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CEDAR KEY CRA MEETS
November 7, 2017
 
Meeting Specifics:
The Cedar Key Community Redevelopment Agency met on Tuesday, November 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 Nickie Rucker.

Staff in attendance included: CRA Attorney Norm Fugate, Police Chief Virgil Sandlin, Fire Chief and Emergency Operations Manager Robert Robinson, Public Works Supervisor James Custer, City Clerk Nicole Gill, Assistant City Clerk Crystal Sharp, Assistant to the Citty Clerk Brandy Knight, and Legal Assistant to Mr. Fugate Leslie Landress.  

Among those in the audience were: Nin Jarrett, Rebecca Gallagher, John Blouse, Linda Seyfarth, Rosie Cantwell, Bill Rucker, and Mandy and Frank Offerle.

PUBLIC COMMENT
No public comment was offered.
 
SUNTRUST BOND
At the last, September 5, 2017, CRA meeting, Chair Nelson presented members with an August 20, 2017, letter from SunTrust Vice-President Ken Schult declaring the Cedar Key CRA is in “default” and offering, again, to restructure the loan.  After considerable discussion that September evening and after a 3 to 2 vote, commissioners then elected  to talk further with SunTrust.

This evening, Chair Nelson presented the group with the October 3, 2017, SunTrust response, a Term Sheet, to restructure the original $9,200,000 Tax-Exempt Bank Qualified Loan. 

The Term Sheet includes the statement, “Although the following provisions, terms and conditions are intended to be comprehensive, they are not necessarily inclusive of all anticipated terms that will be applicable to the credit.  All of such terms will be set forth in the final, definitive loan amendment documents, and all such terms must be acceptable to the Bank and its counsel.”  One wonders what exactly what is not included in the proposed offer.

Commissioners voted unanimously to respond to SunTrust with the message that “the CRA is not accepting the terms as presented.”

MINUTES APPROVED
Minutes from the September 5, 2017, CRA meeting were unanimously approved.
 
MEETING ADJOURNED
The meeting adjourned at approximately 6:10 pm.
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