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CEDAR KEY CRA MEETS
April 7, 2017
 
Meeting Specifics:
The Cedar Key Community Redevelopment Agency met on Tuesday, April 7, 2017, at 6 pm at the Cedar Key temporary City Hall.   Present were:  Chair Royce Nelson, Vice-Chair Sue Colson, and members Dale Register, Heath Davis, and Diana Topping.
 
Staff in attendance included: CRA Attorney Norm Fugate, Police Chief Virgil Sandlin, Fire Chief and Emergency Operations Manager Robert Robinson, City Clerk Nicole Gill, Assistant City Clerk Crystal Sharp, and Staffer Donna Risker.
 
Among those in the audience were: Chris Topping, Michael Hancock,  Doug Maple, Bob and Jeri Treat, and Mandy and Frank Offerle.
 
PUBLIC COMMENT
No public comment was offered.
 
HISTORICAL SOCIETY BUILDING RESERVE APPROVED
Chair Royce Nelson presented to all members the Amendment Grant Award Agreement between the Cedar Key Community Redevelopment Agency and the Cedar Key Historical Society.  The CRA members unanimously approved the Historical Society’s request to “maintain a building reserve fund in the amount of not less than $50,000 to cover flood damage to the property…” instead of purchasing flood insurance from the marketplace.
MINUTES APPROVED
Minutes from the January 3, 2017, CRA meeting were unanimously approved.
SUNTRUST BOND
Chair Nelson presented members with a draft letter to SunTrust Vice-President Ken Schult noting that “funds for the April Bond Interest Payment and the available funds foe [for] the April 2017 Principal Payment from the CRA TIF funds in the amount of $337,989.99….” were attached.  Members unanimously agreed to forward the letter to the bank.
 
Nelson further suggested that the following paragraph be added to the letter.  “The CRA Board, understands and fully accepts their responsibility of using 100% of the TIF receipts for the payment of the CRA bond as stated in the bond issuance.  The board also understands the banks position in requesting the CRA Board to agree to a modification of the payment structure to bring the loan into compliance.  However, the board in [is] concerned that the modification may impact the bond validation.”
 
Vice-Chair Colson expressed her preference to add nothing, as all the information contained in the additional paragraph had been discussed and deliberated in the past.  Members debated the use of the word, “however,” and whether to add the paragraph at all.   Ultimately, members approved adding the paragraph, in substance, 4 to 1; Colson voted against the paragraph’s inclusion. 
 
MEETING ADJOURNED
The meeting adjourned at approximately 6:10 pm.
 
 
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