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Home My WebLink AboutResolution No. CRA-05 RESOLUTION NO. CRA-05 A RESOLUTION OF THE CITY OF CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY;ADOPTING A BUDGET FOR THE CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY FOR FISCAL YEAR 2017-18; PROVIDING FOR THE REPEAL OF PRIOR INCONSISTENT RESOLUTIONS, SEVERABILITY AND AN EFFECTIVE DATE. WHEREAS,the City Council of the City of Cape Canaveral, Florida adopted Resolution No. 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; 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 2017-18; beginning October 1, 2017 and ending September 30, 2018. 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 All prior resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of the conflict.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. City of Cape Canaveral Community Redevelopment Agency Resolution No. CRA-05 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 Regular Meeting of the Board Members of the City of Cape Canaveral Community Redevelopment Agency this 19th day of September, 2017. % 1 / ' ATTEST: Bob Hoog, Chairp on a Goforth, / CRA Clerk/Recording Secretary Name For Against Mike Brown Second Robert Hoog x Brendan McMillin x Rocky Randels Motion Betty Walsh x Approved as to legal form and sufficiency for Cape Canaveral Community Redevelopment Agencyo ly: filW11 1 ` Anthony A. Garganese, Attorney for Cape Canaveral Community Redevelopment Agency City of Cape Canaveral Community Redevelopment Agency Resolution No. CRA-05 Page 2 of 2 Resolution No. CRA-05 -Exhibit"A" 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 in FY 2014.This loan was paid back to the City in FY 16-17. In the summer of 2015,the City completed the regional Lift Station Project which included easement and waterline extension work located within the CRA partially funded by the Wastewater Fund.The CRA Board approved the repayment of$470,000 to the Wastewater Fund at its September 2015 meeting.The first payment was made 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%. In July of 2017, the City acquired another Capital Note to finance the redevelopment of Canaveral City Park and the Cape Canaveral Cultural Arts Preservation Enrichment Center.This 6.2 million Revenue Note with an interest rate of 2.05%for ten years will be repaid by the CRA. Capital Outlay Detail FY 16/17 FY 17/18 Grant Programs $ - $ - Capital Initiatives-City Park Redevelopment 220,000 400,000 Mobility/Striping Project 65,000 - $ 285,000 $ 400,000 Debt Repayment Schedule Wastewater Loan$470K General Fund Note$6.2M Principal Interest Principal Interest FY 17-18 $ 44,786 $ 7,538 $ 564,000 $ 125,203 FY 18-19 45,682 6,642 576,000 109,634 FY 19-20 46,596 5,728 588,000 97,703 FY 20-21 47,527 4,797 600,000 85,526 FY 21-22 48,478 3,846 613,000 73,093 FY 22-23 49,448 2,876 625,000 60,404 FY 23-24 50,436 1,887 638,000 47,458 FY 24-25 43,047 879 652,000 34,235 FY 25-26 665,000 20,736 FY 26-27 679,000 6,960 Resolution No. CRA-05 -Exhibit"A" Budget Detail Cape Canaveral Community Redevelopment Ageno Fund 106-Dept 016 2014-2015 2015-2016 2016-2017 2016-2017 2017-2018 % Actual Actual Original Projected Adopted luclDee Revenue 106-000-300-300100 Cash Forward S 487,899 - 0% 106-000-334-334510 State Grant DEO - - 20,000 - -100% 106-000-338-338000 Shared Revenue fr Cape Canaveral 55,330 118,464 210,305 210,305 370,034 76% 106.000-338-338001 Shared Revenue fir Brevard Cnty 70,810 154,892 265,198 265,198 388,697 47% 106-000-361-361100 Interest From Investment - - - - - 0% 106-000-361-361310 Net Increase(decrease)in FMV - 0% 106-000-381-381001 Transfer from General Fund - - - - 400,000 0% Total Revenue $ 126,I40 S 761,255 S 475.503 S 495,503 $ 1,158,731 k34% Operating 106-016-559-310000 Segal Fees 5,338 945 1,000 3,200 3,000 -6% 106-016-559-310001 AdministratviclProfessional Svcs 238 175 47,083 175 1,000 471% 106-016-559-400000 Travel&Per Diem - - 644 - 644 100% 106-016-559150000 Insurance 4,287 5,095 5,000 5,351 5,500 3% 106-016-559-520000 Operaling Supplies - - - - - 0% 106-016-559-540000 Membership&Training 990 495 1,095 495 1,095 121% Total Operating 10,853 6,710 54,822 9,221 11,239 22% Capital Outlay 106-016-559-630000 Grant Programs - 175,206 - - - 0% 106-016-559-630001 Capital Initiatives 15,043 - 220,000 246,287 400,000 62% 106-016-559-630002 Mobility/Striping Project 13,745 85,910 65,000 40,000 - -100% 106-016.559.630003 Oak Lane Design - 18,500 - - - 0% Total Capital Outlay 28,788 279,616 285,000 286,287 400,000 40% Debt Service 106-016-559-710000 Debt Service-Priniepal - - 125,630 81,722 608,786 645% 106-016-559-720000 Debt Service-Interest - 10,051 1,635 132,741 8019% Total Debt Service - - 135,681 83,357 741,527 790% Other Expenses 106-016-581-910001 Transfer to General Fund 2,167 1,821 - - 0% 106-016-581-910401 Transfer to Wastewater Fund - 473,108 0% Total Other Expenses 2,167 474,929 - 0% Contingency 106-016-559-990000 Contingency 84,332 - 116,638 5,965 -95% Total Contingency 84,332 - - 116,638 59965 -950i6 Total Community Redevelopment Agency Fund Budget $ 126,140 $ 761,255 S 475,503 S 495,503 S 1,158,731 134%