09/16/1991 (2)
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" AGENDA
Community Redevelopment Agency
September 16, 1991
9:00 A.M.
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I. Call. to order
I.
9:08 a.m.
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10.
II., ~pproval of Minutes of
3/1,8/91' ,
1990/91'Revised and 1~91/92
Proposed'- Community
Redevelopment' Agency Budgets
II;
Approved.
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.III.
Approved.
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IV.
Adjournment
IV. ,9:12 a.m.
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COMMUNITY REDEVELOPMENT AGENCY
September 16, 1991
The City Commission, meeting as the Community Redevelopment Agency, met in
regular session at City Hall, Monday, September 16, 1991 ,at 9:08 A.M., with the
following members present:
Chairperson
Member
Membe~
Member
Member
Rita Garvey
Lee Regulski
Sue Berfield
" William Nunamaker
Richard Fitzgerald
Also Present were:
Michael J. Wright
M. A. Galbraith, Jr.
Jerry D. Sternstein
Cynthia E. Goudeau
JTEM II. - Minutes:
Member Berfield moved to approv~ the minutes of the March 18, 1991,
meeting. The motion was duly seconded and carried unanimously.
Executive Director
City Attorney , .
Economic Development Director
Secretary
. ,
ITEM III. - 1990/91 Revised and 1991/92 Proposed - Community Redevelopment AQency
BudQets
The revised 1990/91 budget revenues reflect decisions made to provide
flexibility in carrying out the downtown-revitalization program. , The increase in
the restricted cash debt service line mirrors the decision to withhold a debt
service transfer and pool cash'for use during the year. The corresponding line
.under increment revenues reflects the decision not to transfer 20% of current
year tax increment revenues to debt service. The item under downtown development
board is tax increment finance payment from the Downtown Development Board.
The 1990/91 revised budget expenditures shows $35,000 for professional
services to be used to pay for appraisals and surveys for property purchases in
the downtown. $87,000 is earmarked for payment to Hunter Interest, Inc. for
phase II consulting activities. The $19,420 travel line is for marketing and
informational trips for both staff and Community Development Agency (CRA)
members. Future land acquisition and land development of $502,893 is earmarked
for land purchases for property within the CRA district.
The 1991/92 proposed budget is similar to previous budgets however, the
increment revenues projected 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 91/92 calculations 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 principle revenue sources are the tax increment revenues, cash
CRA 9/16/91 1
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carried forward, 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 weekend 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 Executive Director indicated the budget, as proposed, continues what
the CRA has been doing. He re-emphasized the disturbing part of the-budget is
that revenues are down significantly due to property going off the tax rolls. He
indicated the Fortune Federal building removed $4.4 million in value and the Oak
,Bluffs removed $9.4 and $8.5 million from the tax rolls. He stated that while
this is ,disturbing, it also stresses' the importance of what the eRA is attempting
to do in the downtown area. He requested that the motion regarding the budgets
include that the $502,893 for future land acquisition in'the 1990/91 'revised
,budget be obligated to. land acquisition as if it is not earmarked, it will go to
debt service. . .
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Member Regulski moved to approve the 1990/91 revised budget and the 1991/92
proposed budget with the condition that the $502,893.00 for future land
acquisition in the 1990/91 revised budget be carried over f.or land acquisition, in
1991/92. The motion was duly seconded and carried unanimously. '
ITEM IV. - Adjournment:
The meeting adjourned at 9:12 A.M.
ATTEST:
'0 ~l__
:=;eTary
~
Mayor/Chuirperson
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, CRA 9/16/91
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