney for the Cape Canaveral Community Redevelopment Agency Cape Canaveral Community Redevelopment Agency Resolution No. CRA-03 Page 2 of 2