CEDAR KEY CRA MEETS
February 4, 2016
Meeting Specifics
The City of Cedar Key Community Redevelopment Agency met on Tuesday, February 2, 2016, at 6 pm at City Hall. Present were: Chair Royce Nelson, Vice-Chair Sue Colson, and members Dale Register, Heath Davis, and Diana Topping.
Staff in attendance included: Police Chief Virgil Sandlin, Fire Chief Robert Robinson, Public Works Director Bill Crandley, City Clerk Nicole Gill, and receptionist Crystal Sharp.
Among those in the audience were: Allison Nelson, Janice Fugate, Ed and Sheri Butler, Chris Topping, Dennis Gill, Doug Maple, Bob and Jeri Treat, and Mandy and Frank Offerle.
PUBLIC COMMENT
No public comment was offered.
MINUTES APPROVED
Minutes from the January 5, 2016, CRA meeting were approved.
CHECKS WRITTEN
CRA Director Nicole Gill made the CRA members aware of the January 12, 2016, $48,926.00 check written to the CRA from the General Fund of the City of Cedar Key.
Gill also reported the January 8, 2016, $96,633.56 check written to Sun Trust Bank from the CRA, its October 2015 payment balance.
SUNTRUST RESTRUCTURE OFFER DISCUSSED
Attorney Norm Fugate recommended to the CRA members that they restructure the CRA’s current Sun Trust loan. The loan restructuring is initiated by SunTrust and requires a bank-demanded legal opinion which the City of Cedar Key would have to pay.
Member Sue Colson repeated her past concerns and questions: Why would the city restructure or change in any way the agreement that already exists? The current agreement requires no bank-demanded legal opinion that the city would pay, requires no tax-payer resident dollars.
Colson stated that the CRA already has the best possible contract it could have; that contract requires that SunTrust will be paid every dollar borrowed, but repayment will come from Tax Increment Funding (TIF) funds not taxed residents.
In a three to two vote, the CRA voted to take no action, in other words, not restructure. Vice Chair Colson and Members Heath Davis and Diana Topping voted to not restructure; Chair Nelson and member Dale Register voted to take SunTrust’s offer.
The meeting adjourned at 6:30 pm.
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