CRA (Community Redevelopment Agency) board reviewed the proposed FY 2017-2018 budget, including a $700,000 redevelopment incentives account with $350,000 already committed.
4 items on the agenda · 1 decision recorded
On the agenda
- 1Call to Order - Roll Call▶ 0:00
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Approval of July 18, 2017 CRA Meeting Minutes
approvedThe CRA Board approved the minutes from the July 18, 2017 CRA Meeting.
- vote:Approve the July 18, 2017 CRA Meeting Minutes. (passed)
▶ Jump to 0:12 in the videoShow transcriptHide transcript
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[00:00:24] those in favor? Aye. Opposed? Like sign. Fiscal year 2017-28 proposed budget presentation.
This text was generated automatically from the meeting video. It is not a verbatim or official record. For exact wording, consult the video or the city clerk.
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You arrived here from a search for “Account 49-51 redevelopment incentives” — transcript expanded below
FY 2017-2018 Proposed Budget Presentation
discussedStaff presented the FY 2017-2018 proposed CRA budget, walking through revenue and expense accounts including historic preservation grant proceeds, transfers, and the $700,000 redevelopment incentives account. $350,000 of the incentives account is already committed to ongoing grants, Rice Nutrition at 1500 Main Street, and the Starkey project at 5800 Main Street, with $350,000 remaining for existing grant programs.
1500 Main Street5800 Main StreetFrager'sRice NutritionCrystalJeff WrightKCMcGurnAccount 334-7 historic preservation grant proceedsAccount 3389-87Account 3461 Main Street programAccount 381-37 transfer from capital improvement fundAccount 389-90Account 49-51 redevelopment incentivesAccount 62-33Business incubatorCommercial real estate grant programFY 2017-2018 CRA BudgetHaciendaMain Street Landing and Center programSmall matching grantSpecial category grantStarkey project▶ Jump to 0:29 in the videoShow transcriptHide transcript
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[00:00:34] Thank you very much city manager. Thank you very much CRA board. What I'm going to do [00:00:39] is just kind of go through each of the account numbers that are relevant to this so that [00:00:43] you can provide comment on that. On the revenue side I believe that's page 7 for the CRA. [00:00:51] It would be account 334-7 historic preservation grant proceeds of $550,000 represented the [00:00:58] money it would receive on the two small matching grant and special category grant that we'll [00:01:03] be processing next year. Obviously for the business incubator we have a rental agreement [00:01:11] out there and hopefully we continue to collect on that. Account 381-37 transfer from capital [00:01:19] improvement fund is paying for PASCO dollars coming in for the budget, the economic development [00:01:23] portion. Account 3389-87 there's $200,000 there and what we're doing is we're processing [00:01:38] we have 15 grants right now that are in the application phases and we stay in pretty much [00:01:43] constant contact with those. That's approximately $100,000. For example, Frager's building would [00:01:51] be a classic example with the awnings. He keeps calling me saying they're being manufactured [00:01:57] being prepared so we really like to work with our business owners specifically these individuals [00:02:02] and we think it's relevant and we don't think that they're going to be completed by the [00:02:06] end of the year so we're simply carrying those 15 projects forward. We don't want to lose [00:02:11] that money in this year and you know it certainly helps with the communication with them. The [00:02:16] other $100,000 is something that we've had in that commercial real estate grant program [00:02:21] that we've wanted to implement and we don't see that right agreement. It's just so many [00:02:28] moving parts with 5800 Main Street we think that that will get signed either right before [00:02:34] just after the budget year that I've talked to Jeff Wright we do have a signed agreement [00:02:38] with Mr. Wright that has been processed and he's fine with the agreement that the attorney [00:02:43] has drafted so we expect those funds to get that's why we're carrying them forward. The [00:02:49] other account 389-90 is simply the two we have two resolutions out there one for $250,000 [00:02:57] and one for $50,000 for the small matching and special category grant and last year working [00:03:02] with Crystal we kind of split that because the state fiscal year is different than ours [00:03:07] and we received a special category grant paperwork we're processing that we are in [00:03:13] negotiation phrases with the architect to look over those fees and those deals so we [00:03:18] feel that by the time we get through processing that those resolution funds we best moved [00:03:23] into on the beginning of next year so that's simply half of the $50,000 and half of the [00:03:29] $250,000. On the expense side here we are picking up half the salary for KC and I continue [00:03:41] to work with her on several projects within economic development she's pretty much a big [00:03:46] help particularly with the economic vitality component of it. On 3461 we have $15,000 for [00:03:54] the Main Street program. Account number 49-51 which is redevelopment incentives and the reason [00:04:03] why we made all these things is we have $700,000 in that account. $350,000 of that is already [00:04:10] committed in what I just talked about $100,000 for those 15 individuals $100,000 or 15 businesses [00:04:18] $100,000 for Rice Nutrition at 1500 Main Street program and $150,000 for the Starkey project in [00:04:27] 5800 so those three projects are going to take that portion. The remaining $350,000 is available [00:04:36] for the two existing grant programs we have out there and I got to tell you it's a big help when [00:04:41] I'm sitting there with some money in that budget in the discussions that I have with people for [00:04:46] example microbreweries that show a strong interest in coming downtown but again we will follow the [00:04:52] guidelines of the grant program. A good example is one of the buildings downtown in 2001 appraised [00:05:00] for $261,000 in taxable value 16 years later that building is inverted it's $216,000 a little bit [00:05:09] less it's never appreciated in value it's a very historic building it's the kind of building that [00:05:13] we will look at in terms of implementing those funds and again our focus with that bucket of [00:05:19] money I would like to say is more of a historical perspective in the fact that there's real value [00:05:25] for bringing life back to these buildings and so we have that bucket of money out there for projects [00:05:31] that what I like to call a creative that provide a direct catalytic benefit to the improvement of [00:05:36] town to I'll tell you it's really helpful when I talk to people I have this money here and my job [00:05:43] is to open up their wallets and I call it business infrastructure and that's what that investments [00:05:47] for and 62-33 is the is the most small matching and special category grant money that's going to [00:05:59] be going into the Hacienda next year and what we're doing with the Main Street Landing and Center [00:06:07] program basically splitting it up because we have about 90 days from when we think that that [00:06:13] project will end until the next year so we're going to be allocating that over two years those [00:06:17] payments but I'm actually meeting with Mr. McGurn next week to talk a little bit more about that [00:06:22] and so the you know the goal here is to try to work with Crystal and primarily trying to get [00:06:30] specifically that 4951 account redevelopment incentives I just think that it brings an awful [00:06:38] lot of value and it really creates a positive conversations about the direction Newport [00:06:42] Rich is going and obviously when we use those funds will be coming to council for your approval
This text was generated automatically from the meeting video. It is not a verbatim or official record. For exact wording, consult the video or the city clerk.
- 4Adjournment