09-16-1991
Agenda/C
9-16-91
0/35
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AGENDA
Community Redevelopment Agency
September 16, 1991
9:00 A.M.
I. Call to order
II. Approval of Minutes of
3/18/91
III. 1990/91 Revised and 1991/92
Proposed - Community
Redevelopment Agency Budgets
IV. Adjournment
1
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Clearwater Community Redevelopment Agency
Agenda Cover Memorandum Item #
Meeting Date: 09/16/91
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StrnUECT: 1990/91 Revised Community Redevelopment Budget and 1991/92 Proposed
community Redevelopment Agency Budget
RECOMl\fENDATION/MOTION: Approve the 1990/91 Revised Budget and the 1991/92
Proposed Budget as submitted.
and that the appropriate officials be authorized to execute same.
-
BACKGROUND:
Under Revenues, the Revised 1990/91 budget reflects decisions that were made to provide
flexibility in carrying out the downtown revitalization program. The increase in the
Restricted Cash-Debt service line from $163,674 to $313,858 mirrors the decision to withhold
a debt service transfer and pool cash for use during the year. The corresponding line under
Increment Revenues (less debt service transfers) reflects the decision not to transfer 20\
of current year tax increment revenues to debt service. The item under Downtown Development
Board of $10,617 is the tax increment finance payment from the DDB.
Under expenditures for the 1990/91 Revised Budget, the $35,000 for professional services is
used to pay for appraisals and surveys for property purchases in the downtown. The $87,000
is earmarked for payment to Hunter Interests Inc., for Phase II consulting activities. The
$19,420 travel line is for marketing and informational trips for both staff and eRA members.
The $502,893 under Future Land Acquisition/Development was earmarked for land purchases for
property within the CRA district. If not spent by year's end, it will be transferred to
escrow for future debt service.
The 1991/92 Proposed Budget is similar to previous budgets, however, the increment revenues
projected for the forthcoming year are down sharply from 1990/91. The decrease of $186,478
can be attributed to the Oak Bluffs and Fortune Bank properties being removed from the tax
rolls. The downtown Maas Brothers property is not reflected in the 1991/92 computations but
will impact negatively in 1992/93 if the city purchases the property. The MAS ONE building
will have a positive influence in 1992/93.
The principal revenue sources are the tax increment revenues, cash carried forwcl~d, interest
earnings, lease payments and the Downtown Development Board. The line item expenditures are
consistent with past years. The administrative transfer of $99,080 to the General Fund is
to pay for eRA staff and operating costs; $15,000 is allocated as a transfer to the Parking
Fund for "free" waekend parking in the downtown. Land Acquisition Debt Service of $173,695
and Parking Garage Debt Service of $142,475 are consistent with past debt service charges.
The Budget Summary is attached for review.
Total
Commission Action:
~ Approved
Approved w/conditions
Denied
Continued to:
Reviewed by:
Legal nJ a
Budget ~t~t!....
Purchasing nJ a
Risk Mgrnt. nJ a
DlS nJ a
ACM nJ a
Other
Originating Dept:
.conomic D elopmen
Costs:
User Dept:
Adrcrtised:
Date:
Paper:
~ Not Rcquired
Affectcd Parties
Notificd
XX Not Required
Current FY
Funding Source:
_ Capital Imp.
_ Operating
Olhcr
Attachments:
Revised 1990/91 Budget and
Proposed 1991/92 Budget
Appropriation Code:
None
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11
City of Clearwater
COMMUNITY REDEVELOPMENT AGENCY
Original Revised Proposed
1990/91 1990/91 1991/92
------------ ------------ ------------
REVENUES:
Restricted Cash-Debt Service 163,674.90 313,858.00 316,170.00
Increment Revenues 727,776.00 725,832.00 539,354.00
less Debt Service transfers (147,851.20) 0.00 (109,995.00)
Downtown Development Board 11,480.00 10,617.00 10,620.00
Lease Revenues 37,750.00 30,450.00 41,010.00
Interest Earnings 35,000.00 40,000.00 15,000.00
Total 827,829.70 1,120,757.00 812,159.00
Expenditures:
Transfer to Parking 21,000.00 21,000.00 21,000.00
Professional Services 35,000.00
Downtown Market Assessment 87,000.00
Travel 19,420.00 20,000.00
Other Miscellaneous Exp 5,000.00 5,000.00 4,000.00
Administrative Transfer 97,630.00 96,610.00 99,080.00
Saturday Downtown Parking 15,000.00 15,000.00 15,000.00
Land Acquisition Debt Service 170,695.00 170,695.00 173,695.00
Parking Garage Debt Service 143,162.50 143,163.00 142,475.00
Future land Acquisition/Development 375,342.20 502,893.00 336,909.00
Streetscape Construction 24,976.00
Total 827,829.70 1,120,757.00 812,159.00
Balance
0.00
0.00
0.00
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