The Community Redevelopment Agency meeting of July 15 focused on two plans for paving Cedar Key Streets. Phase I covers many downtown streets, whereas Phase II covers Gulf Boulevard, Hodges Avenue and possibly three short sections of streets that may be private streets. Total costs of Phase I and Phase II are $1,094,000 and $1,406,000 respectively. Paving in Phase I covers parts of E Street and 3rd though 7th Streets. Survey and engineering for Phase I are essentially complete. The City Commissioners asked CRA Director Jackie Gorman to proceed with Phase I as soon as possible. Phase II is complicated by the uncertainty of ownership of East Point Road, a portion of Museum Road south of Hodges Avenue and part of Paroda Ave. After much discussion the Commissioners directed that Phase II move forward with the questionable sections of road to be added if ownership can be resolved. With instructions from the Commissioners, Phase I can go forward immediately and Phase II will take six months for planning and bidding. Following the paving discussions, CRA Director Gorman reviewed the projects being paid for out of CRA funds. Paving and water and sewer line replacement account for $4,451,900 in expenditures. Purchase of a property adjacent to the City Library was $329,000. And $550,000 has been given to the Cedar Key Historical Society for building restoration. Furthermore, $950,000 for purchase of the Community Center and $210,000 for a ladder truck for the Cedar Key Volunteer Fire Department account for most of the other CRA expenditures. According to Director Gorman, about $1,275,000 remain for additional projects. She has requested a CRA Workshop for discussion of additional projects. Director Gorman addressed debt service of $680,000 per year on the $9,200,000 bonds floated in December of 2007. Declining property tax revenues raise the question of how the bonds will be paid off by 2027. Unused funds are now in short-term certificates of deposit, drawing interest of about one percent less than the interest being paid on the bonds. A member of the audience calculated that the difference between interest earned on the CD's and interest paid on the bonds costs the City $205 per day ($74,825 per year). There was a brief discussion of early pay-off of the bonds. |
