Going against its own rules, the present commission allowed an item to be placed on the Consent Agenda WITH NO DISCUSSION that involved $1.5 million in debentures for the CRA.
My backup of the meeting did not show any explanation for these bonds and I had to appeal to the City Clerk.
Read the back-up
From the Back-up
Last year, the City approved the issuance of the CRA’s debenture in the principal amount not to exceed $4,000,000.00 to provide funds for the acquisition of property and other CRA projects. The $1,500,000 was an additional amount needed by the CRA to acquire some larger parcels with higher asking prices and for other projects. On January 23, 2019, the interest rate will be fixed at 4.696%. It will mature on December 23, 2026.
How is it secured?
The Debenture shall be payable from and secured solely by the CRA's redevelopment trust fund and the increment revenue (as defined in Section 163.340(22), Florida Statutes, required to be deposited therein.
What properties are they looking at--where are they located--what do they want to do with them--how much Tif money are they getting this year? And last, but not least, if the CRA defaults guess who pays?
4 comments:
Get rid of the CRA and all the little flunkies on that board.
Exactly. We don't need a govt acting within a govt. Especially one that does not have to open it's books to the public. Or the Commission!!
Thanks Lynn for exposing this, what properties do they want to acquire and cost so much? Is it the larger property on the 1300 block of Lucerne Ave owned by that rice guy that never used to keep his properties up and then the city had to have the buildings taken down? Is he finally making his millions for that land now from the city and tax payers to unload his property for the big bucks?
They should abolish the CRA and stop this greed and corruption. This has been a huge problem in this city for way over 20 years now, they never address the blight or crime, just people like the director and ambassadors like rice are making all the money off of good hard working tax payers. So sad for this city and people. Do all these people think anyone really has any respect for them?
What did they use the 4 million for?
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