CEDAR KEY CRA MEETS
September 6, 2016
Meeting Specifics
The Cedar Key Community Redevelopment Agency met on Tuesday, September 6, 2016, at 6 pm at the Cedar Key Community Center, not in City Hall, because of Hurricane Hermine’s damage. City Hall is temporarily doing business from the City Welcome Center, next door to the library. Present were: Chair Royce Nelson, Vice-Chair Sue Colson, and members Dale Register and Heath Davis. Diana Topping arrived after the prayer and pledge.
Staff in attendance included: CRA Attorney Norm Fugate, Police Chief Virgil Sandlin, Fire Chief and Emergency Operations Manager Robert Robinson, City Clerk Nicole Gill and her staff, Crystal Sharp and Donna Risker. Public Works Director Bill Crandley was not in attendance.
Among those in the audience were: Pat Bonish, MoFun’s Frank Wellington and Maureen Dragonetti, Doris Hellerman, Ann O’Steen, Nicki Rucker, Andy Bair, Chris Topping, Mac and Nita Cox, John McPherson, Maurice Hendrix, Allison Nelson, Michael Hancock, Jeri and Bob Treat, and Mandy and Frank Offerle.
MINUTES APPROVED
Minutes from the June 21, 2016, CRA meeting were unanimously approved.
2016-2017 BUDGET APPROVED
Commissioners unanimously approved the 2016-2017 budget, Resolution Number CRA 2016-01, effective October 1, 2016.
- Revenues, including Tax Increment Funds of $488,134.18, ad valorem taxes of 50,599.00, and “CRA misc. & interest” of $23.68, amount to $538,756.86.
- Expenses, including four bond payments, amount to $538,756.86; an additional dollar is set aside to keep the CRA bank account operative.
- The 2016-2017 deficit is $259,414.47.
CEDAR KEY HISTORICAL SOCIETY SELF-INSURANCE REVIEWED
John McPherson, representing the Cedar Key Historical Society, requested that the Society’s proposal for flood self-insurance be postponed until the Society could better assess the damage done to the property by Hurricane Hermine. CRA members agreed to the request.
SUNTRUST BOND DISCUSSED
Attorney Fugate reported to the CRA members that nothing had changed since the June meeting regarding the status of the bond repayment to Sun Trust Bank.
For the reader’s convenience, the June CRA meeting update follows here.
Attorney Norm Fugate presented the following items.
- Two April 20, 2016, letters to Governor Rick Scott and the Joint Legislative Auditing Committee stating that, because of decreasing property values and that the dollars owed may solely come from Tax Increment Funds, the Cedar Key CRA is unable to make its scheduled full payment due to Sun Trust Bank. He notes “…the Bank is at no risk for suffering non-payment under the note”: meaning the bank will assuredly get all the money owed them, but it will take longer.
- A May 11, 2016, correspondence on behalf of the state’s Chief Inspector General Melinda M. Miguel, asking what state assistance is needed and whether the situation will be resolved by the end of the reporting year.
- A draft response to Miguel’s office by Fugate explaining that the SunTrust Bank will be paid; thus no financial assistance is needed. Fugate added “The CRA is requesting that your office provide technical assistance as contemplated by Florida Statute 218.503(f) in the form of legal advice regarding possible restructure of the CRA note.” Vice-Chair Colson requesting omitting the “possible restructure of the CRA note,” explaining that it was unnecessary and, in fact, misleading because the CRA has voted repeatedly to not restructure the loan. Fugate’s draft letter was approved, in a 4 – 0 vote, with the phrase included.
MEETING ADJOURNED
The meeting adjourned at approximately 6:05 pm.
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