MINUTES OF THE SPECIAL SARASOTA COMMUNITY REDEVELOPMENT AGENCY MEETING MARCH 19, 2018 PRESENT: Chair Shelli Freeland Eddie, Vice Chair Liz Alpert, Members, Jen. Ahearn-Koch, Hagen Brody and Willie Charles Shaw, Executive Director Thomas Barwin, Attorney Robert Fournier, and Secretary Pamela Nadalini ABSENT: None The meeting of the Community Redevelopment Agency (CRA) was called to order by Chair Freeland Eddie at 2:38 p.m. 1. APPROVAL RE: MINUTES OF THE SPECIAL SARASOTA COMMUNITY REDEVELOPMENT AGENCY REGULAR MEETING OF OCTOBER 2, 2017 (AGENDA ITEM CRA-1) A motion was made by Member Shaw, seconded by Chair Freeland Eddie, and carried by a 5-0 vote to approve the minutes of the October 2, 2017, Special Meeting of Community Redevelopment Agency as presented. 2. PRESENTATION, AND DISCUSSION RE: COMMUNITY REDEVELOPMENT AGENCY ANNUAL FINANCIAL REPORT AND REPORT OF ACTMITIES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017 (AGENDA ITEM CRA-2) Secretary Nadalini stated that supplemental information was distributed to the members of the Community Redevelopment Agency (CRA) in accordance with the request of the Deputy Financial Administration Director. Deputy Financial Administration Director David Flatt, Financial Administration Department, came before the Community edevelopmentAgency (CRA) and stated that in accordance with Section 163.356(3)c), Florida Statutes, the CRAshall file with the governing body on or before March 31st of each year, a report of activities for the preçeding fiscal year (FY); that the report shall include a complete financial statement setting forth the assets, liabilities, income, and operating expenses as of the end of the FY; thati the Community Redevelopment Agency Annual Financial Report for the Fiscal Year Ended September 30, 2017, is presented to the CRA for acceptance and will be provided to the City and County as required by Section 163.387/8), Florida Statutes. Mr. Flatt referred to and displayed the printed material distributed at the commencement of the meeting on the Chamber monitors, and stated that the material represents the CRA balance sheet which contains the assets, liabilities, and fund balance of the CRA; that assets minus liabilities equals the fund balance; that the assets of the CRA are: as follows: Cash and cash equivalents: $1,486,037.00 Investments: $7,679,070.00 Receivables (Accrued Interest Receivable on $ 20,830.00 Investments): Mr. Flatt stated that the only liability for the CRA is Accounts Payable; that the liabilities total $120,239.00; that the fund balance, which is restricted for use in the CRA, is $9,065,698.00; that total revenues for the fiscal year (FY) ending September 30, 2017, are $4,999,945.00 including Tax Increment Financing (TIF) funds of $4,772,1 121.00; that the tax increment increased $538,088.00 due to an 8.9% increase in taxable value of the property in the redevelopment area; that no TIF funds for FY 2017 were paid by Sarasota County as the County has concluded FY 2016 to be the final year of the TIF contribution to the CRA; that investment earnings total $60,553.00; that miscellaneous income totals $167,271.00 including the following: Book 3 Page 31864 03/19/18 2:30 P.M. Book 3 Page 31865 03/19/18 2:30 P.M. Repayment from Downtown Improvement District $136,828.00 (DID) Loan Repayment for Janie Poe 2 Refill Area $ 26,443.00 Funds Released from Escrow for the Sale of the $ 5,000.00 Palm Avenue Property Mr. Flatt stated that FY 2016/17 was the fourth year of a 15-year repayment plan for Capital Improvements performed for the DID; that CRA expenditures total $1,479,821.00 and include the following: Palm/Cocoanut Avenues Site Improvements $788,812.00 Downtown Transportation $220,990.00 Developer Infrastructure Incentives $ 92,386.00 Newtown Conservation Historic District $ 80,940.00 The Salvation Army $ 73,350.00 CRA Legal Fees $ 39,045.00 Downtown Lighting Improvements $ 34,632.00 Fruitville Road Improvements $ 30,274.00 First Street-U.S. 41 to Pineapple Avenue $ 30,325.00 Other Miscellaneous Project Costs and Events $ 89,067.00 Mr. Flatt stated that a schedule breaking down the item "Other Miscellaneous Project Costs and Events" is available if desired by the Commission. Mr. Flatt referred to and displayed printed materials on the Chamber monitors entitled "Other Miscellaneous Project Costs and Events" and stated that the costs total $89,067.00 and include the following: NCRA* Economic Development $22,008.00 Indirect Costs $20,226.00 (Cost Allocation, Technology Charges) Newtown Road Improvement Phase II $10,895.00 Palm Avenue Parking Garage Lighting $ 9,762.00 Wayfinding Signage $ 7,000.00 Transportation Master Plan $ 6,651.00 TECA** Update $ 5,501.00 North Palm Avenue Streetscape $ 4,958.00 Main Street--Orange Avenue Roundabout $ 1,125.00 Newtown Entrance Plazas $ 941.00 *Newtown Community Redevelopment Agency "Transportation Exception Concurrency Area In response to a question from Chair Freeland Eddie asking if the Paim Avenue Parking Garage Lighting is different from the Downtown lighting improvements, Deputy Executive Director Marlon Brown came before the CRA: and stated that the two projects are different; that the Palm Avenue Parking Garage Lighting costs are for dimming the garage lights at night. In response to a question from Member Brody asking if the phrase "internal engineering charges" refers to consultants on contract, Mr. Flatt stated that internal engineering charges are interdepartmental charges and are, job costs related to the work of City employees charged back to projects. in response to à question from Member Ahearn-Koch asking the nalure of the charges under the item titled "Fruitville Road Improvements" as part of CRA expenditures, Mr. Flatt stated that the "Fruitville Road Improvements" are preliminary engineering charges for a large future project. In response to a question from Member Ahearn-Koch asking if the engineering costs are internal, Mr. Flatt stated no; that costs were paid to an outside engineering firm. Book 3 Page 31865 03/19/18 2:30 P.M. Book 3 Page 31866 03/19/18 2:30 P.M. Mr. Flatt referred to printed materials displayed on the Chamber monitors and stated that transfers out included the following: General Fund--Police Services $1,003,340.00 Debt Service Payments on Bonds $ 981,018.00 General Fund-Landscape Services * 803,002.00 General Fund-Redevelopment Office Costs 5 725,404.00 Robert L. Taylor Community Complex $ 85,000.00 In response to a question from Chair Freeland Eddie asking if the bond indebtedness is completely paid, Mr. Flatt stated yes. In response to a question from Chair Freeland Eddie asking if landscaping services are just within the redevelopment area, Mr. Flatt stated yes; that the dollar amounts are from the FY 2016/17 budget; that the estimated cost includes street and highway maintenance; that the estimated cost is significantly higher than what is charged to the CRA. Mr. Flatt stated that the CRA fund balance as of the end of FY 2016/17 is $9,065,695.00; that the fund balance is reserved for outstanding commitments; that the outstanding commitments are indicated on the second page of the March 19, 2018, memorandum to City Manager Barwin from Director of Financial Administration Kelly Strickland titled' "Community Redevelopment. Agency's/ Annual Financial Report for the Year Ended September 30, 2017, (Annual Financial Report)" included in the Agenda backup materials; that the Annual Financial Report is presented to the CRA to obtain acceptance prior to being presented to the City and County as required by Section 163.387(8), Florida Statutes. In response to a question from Chair Freeland Eddie asking if the Deputy Financial Administration Director will be present at the discussion during the continuation of the March 19, 2018, Regular Sarasota City Commission Meeting, Mr. Flatt stated yes. Executive Director Barwin stated that all parties involved in the CRA deserve compliments; that for the City to have two parking garages completed and paid for with no bonded indebtedness is a significant achievement and asset; that Mr. Flatt is thanked for the presentation. AI motion was made by Member Shaw, seconded by Member Ahearn-Koch, carried by a 5-0 vote to receive and accept the Annual Financial Report and the Report of Activities for the fiscal year (FY) ended September 30, 2017. 3. ADJOURN - r Chair Freelarid Eddieadjourned the Community Redevelopment Agency (CRA) Meeting at 2:56 p.m. 35 : 8 Shelli Freeland Eddie, Chair Attest: 9 C > 8 OXg omuo Pamela M. Nadalini, Secretary