HomeMy WebLinkAboutResolution No. CRA-06 RESOLUTION NO. CRA-06
A RESOLUTION OF THE CITY OF CAPE CANAVERAL
COMMUNITY REDEVELOPMENT AGENCY;ADOPTING
A BUDGET FOR THE CAPE CANAVERAL COMMUNITY
REDEVELOPMENT AGENCY FOR FISCAL YEAR
2018/19; 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 2018/19;beginning October 1, 2018 and ending September 30, 2019.
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resolutions in conflict herewith are hereby repealed to the extent of the conflict.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-06
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 18th day of September, 2018.
/
ATTEST: Bob Hoog, Chair. on
41/
/AO
Mia Goforth, tt' Clerk/Recording Secretary
Name For Against
Mike Brown Second
Bob Hoog x
Wes Morrison x
Rocky Randels x
Angela Raymond Ration
Approved as to legal form and sufficiency for
Cape Canaveral Community Redevelopment
Agency o
Anthony A. Garganese,Attorney for
Cape Canaveral Community Redevelopment
Agency
City of Cape Canaveral
Community Redevelopment Agency
Resolution No. CRA-06
Page 2 of 2
Resolution No.CRA-06
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.
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(CAPE)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 18/19 FY 19/20
Grant Programs $ 50,000 $ -
Capital Initiatives-City Park Redevelopment 4,600,000 -
CAPE Center 20,000
Mobility/Striping Project 65,000 -
North Atlantic Ave.Phase 3 120,000
$ 4,855,000 $ -
Debt Repayment Schedule
Wastewater Loan$470K General Fund Note$6.2M
Principal Interest Principal Interest
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-06
Exhibit"A"
Budget Detail
Cape Canaveral Community Redevelopment Agency
Fund 106-Dept 016
Te
2015-2016 2016-2017 2017-2018 2017-2018 2018-2019 j %
Actual Actual Original Projected ( ' Adopted. ; Inc/Dec
Revenue
106-000-300-300100 Cash Forward 487,899 $ - - - 66,659 100%
106-000-334-334510 State Grant DEO - 39,500 - - -j 0%
106-000-338-338000 Shared Revenue fr Cape Canaveral 118,464 210,305 370,034 370,034 - 468,799! 27%
106-000-338-338001 Shared Revenue fr Brevard Cnty 154,892 265,198 388,697 285,555 468,799 1 64%
106-000-361-361100 Interest From Investment - - - - -'" 0%
1
106-000-361-361310 Net Increase(decrease)in FMV - - -i 0%
{
106-000-381-381001 Transfer from General Fund - 60,000 400,000 400,000 4,600,000 f 1050%
Total Revenue $ 761,255 $ 575,003 $ 1,158,731 $ 1,055,589 $ 5,604,257{ 431%
I
Operating ,
106-016-559-310000 Legal Fees 945 110,711 3,000 3,000 3,000; 0%
106-016-559-310001 Administratvie/Professional Svcs 175 39,675 1,000 1,000 1,000; 0%
106-016-559-400000 Travel&Per Diem - - 644 644 704! 9%
106-016-559-450000 Insurance 5,095 5,351 5,500 5,500 5,500 I 0%
106-016-559-520000 Operating Supplies - - - - -s 0%
106-016-559-540000 Membership&Training 495 495 1,095 1,095 1.095 1 0%
Total Operating 6,710 156,232 11,239 11,239 11,299 1 1%
Capital Outlay
106-016-559-630000 Grant Programs 175,206 - - - ' 50,000{ 100%
106-016-559-630001 Capital Initiatives - 191,820 400,000 302,823 4,620,000? 1426%
106-016-559-630002 Mobility/Striping Project 85,910 - - - 65,000 100%
106-016-559-630003 Oak Lane Design 18,500 - -
106-016-559-630004 North Atlantic Ave.Phase 3 - - - - ( 120,000.; 100%
Total Capital Outlay 279,616 191,820 400,000 302,823 4,855,000 1503%
Debt Service
106-016-559-710000 Debt Service-Prinicpal 0 125,630 608,786 608,786 `621,682 R 2%
106-016-559-720000 DebtService-Interest (0) 10,051 132,741 132,741 116,276' -12%
Total Debt Service 0 135,681 741,527 741,527 737,958 i 0%
Other Expenses
106-016-581-910001 Transfer to General Fund 1,821 - - - 0%
106-016-581-910401 Transfer to Wastewater Fund 473,108 - - - -; 0%
Total Other Expenses 474,929 - - - -. 0%
Contingency i
106-016-559-990000 Contingency - 91,271 5,965 - -€ 0%
Total Contingency - 91,271 5,965 - -1 0%
1
Total Community Redevelopment Agency Fund Budget $ 761,255 $ 575,003 $ 1,158,731 $ 1,055,589 4 5 5,604,257 1 431%