MINUTES OF THE SPECIAL SARASOTA COMMUNITY REDEVELOPMENT AGENCY MEETING MARCH 21, 2016 PRESENT; Chair Willie Charles Shaw, presiding, Vice Chair Suzanne Atwell, Members Liz Alpert, Susan Chapman, and Shelli Freeland Eddie, Executive Director Thomas Barwin, Deputy Attorney Michael Connolly, and Secretary Pamela Nadalini ABSENT: Attorney Robert Fournier The meeting of the Community Redevelopment Agency (CRA) was called to order by Chair Shaw at 2:35 p.m. 1. APPROVAL RE: MINUTES OF THE SPECIAL COMMUNITY REDEVELOPMENT AGENCY MEETING OF MARCH 07, 2016 (AGENDA ITEM CRA-1) Chair Shaw noted Community Redevelopment Agency (CRA) consensus to approve the minutes of the Special Community Redevelopment Agency Meeting of March 07, 2016, as presented. 2. APPROVAL RE: REQUEST FOR A JOINT SPECIAL MEETING OF THE COMMUNITY REDEVELOPMENT AGENCY BOARD, NEWTOWN COMMUNITY REDEVELOPMENT AGENCY ADVISORY BOARD AND DOWNTOWN COMMUNITY REDEVELOPMENT AGENCY ADVISORY BOARD ON MONDAY, APRIL 25, 2016 AT 5:00 P.M. REGARDING THE FUTURE DOWNTOWN COMMUNITY REDEVELOPMENT AREA AND THE PRIORITIES TO BE FUNDED (AGENDAI ITEM CRA-2) Deputy Executive Director Marlon Brown came before the Community Redevelopment Agency (CRA) Board and stated that at the upcoming April 4, 2016, Regular Sarasota City Commission Meeting, the City Attorney will bring forth the discussion regarding options as to whether to extend or not extend the CRA, along with a discussion about the old Sarasota Police Station site; that once these discussions are had the Downtown and Newtown Community Redevelopment Agency Advisory Boards (CRAABS) have requested a Joint Meeting; that Staff checked the CRAI Members calendars and has selected the date of April 25, 2016 at 5:00 p.m. Member Freeland Eddie stated that her only request is to have the meeting begin at 6:00 p.m. instead of 5:00 p.m. to afford citizens' input. A motion was made by Member Alpert, seconded by Member Freeland Eddie and carried by a 5-0 vote for Staff to schedule a Joint Community Redevelopment Agency Meeting with the Downtown and Newtown Community Redevelopment Agency Advisory Boards (CRAABS) on Monday, April 25, 2016 at 6:00 p.m. 3. PRESENTATION RE: COMMUNITY REDEVELOPMENT AGENCY ANNUAL FINANCIAL REPORT AND REPORT OF ACTMITIES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2015 (AGENDA ITEM CRA-3) Deputy Financial Administration Director Kelly Strickland, Financial Administration Department, came before the Community Redevelopment Agency (CRA) Board and stated that this Agenda item fulfills a requirement of the Florida Statutes, Section 163.387(8), whereas "Each CRA shall provide for an audit of the trust fund each fiscal year (FY) and a report of such audit be prepared by an Independent Certified Public Accounting (CPA) firm"; that in accordance with Florida Statutes, Section 163.356(3)(c), the CRA shall file with the governing body, on or before March 31st of each year, a Report of Activities for the preceding FY; that the report shall include a complete financial statement setting forth its assets, liabilities, income and operating expenses as of the end of such FY; that the Financial Report is presented to the CRA to obtain acceptance prior to being provided to the City and County as required by Florida Statutes, Section 163.387(8). 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Deputy Financial Administration Director Strickland continued that the activity of the CRA for FY 2015 revenues totaled $9,741,862 which was an increase of $2.2 million and the contributing factor to the 4.3 percent increase was the property value increment; that the total revenues increased by $2,210,551; that the primary reasons for this increase were a $271,058 increase in Ad Valorem Taxes from the City ($3,862,363), a $252,510 increase in inter-governmental revenues from Sarasota County ($3,928,580) and the sale of the retail space in the State Street Parking Garage ($1,661,911); that the taxable value of property in the redevelopment area increased by $76.3 million or 4.3 percent from the prior year; that for financial statement reporting purposes, Ad Valorem Taxes received from the County are reported as inter-govemmental Revenue" in the City's Comprehensive Annual Report; that Investment earnings increased by $40,365, to $134,796 for the current year as compared to the $94,431 reported last year. Deputy Financial Administration Director Strickland Expenditures stated that expenditures of $10,508,320 and transfers out totaling $5,939,002 include the following: State Street Parking Garage $8,863,145 Main Street - Orange Avenue Roundabout $ 887,167 First Street-US 41 to Pineapple $ 165,060 Dr. Martin Luther King Way Streetscape Improvements $ 137,766 Newtown Entrance Plazas $ 97,325 Salvation Army $ 80,000 Developer infrastructure incentives $ 74,651 CRA legal fees $ 63,116 Contribution for Economic Development Coordinator $ 42,024 Other miscellaneous project costs and events $ 98,066 Transfers out: $5,939,002 Debt service payments on bonds and loans $3,322,256 General Fund - Police services $1,003,340 General Fund = Landscape services $ 803,002 General Fund = Redevelopment office costs $ 725,404 Robert L. Taylor Community Complex 85,000 Deputy Financial Administration Director Strickland stated that the transfers out for Debt Service includes the principal of $1,408,918 and interest of $1,913,338; that the remaining outstanding Debt Service for the CRA as of September 30, 2015 is $3,684,601; that the Community Redevelopment Special Revenue Fund has a fund balance of $7,686,562 as of September 30, 2015, compared to $14,392,022 as of September 30, 2014; that this fund balance, in addition to a revenue reappropriation of $2,500,000 for the sale of hotel site property on Palm Avenue is reserved for the remaining outstanding debt obligations and the specific projects identified and approved in the CRAS annual budget. A motion was made by Member Freeland Eddie, seconded by Member Chapman and carried by a 5-0 vote to accept the Community Redevelopment Agency (CRA) Annual Financial Report and the Report of the Activities for the Fiscal Year ended September 30, 2015. 4. ADJOURN 7 01 AMEs ChalrsR iotined.the Community Redevelopment. Agency (CRA) Meeting at 2:49 p.m. * - o - 4 640 bn Wille Charles Shaw, Chair Pamela M. Nadalini, Sècretary