MINUTES OF THE SPECIAL SARASOTA COMMUNITY REDEVELOPMENT AGENCY MEETING OF OCTOBER 18, 2010 PRESENT: Chair Kelly M. Kirschner, presiding, Members Suzanne Atwell, Richard Clapp, and Terry Turner, Deputy Executive Director Marlon Brown, Attorney Robert M. Fournier, and Secretary Pamela M. Nadalini ABSENT: Vice Chair Fredd "Glossie" Atkins The meeting of the Community Redevelopment Agency (CRA) was called to order by Chair Kirschner at 2:43 p.m. 1. APPROVAL RE: MINUTES OF THE SPECIAL COMMUNITY REDEVELOPMENT AGENCY MEETING OF OCTOBER 4. 2010 (AGENDA ITEM CRA-1) Chair Kirschner noted CRA consensus to approve the minutes of the Special CRA meeting of October 4, 2010. 2. APPROVAL RE: REVISED PROPOSED COMMUNITY REDEVELOPMENT AGENCY POLICIES FOR USE OF TAX INCREMENT FUNDS (TIF)FOR DOWNTOWN AND NEWTOWN COMMUNITY REDEVELOPMENT AREAS (AGENDA ITEM CRA-2) North Sarasota Redevelopment General Manager Lorna Alston and Chief Planner Steven Stancel, Neighborhood and Development Services Department, came before the CRA. Mr. Stancel gave a presentation concerning the following revisions to the proposed CRA Policies for use of Tax Increment Financing (TIF) funds for the Downtown and Newtown Community Redevelopment Areas as directed by the CRA at the September 20, 2010, CRA meeting: Changed the language from "high school education" to education" and the supporting language under Section 1(c)(iv), Community Development - Downtown/Newiown and Added language to reflect the adopted 50/50 percent allocation of the net revenue funding between the Downtown and Newtown Community Redevelopment Areas. A discussion ensued concerning the reallocation of TIF funds, the application of revenues generated from the sale or lease of retail spaces located on the ground level of the Palm Avenue Parking Garage, and the motion passed at the October 13, 2010, Planning Board/Local Planning Agency (PBLP) meeting not to bind the City to construct the parking garage for the Pineapple Square Development. In response to a question by Member Turner asking if ambiguity could be eliminated if language is added to reflect the adopted 50/50 percent allocation of net revenue funding between the Downtown and Newtown Community Redevelopment Areas is 'net future tax revenues" under Purpose of the Downtown/Newiown Overview Proposal, and Item II, Redevelopment Objectives, CRA Policy for Use of TIF funds for the Downtown and Newtown Community Redevelopment Areas, Attorney Fournier stated yes. Chair Kirschner noted CRA consensus to modify the newly added language to reflect the adopted 50/50 percent allocation of net revenue funding between the Downtown and Newtown Community Redevelopment Areas is "net future tax revenues" under Purpose of the Downtown/Newlown Overview Proposal, and tem II, Redevelopment Objectives, CRA Policy for Use of TIF funds for the Downtown and Newtown Community Redevelopment Areas; and stated that the reinvestment of funds in youth programs is important. A motion was made by Commissioner Clapp, seconded by Commissioner Atwell, and carried by a 4-0 vote to adopt the proposed Community Redevelopment Agency Policies for use of Tax Increment Financing (TIF) funds as revised including the modification to add language to reflect the adopted 50/50 BOOK3 Page 31716 10/18/10 2:30 P.M. BOOK3 Page 31717 10/18/10 2:30 P.M. percent allocation of net revenue funding oetween the Downtown and Newtown Community Redevelopment Areas is "net future tax revenues" under Purpose of the Downtown/Newtown Overview Proposal, and Item II, Redevelopment Objectives, CRA Policy for Use of TIF funds for the Downtown and Newtown Community Redevelopment Areas. 3. ADJOURN Chair Kirschner adjourned the meeting at 2:55 p.m. KELLY M. KIRSCHNER, CHAIR 4 ATTEST Gwplo 000 PAMELA M. NADALINI, SECRETARY