Cedar Key`s five city commissioners, sitting as the board of directors of the Cedar Key Community Development Agency (CRA), convened the CRA`s regular monthly meeting Tuesday evening, February 1, at City Hall. Public attendance was slight, and the six-item agenda was completed in under an hour, with the CRA board approving two action items recommended by CRA Director Greg Lang. The first agenda item presented by Director Lang responded to a request from SunTrust Bank, the bondholder for Cedar Key`s CRA funds. Although the CRA is current in its repayment of $9,200,000 in redevelopment funds financed by SunTrust, SunTrust has asked that the CRA`s debt repayment funds, currently held in local banks, be moved to SunTrust. In addition, the CRA board was asked to approve a letter agreement proposed by SunTrust confirming that current discussions between the Cedar Key CRA and SunTrust will not alter the existing loan agreement until such discussions result in an executed written agreement. City Attorney David Coffey characterized the proposed letter agreement as confirming that the parties wish to sit down and talk but that until a new document is signed nothing will change the document in place. Mayor Pat O`Neal commented that intent of the letter was simply to confirm that the parties are talking in good faith. Commissioner Heath Davis, because of his association with the Drummond Community Bank, absented himself from the vote. Discussion on the two-part recommendation passed on a 3 to 1 vote, contingent on verification that the CRA will receive interest on the funds to be transferred to SunTrust. The negative vote was cast by Commissioner Scott Dennison, who objected to moving the funds to SunTrust without competitive bidding. Speaking from the floor, Dale Register commented that any history of good faith on the part of the CRA - such as signing this letter and transferring repayment funds to SunTrust - would benefit the CRA were the CRA ever in the position of defending itself due to a default. The other action item before the CRA board was review and approval of an interlocal agreement between the City of Cedar Key and the Cedar Key Water and Sewer District spelling out the parties` respective rights and obligations with respect to the delivery and use of reclaimed water for city properties. With the addition of clarifying language, the agreement was approved on a 4-0 vote (Commissioner Davis having not returned to the meeting). Director Lang provided updates on current CRA projects, noting with respect to current roadwork that last week`s heavy rain suggested that some "small on-site fixes" (the addition of gravel, sod) might further improve drainage. To the extent that the engineers agree and budget allows, those fixes will be added. Commenting on the public`s concern about the progress of roadwork and repaving, and questions received by city staff and officials, Commissioner Dennison recommended that Director Lang provide local newspapers with updated work schedules. Commissioner Hodges asked about the status of improvements to the city marina boat ramp. Director Lang replied that a report on that future CRA project will be on the agenda for the February 22 City Commission meeting. | 