CEDAR KEY CRA MEETS
June 21, 2016
Meeting Specifics
The City of Cedar Key Community Redevelopment Agency met on Tuesday, June 221, 2016, at 6 pm at City Hall. Present were: Chair Royce Nelson, Vice-Chair Sue Colson, and members Dale Register and Heath Davis. Diana Topping was not in attendance.
Staff in attendance included: Fire Chief Robert Robinson, Police Chief Virgil Sandlin, Public Works Director Bill Crandley, City Clerk Nicole Gill and her staff, Crystal Sharp and Donna Risker.
Among those in the audience were: Connie Nelson, Michael Hancock, Linda Dale, Jeri and Bob Treat, and Mandy and Frank Offerle.
CRA MEMBERS RESEATED
Royce Nelson and Dale Register were reseated in Seat Two and Seat Four respectively. They did not swear to the oath aloud before the audience.
MINUTES APPROVED
Minutes from the April 5, 2016, CRA meeting were unanimously approved.
SUNTRUST PAYMENT CONFIRMED
The Cedar Key Community Redevelopment Agency forwarded a Check Number 1367 in the amount of $424,444.56, in partial payment, to SunTrust Bank on April 7, 2016. The check represents the entire Tax Increment Fund balance minus $1.00 to keep the account open.
BOND DISCUSSED
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. Heath Davis responded that he thinks this is different and that the only solution here to resolve any of this is some form of restructuring, and it may simply be that everyone agrees that (with) us giving them all the money and we don’t have to keep doing this.
- Fugate’s draft letter was approved, in a 4-0 vote, with the phrase included.
The meeting was adjourned at approximately 6:15 pm.
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