HomeMy WebLinkAboutcocc_resolution_no_cra-10_20220921RESOLUTION NO. CRA-10
A RESOLUTION OF THE CITY OF CAPE CANAVERAL COMMUNITY
REDEVELOPMENT AGENCY; ADOPTING A BUDGET FOR THE
CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY
FOR FISCAL YEAR 2022/23; 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 City of 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 CRA 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 City of Cape Canaveral
Community Redevelopment Agency do hereby approve and adopt a budget attached hereto as
Exhibit "A" for Fiscal Year 2022/23; beginning October 1, 2022 and ending September 30, 2023.
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resolutions in conflict herewith are hereby repealed to the extent of the conflict.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-10
Page 1 of 2
Section 5. Effective Date. This Resolution shall become effective immediately upon
adoption by the Board Members of the CRA.
ADOPTED at a Regular Meeting of the Board Members of the CRA this 21st day of
September, 2022.
ATTEST:
Mia Goforth,
CRA Clerk/Recording Secretary
Wes Morrison, Chairperson
Name For Against
Kim Davis Second
Mickie Kellum
Wes Morrison
Angela Raymond Motion
Don Willis
Approved as to legal form and sufficiency
for the City of Cape Canaveral
Community Redevelopment Agency only:
Kristin Eick, Assistant Attorney for the
City of Cape Canaveral Community
Redevelopment Agency
City of Cape Canaveral
Community Redevelopment Agency
Resolution No. CRA-10
Page 2 of 2
Resolution No.CRA-10
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;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.In October 2021,the City acquired a Capital Note to
finance the redevelopment of the Civic Hub.This 1.2 million revenue note was issued at an interest rate of 1.61%for ten years and will be repaid by the CRA.
Capital Outlay Detail
FY 22-23 FY 21-22
Multi Generational Facility 1,902,000
Canaveral City Park Concession/Anouncer Booth 200,000
CAPE Center 462,000 1,183,193
Civic Hub 250,000 900,000
City Park Redevelopment 655,000
Corner Improvements 53,500
Grant Programs 50,000 25,000
Sidewalk Construction 80,000 65,000
Presidential Streets 190,312
1,232,312 4,783,693
Debt Repayment Schedule
Wastewater Loan$470K General Fund Note$6.2M General Fund Note$1.2M
Principal Interest Principal Interest Principal Interest
FY 22-23 49,448 2,876 625,000 60,403 113,000 16,543
FY 23-24 50,436 1,887 638,000 47,458 114,000 14,715
FY 24-25 43,047 652,000 34,235 116,000 12,864
FY 25-26 665,000 20,736 118,000 10,980
FY 26-27 679,000 6,960 120,000 9,064
FY 27-28 122,000 7,116
FY 28-29 125,000 5,128
FY 29-30 127,000 3,099
FY 30-31 129,000 1,038
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Budget Detail
Cape Canaveral Community Redevelopment Agency
Fund 106-Dept 016
2019-2020 2020-2021 2021-2022 2021-2022 20
Actual Actual Original Amended Adopted Inc/Dec
Revenue
106-000-000-338000 Shared Revenue-Cape Canaveral 574,578 776,406 943,062 943,062 ,099,80 17%
106-000-000-338001 Shared Revenue-Brevard Cnty 574,578 789,895 943,062 943,062 1,099,80 17%
106-000-000-361100 Interest From Investment 257 - 288 288 28 0%
106-000-000-381001 Transfer from General Fund 73,809 4,750,673 3,793,193 3,793,193 250,00 -93%
106-000-000-381001 Transfer from Stormwater - - 65,000 65,000 - -100%
Total Revenue $ 1,223,222 $ 6,316,974 $ 5,744,605 $ 5,744,605 $ 2,449,906 -57%
Operating
106-016-559-531000 Legal Fees 561 756 3,060 3,060 3,20 5%
106-016-559-531001 Administrative/Professional Svcs 175 - 1,000 1,000 1,00 0%
106-016-559-540000 Travel&Per Diem - - 704 704 70 0%
106-016-559-545000 Insurance - - 5,700 5,700 - -100%
106-016-559-554000 Membership&Training 870 870 1,095 1,095 1,09 0%
Total Operating 1,606 1,626 11,559 11,559 5,99 -48%
Capital Outlay
106-016-559-563000 Grant Programs - 10,000 25,000 25,000 50,00 100%
106-016-559-563001 Capital Initiatives (209,338) 3,755,135 4,640,193 4,640,193 912,00 -80%
106-016-559-563002 Mobility/Striping/Sidewalk 63,755 - 65,000 65,000 80,00 23%
106-016-559-563004 North Atlantic Ave.Phase 3 4,671 - - - 0%
106-016-559-563005 Corner Improvements 78,000 - 53,500 53,500 -100%
106-016-559-563006 W.Central/Thurm Blvd.Streetscape 43,553 1,714,132 - - 0%
106-016-559-563007 Drainage Polk/Orange Ave. 283,147 - - - - 0%
106-016-559-563008 Presidential Streets - - - - 190,31 100%
Total Capital Outlay 263,788 5,479,267 4,783,693 4,783,693 1,232,312 -74%
Debt Service
106-016-559-571000 Debt Service-Principal 582,272 628,325 861,478 861,478 787,44 -9%
106-016-559-572000 Debt Service-Interest 103,431 90,323 76,939 76,939 79,822 4%
Total Debt Service 685,703 718,648 938,417 938,417 867,270 -8%
Other Expenses
106-016-581-591041 Transfer to Wastewater Fund 283,147 - - -
Total Other Expenses 283,147 - - - 0%
Contingency
106-016-559-599000 Contingency 6,090 - 10,936 10,936 344,32 3049%
Total Contingency 6,090 - 10,936 10,936 344,325 3049%
Total Community Redevelopment Agency Fund Budget $ 1,240,334 $ 6,199,541 $ 5,744,605 $ 5,744,605 $ 2,44 -57%
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