>> GOOD EVENING. THE TIME IS NOW 6:00 PM THURSDAY, AUGUST 11TH.
[Call to Order]
[00:00:06]
I CALL TO ORDER THE COMMUNITY REDEVELOPMENT AGENCY MEETING.>> EXECUTIVE DIRECTOR KITS AROUND.
>> ACTING COMMISSIONER, ATTORNEY KLETT.
>> DO WE HAVE ANY CITIZEN COMMENTS?
>> SEEING NONE. WE HAVE THE MINUTES OF THE APRIL 9TH CRA MEETING.
[2. April 19, 2022 Community Redevelopment Agency Meeting Minutes. [TAB 1] ]
ARE THERE ANY CHANGES? SEEING NONE CAN HAVE A MOTION?>> MOTION AND A SECOND. ALL IN FAVOR SIGNIFY BY SAYING AYE.
>> MOTION CARRIES UNANIMOUSLY.
I GUESS IT SHOULD ALMOST BE CONSENT, BUT IT DOESN'T MATTER ON THE FIRST ITEM.
MOTION APPROVING THE CRA MEETING.
[2. Approving a CRA Meeting for Tuesday, September 6, 2022 at 6:30PM. #]
I GUESS I NEED A MOTION THEN IT'S REGULAR AGENDA.>> MOTION AND A SECOND. ALL IN FAVOR SIGNIFY BY SAYING AYE.
MOVING TO PUBLIC BUSINESS ITEM 3, A REVIEW OF THE BUDGET IN COMMUNITY INVESTMENT PROGRAM FOR CRA.
WITH THAT, I TURN IT OVER TO STAFF.
>> WE MISSED THE FIRST ITEM, THE COMMISIONER ATTORNEY REPORT,.
>> THE COMMISIONER ATTORNEY REPORT.
>> THAT'S ON A COUNCIL MEETING.
>> I COME IN HERE AND I HAVE THE OLD AGENDA. I'LL TRY TO LOOK.
THANK YOU. GOING BACK TO ITEM 1 ON THE AMENDED AGENDA,
[1. COMMISSION ATTORNEY REPORT]
YOU HAVE A COMMISSION ATTORNEY REPORT.>> GOOD EVENING EVERYONE. I'M REQUESTING AN ATTORNEY-CLIENT SESSION PURSUANT TO SECTION 286.011 SUBSECTION 8 FLORIDA STATUTES.
TO DISCUSS WITH THE CRA BOARD THE CASE PENDING IN THE UNITED STATES DISTRICT COURT, SUB-DISTRICT OF FLORIDA, WEST PALM BEACH DIVISION, ENTITLED HARBOR SIDE PLACE LLC VERSUS TOWN OF JUPITER, FLORIDA AND JUPITER COMMUNITY DEVELOPMENT AGENCY.
SEEKING ADVICE FROM THE CRA REGARDING SETTLEMENT NEGOTIATIONS AND LITIGATION EXPENDITURES.
THE PRIVATE ATTORNEY-CLIENT SESSION WILL BE ALSO ATTENDED BY COUNCIL OF RECORD, LIMON H. REYNOLDS JUNIOR AND EXECUTIVE DIRECTOR FRANK.
>> KITZEROW. EXCUSE ME, I AM SO SORRY ABOUT THAT.
I KNOW HOW TO SAY IT, I'VE READ IT ALL THE TIME.
THE MEETING WILL BE NOTICED FOR AUGUST 23RD, 2022.
THAT BRINGS UP A QUESTION THAT I RAISED WITH THE PANEL IS WHAT TIME YOU WANT TO HAVE THAT MEETING, BECAUSE THAT ACTUALLY HAPPENED TO BE ELECTION DAY.
PEOPLE WANT TO VOTE. WHETHER YOU WANT TO START AT SIX O'CLOCK OR DO YOU WANT TO START AT SEVEN O'CLOCK.
THAT'S FOR CONSIDERATION FOR EVERYBODY HERE.
THE POLLS USUALLY CLOSE AT 7:00.
>> I MEAN, TYPICALLY IN THE PAST, WE USUALLY START THE COUNCIL MEETING OFF WITH THE SHADE SESSION AT SEVEN O'CLOCK.
WE CAN JUST MAKE IT 7:00 AND WE'LL CALL THE MEETING TO ORDER RECESS FOR SHADE AND COME BACK.
THAT WAY IT'LL GIVE PEOPLE AMPLE TIME TO GET HERE FOR THE REGULAR COUNCIL MEETING AFTER THAT.
>> THIS IS HIGHLY UNUSUAL I KNOW WHAT WE HAVE TO DO IT TO MAKE, IF YOU DON'T EAT AND SHEER WAY THAT OFTEN.
NORMALLY, WE KNOW ABOUT THE MEETING AT A TIME. I CAN CHECK MY CALENDAR.
I DON'T HAVE THAT WITH ME, SO I'M GOING TO PROCEED ASSUMING I DON'T HAVE ANY CONFLICT.
BUT I UNDERSTAND WHY WE HAVE TO DATE CERTAIN AND WE DON'T HAVE ANOTHER MEETING, SO I'LL GO ALONG WITH WHAT TIME DID WE SET ON 8TH 23.
>> AT WHAT TIME? DO WE MAKE A DECISION ON THAT. THE TIME IT STARTS.
>> THAT'S NOT A REGULAR COUNCIL MEETING THAT NIGHT.
>> I'M FLEXIBLE, SO WHENEVER YOU GUYS WANT.
>> MAYOR WE'RE GOING TO HAVE TO DO THIS TWICE.
WE'LL DO IT AT THE CRA MEETING, AND THEN AGAIN AT THE REGULAR COUNCIL MEETING.
>> UNDERSTAND. FOR NOW I'M ASSUMING IT WILL BE AVAILABLE, WHICH IS WHAT I ALWAYS TRY TO DO ANYWAY, ON A 23.
IT DOESN'T MATTER WHETHER IT'S 6:00 OR 7:00.
IF I CAN MAKE IT. WHICH I THINK I CAN.
[00:05:02]
>> THANK YOU. I DON'T THINK WE HAVE A MOTION.
I JUST HAD TO MAKE THE ANNOUNCEMENTS TO THE PUBLIC.
>> SOMEWHERE FOR THE ATTORNEY-CLIENT SESSION, AUGUST 23RD, SEVEN O'CLOCK.
>> ALL IN FAVOR SIGNIFY BY SAYING AYE.
>> MOTION CARRIES UNANIMOUSLY.
>> MOVING BACK TO STAFF ON I GUESS ITS AGENDA ITEM 4 ON THE BUDGET.
[3. Review of the CRA Operating Budget and Community Investment Program for Fiscal Years 2023 – 2027. [TAB 2]]
THIS EVENING, WE'RE HERE TO GO OVER THE PROPOSED FY23 COMMUNITY REDEVELOPMENT AGENCY BUDGET AND COMMUNITY INVESTMENT PROGRAM.
THIS EVENING JUST WANTED TO START OFF WITH THE INCREMENT VALUE.
ONE THING TO BRING TO YOUR ATTENTION IS THE COUNTIES PROPOSED MILLAGE HAS BEEN REDUCED OVER THE PREVIOUS YEAR.
THERE HAS BEEN A REDUCTION IN FUNDING OF ABOUT $28,000 OVER THE PREVIOUS YEAR AND THE DUE TO THE REDUCTION IN THE COUNTING RATE.
IF PROCEEDING FORWARD WHEN THE TOWN DECIDES ON ITS MILLAGE RATE, WE COULD ACTUALLY SEE FURTHER REDUCTIONS IN THE MILLAGE DEPENDING ON WHAT THE COUNCIL DECIDES TO DO WITH THE OPERATING MILLAGE.
BUT RIGHT NOW TO FUND THE CRA OPERATING AND CIP FOR FY23, $2.7 MILLION IS BEING PROPOSED THROUGH IT'S MILLAGES.
THAT IS AGAIN, THE COUNTY AND THE TOWN MILLAGE.
THEN SOME ADDITIONAL REVENUES FOR PARKING LOT LICENSE REVENUE, AND SOME INVESTMENT EARNINGS.
TO TOTALLY FUND THE PROGRAM, IT'S $2.8 MILLION ABOVE LAST YEAR OF 2.4.
YOU CAN SEE WE HAVE A NUMBER OF OPERATING EXPENDITURES.
THE MAJORITY OF THAT IS ALSO FOR CIP TYPE PROJECTS, WHICH WE'LL GET INTO NEXT.
GOING STRAIGHT INTO THE COMMUNITY INVESTMENT PLAN.
YOU CAN SEE WE HAVE SOME CARRYFORWARD DOLLARS FOR THE EVENTS PLAZA, RIVERWALK GRAVITY, WALL REPAIR.
ALSO, LOVE STREET SIDEWALK CONSTRUCTION.
THE JUPITER BEACH ROAD A1A INTERSECTION IMPROVEMENTS FOR $760,000.
THAT'S THE LARGEST OF THE CARRYFORWARDS.
THE CONNECTION FOR THE RIVERWALK OF A $145,000 GOING INTO THE FY23, A TOTAL OF $318,000 IS BEING REQUESTED.
ROLLING FORWARD WITH THE NEW PROJECTS THAT ARE BEING PROPOSED.
WE HAVE THE PLAZA DOWN UNDER ON THE RIVERWALK IS THE GRAVITY WALL REPAIR.
WE WERE ABLE TO FIND A LEGACY PROJECT THAT HAD EXPIRED, THAT HAD SOME FUNDS REMAINING THAT WE COULD GET STARTED WITH THE ENGINEERING OF THIS PROJECT.
IF YOU'VE SEEN THE PICTURES, YOU SEE IT IN YOUR PACKET, THERE IS A NEED OF REPAIR.
THE ENGINEERING DEPARTMENT HAS ASSURED US THAT THERE IS NO PUBLIC SAFETY ISSUES, BUT THE WALL DOES NEED TO BE REPAIRED.
THAT'S A TOTAL OF $150,000 IS BEING PROPOSED INTO FY23 TO DO THOSE REPAIRS ONCE THE ENGINEERING IS COMPLETE.
ANOTHER CIP PROJECT FOR THIS UPCOMING YEAR THAT'S BEING PROPOSED IS SHORELINES STABILIZATION.
YOU CAN SEE FROM THE PICTURE THE SHORELINE HAS BEEN ERODED.
THE STAFF IS RECOMMENDING THAT WE STABILIZE THE SHORELINE WITH RIP RAP AND SOME NATIVE PLANT MATERIAL AND WHEREVER FEASIBLE, ADDITIONAL LIVING SHORELINE TO BE INSTALLED AND AUGMENTED THE EXISTING MANGROVE AREAS.
THE LOVE STREET, EAST SIDE SIDEWALK.
IF YOU'RE FAMILIAR WITH THE AREA, THERE IS ALREADY A SIDEWALK ON THE WESTERN SIDE, BUT IF YOU'VE WENT THERE IN THE EVENING, YOU CAN SEE THERE'S A LOT OF FOOT TRAFFIC WALKING FROM THE DIFFERENT AREAS WITHIN THAT AREA.
FOR PUBLIC SAFETY REASONS, WE WANT TO PUT IN A SIDEWALK ON THE EAST SIDE.
WE'VE ALREADY RECEIVED SOME ESCROW FUNDS FROM ONE OF THE RESTAURANTS THERE LOCALLY TO HELP CONSTRUCT THE SIDEWALK.
THAT'S AN ADDITIONAL $88,000 NEXT YEAR, WE'VE ALREADY PUT SOME FUNDING FORWARD IN FY22 OF $35,000.
THAT'S BEING PROPOSED TO BE CONSTRUCTED IN FY23.
THE BIG PROJECT THAT YOU ALL ARE VERY AWARE OF IS THE JUPITER BEACH ROAD THE A1A INTERSECTION ON THE ROUNDABOUT THERE'S A LOT OF PEOPLE HAVE BEEN CALLING IT.
THERE'S TOTAL OF $760,000 CURRENTLY ALLOCATED TOWARDS THAT PROJECT.
[00:10:05]
THE COMMISSION ASKS WHERE TO GO BACK OUT TO BID.THOSE BIDS HAVE BEEN RECEIVED, AND WE'RE GOING TO BE BRINGING THAT BACK BEFORE THE COMMISSION AND THE COUNCIL ULTIMATELY FOR DISCUSSION.
BUT RIGHT NOW WE HAVE $760,000 SET ASIDE FOR THAT PROJECT.
ROLLING FORWARD TO LOOK AT THE CASHFLOWS OF THE CRA.
ONE THING I WANT TO BRING YOUR ATTENTION TO, ON THIS SLIDE IS THE PRIOR YEAR CARRYFORWARD BALANCE OF $2.3 MILLION.
WITHIN THAT $2.3 MILLION IS MONEY THAT'S BEEN ENCUMBERED FOR PREVIOUS YEARS OF HARBOR SIDE THAT WE HAVE TO MAKE THOSE PAYMENTS.
THEN YOU CAN SEE GOING FORWARD THAT WE HAVE HARBOR SIDE PAYMENTS SHOWN AS WELL.
BUT ROLLING FORWARD TO THE END OF LIFE FOR THE CRA, YOU CAN SEE END-OF-LIFE IS ESTIMATED TO BE JUST OVER $30 MILLION AVAILABLE. IN THE FUND BALANCE.
I KNOW THAT THE COMMISSION HAS BEEN DISCUSSING POSSIBLY HAVING A WORKSHOP IN THE VERY NEAR FUTURE TO DISCUSS ADDITIONAL THINGS THAT THEY WOULD LIKE TO DO WITHIN THE CRA.
IT'S DEFINITELY THE PRUDENT THING TO DO.
AS WE ROLL FORWARD AND GOING UP TO 2034, WE DEFINITELY WANT TO HAVE SOME ADDITIONAL IMPROVEMENTS.
THERE'S A LOT OF PROJECTS THAT ARE WORTHWHILE THAT THE COUNCIL WILL NEED TO DELIBERATE AND ALLOCATE FUNDS TO.
DEFINITELY THINK IT WOULD BE WORTHWHILE.
WITH THAT, THAT'S A VERY SHORT PRESENTATION.
A SMALL BUDGET COMPARED TO THE REST OF THE TOWN.
BUT ARE THERE ANY QUESTIONS ABOUT WHAT I'VE PRESENTED?
>> THE 760,000 FOR THE ROUNDABOUT, WAS THAT THE ORIGINAL COST ESTIMATE THAT WE PUT ASIDE FOR THAT?
>> NO, ACTUALLY IT WAS LESS, IF MEMORY SERVES ME RIGHT IT WAS ABOUT $540,000 AND THEN IT GREW AND THEN I THINK WE CAME BACK IN JANUARY, FEBRUARY, AND BROUGHT IT BACK.
ACTUALLY, THERE WAS AN ADDITIONAL ESTIMATED AMOUNT FOR THAT WHICH WOULD HAVE PUT IT OVER A MILLION DOLLARS AND THAT'S WHEN THE COMMISSION SAID TO GO BACK OUT TO BID.
>> IN A SCOPE BREW AS I RECOLLECT, BASED ON COLLABORATION WITH THE COUNTY REQUIREMENTS THEY HAD AND I THINK THE LAST TIME THIS CAME UP, I HAD ASKED, WELL, IS THE COUNTY GOING TO BE CONTRIBUTING? DIDN'T DAWN ON ME TO AFTER THE LEAVES, I JUST WANT TO SHARE IT BECAUSE THE ANSWER WAS NO.
BUT UNDERSTAND WHY THE ANSWER IS NO, BECAUSE THE COUNTY KNOWS WE GET THE TAX INCREMENT TO THE DEGREE THEY'RE ALREADY CONTRIBUTING.
SHAME ON ME FOR EVEN ASKING THE QUESTION, BUT I DID SO I DIDN'T WANT ANYBODY ELSE TO UNDERSTAND THAT THEY'RE GETTING AWAY WITH SOMETHING HERE.
WE ARE BENEFITING FROM THE CRA, THEIR COMMITMENT TO PROVIDE US THE MONEY TO DO WHAT WE NEED TO DO SO I JUST WANT TO GET THAT ON THE RECORD. ANYTHING ELSE?
>> REREAD THE MOTION OR ANYTHING SO YOU HAVE DIRECTION.
>> IT WAS JUST THE WORKSHOP. THAT WAS THAT UNLESS THERE'S FURTHER DIRECTION FROM THE COMMISSION DURING THE WORKSHOP.
>> I JUST HAVE ONE ITEM. WELL, I GUESS WE DON'T HAVE THIS ON THE AGENDA FOR COMMENTS, BUT I GUESS WE NORMALLY DO AT THE END OF IT.
SO I JUST WANT TO BRING UP I HAD ASKED TO BE PUT ON THE DAIS, THE SPREADSHEET AND I'M GOING TO SUMMARIZE WHY I WANTED IT ON HERE AND THEN I'D ASK SCOTT TO SAY WHATEVER HE WANTS TO SAY AFTER I DO AND YOU ALL CAN GET BACK WITH THEM SEPARATELY.
FIRST OF ALL, I KNOW THAT WE HAD A STRATEGIC ITEM TO GET TOGETHER TO TALK ABOUT.
WELL, WHAT WAS THE THEORY, EXPECTATIONS EARLY ON AND I DIDN'T KNOW EVERYBODY COMING HERE WHETHER YOU'D EXPECT THAT TO BE DISCUSSED OR NOT BUT HIS FRAMING THAT I THOUGHT THIS WAS A PERFECT EXAMPLE AND I WANTED EVERYBODY TO HAVE THIS.
THIS IS THE DOCUMENT THAT WE GOT, IT'S TWO PAGES.
WHEN COUNSEL WAS DELIBERATING ABOUT THE MERITS OF HARBOURSIDE JUST AT A VERY HIGH LEVEL, I'D JUST SHARE WITH YOU IS ONE PAGE, THE FRONT PAGE IS WHIT HARBOURSIDE AND THE SECOND PAGE IS WITHOUT, YOU SEE THAT ON THE BOTTOM LEFT OF THE PAGE, IT'S WRITTEN AT THE BOTTOM ON BOTH OF THEM.
THEN IF YOU LOOK AT 2011 AND 2012, YOU SEE THE CHANGE IN TAXABLE VALUE.
I'M TALKING ABOUT THE FRONT PAGE NOT THE SECOND PAGE BECAUSE THE FRONT PAGE WOULD BE HARBOURSIDE.
YOU SEE THAT IT GOES FROM 348 MILLION TO 463, I'M JUST ROUNDING OFF.
THE WAY THIS SPREADSHEET WAS DONE IS THAT
[00:15:01]
THERE HAD TO BE SOME ASSUMPTION ON AN ANNUAL INCREASE.YOU'D LOOK AT THIS AND WE'RE AT 347, THE EXPECTATION IS IT'D BE FOUR-AND-A-HALF PERCENT INCREASE JUST IN VALUATIONS.
THEN THE REST OF IT IS THE INCREASE DUE TO THE PROJECT.
WHEN YOU WORK THE MATH IT WAS EXACTLY $100 MILLION.
IT WAS THE EXPECTATION OF THE NET HARBOURSIDE TAX BASE STARTING AND THEN THAT WAS EXPECTED TO ESCALATE AS MOST PROPERTIES DO.
AGAIN, I'M THE ONLY ONE THAT WAS HERE IN THAT TIME FRAME, SO I JUST WANTED TO EMPHASIZE THAT.
THERE WAS A REASONABLE ESTIMATE WHEN WE GOT IT BECAUSE THE HARBOURSIDE DEVELOPER WAS GETTING A $100 MILLION IN EB-5 MONEY.
THEN HE WAS ALSO GETTING A BOND FLOATED THROUGH THE CDD, COMMUNITY DEVELOPMENT DISTRICT, AND BOTH MIKE FARRELL AND I HAD SPOKEN WITH THE PROPERTY APPRAISER BECAUSE TO BOND COVERS GARAGES AND STUFF AS I UNDERSTAND IT.
WE WERE TOLD THAT THERE'S A PRECEDENT FOR THIS, CITY PLACE AND OTHER PLACES IN THE COUNTY, AND EVEN THOUGH IT MAY BE UNDER THE CDD, IT NORMALLY GETS PRORATED IN.
THAT'S WHAT WE WERE TOLD IN VALUATION, YOU CAN'T GET AWAY WITH PAYING EVERYONE'S TAXES.
THEN IF YOU GO OVER TO THE BOTTOM LINE OF THE LAST THREE ROWS, YOU COULD DO THE MATH AND FROM ONE SHEET TO THE OTHER.
WE WERE EXPECTING ABOUT 26.2 MILLION IN NET TOTAL TAX INCREMENT FROM THE PROJECT OVER THE COURSE OF ALL THE YEARS.
THEN UNDER THE ASSUMPTIONS ABOUT PAYMENTS TO HARBOR SIDE, WE WERE GOING TO NET OUT OF THAT 21 MILLION.
YOU COULD SEE IN THE EARLY YEARS, AND THIS WAS BEFORE THE INLET VILLAGE AND OTHER STUFF.
IN THE EARLY YEARS, THERE WAS EXPECTATIONS OF, YOU KNOW, POTENTIALLY SIGNIFICANT MONEY AND THEN THE COUNCIL, AS IT WENT ALONG, WOULD IDENTIFY PROJECTS THAT WE DECIDED TO DO, OBVIOUSLY, THE FIRST PRIORITY WAS BUILDING OUT A RIVERWALK.
I KNOW I'M GROANING MORE THAN THAT, I JUST WANTED TO SAY WHY I PUT THIS ON A SHEET AND JUST GIVE THAT EXPLANATION BECAUSE YOU CAN ASK SCOTT NOW A QUESTION OR YOU CAN GET BACK WITH THEM LATER BUT I JUST THOUGHT THIS IS SOMETHING THAT PEOPLE WOULD BENEFIT FROM ON THE COUNCIL.
>> A QUESTION ON THAT. THIS IS A TOWN DOCUMENT FROM WHEN HARBOURSIDE WAS BEING DEVELOPED AND APPROVED.
>> THIS IS NOT JIM [INAUDIBLE], HE'S DOCUMENTED.
>> NO. BUT I NEED TO MAKE SURE, IT'S A GOOD QUESTION.
>> I'M GOING TO NEED TIME TO DIGEST BUT WE'VE GOT IT.
>> THE TAXABLE VALUE'S ON THIS SHEET OBVIOUSLY, THIS WAS CREATED IN 2010 AND THEY'RE JUST ESTIMATES.
>> UP TO 2010, I GUESS THAT WAS ACTUALS, OR 2009 WAS, AND THEN EVERYTHING ELSE WAS CALCULATED.
IT WAS THE BEST ESTIMATE AT THE TIME AND I WAS ALSO SHARING MY PERSPECTIVE AS A COUNCIL MEMBER OR COMMISSIONER, AND IT WAS REASONABLE UNDER THE TIME PERIOD FROM WHAT WAS BEING INVESTED IN THE PROJECT AND WHAT WAS THE TAX BASE TODAY ON IT?
>> THE ESTIMATE THAT I HAVE CURRENTLY AT $69 MILLION.
>> OKAY. WHAT WAS IT LAST YEAR?
>> WE'VE BEEN SIGNIFICANTLY BELOW, WHICH HAS ALWAYS PUZZLED ME GREATLY.
>> I JUST HAVE ONE QUICK QUESTION.
>> QUIET PLACE, IS THAT COVERED UNDER THE CRA?
>> SOMETHING THAT I KNOW OF A WORKSHOP ON IT, IT WAS SOMETHING THAT WAS IN MY STRATEGIC PLAN LAST YEAR THAT WE DO SOMETHING WITH THAT TO CREATE A MORE OPEN SPACE, GREEN SPACE, RECREATIONAL AREA, THINGS LIKE THAT SO I'D LIKE TO SEE, ONCE THE BRIDGE CONSTRUCTION IS COMPLETE, MAKE SURE THAT WE HAVE MONEY SET ASIDE IN THE CRA, SPECIFICALLY GOING TOWARDS QUIET PLACE.
ONCE WE LEASED IT OUT, WE CAN'T DO ANYTHING WITH IT UNTIL THAT, BUT IT WOULD COME BACK AS A PROJECT AND THE COUNCIL WOULD HAVE TO DECIDE WHAT WAS THE USE FOR IT OR THE COMMISSION IF YOU WILL AND THE COUNCIL ACTUALLY.
BUT THERE'S NO WAY ANYTHING CAN BE EARMARKED.
PLUS WE DON'T REALLY HAVE THAT MUCH MONEY AS WE SPEAK.
THE OTHER THING THAT'S HAPPENED IS TO THE DEGREE THAT'S CLOSE TO WHAT MONEY WE HAD IN SPENDING, WE'VE TEMPERED WITH TAIL, WE STEPPED BACK ON PROJECTS THAT TAKES OFF AGAIN THEN.
>> WE'VE KICKED THAT OUT AROUND FOR YEARS BUT BECAUSE OF THAT PARKING STRUCTURE AND THE DEMOLITION AND THE COST OF THAT.
THERE HAVE BEEN INTERESTED GROUPS OVER THE YEARS TO BUY AND PUT SOMETHING THERE,
[00:20:03]
BUT NEVER CAME TO FRUITION SO THAT'S THE STUMBLING BLOCK ON THAT.>> THEN WE'LL LOOK AT THE WHOLE THING.
>> IT'S JUST SOMETHING THAT COMES UP EVERY YEAR, I HEAR FROM RESIDENTS MULTIPLE TIMES A YEAR, WHAT DO WE DOING WITH THIS? SO I'D LIKE TO DO SOMETHING WITH THAT.
ONCE THE BRIDGE CONSTRUCTION IS COMPLETE, THEY NO LONGER NEED THE LAID DOWN SITE.
>> PERSONALLY, WHEN WE WORKSHOPPED, WHICH WAS JUST A QUESTION, AND I ASKED WHEN THE WORKSHOP IS.
>> NO SIR, WE HAVEN'T SCHEDULED THAT YET, BUT WE WERE THINKING ALONG THE LINES OF, I BELIEVE THE FALL BUT DON'T QUOTE ME ON THAT.
>> THAT'S REALLY THE BETTER TIME TO TALK ABOUT THIS.
>> I THINK THAT'S WHY MANY OF US DON'T HAVE QUESTIONS IS BECAUSE WE EXPECT THAT AND THEN THERE IS A DEMAND FOR RECREATIONAL SPACE SO TRYING TO SOLVE PROBLEMS WITH THE MONEY WE HAVE IS HELPFUL.
THIS GOES THROUGH 2034, THE ESTIMATED ENDING BALANCE IS 30 MILLION?
>> THAT'S THE ESTIMATED AND IT'S A VERY CONSERVATIVE VIEW JUST LIKE WE DID IN 2010, WE'VE ALWAYS KEPT A CONSERVATIVE GROWTH PERCENTAGE IN THERE BASED ON THE OUTWORN.
SO IF THERE'S ADDITIONAL PROJECTS THAT INCREASE THE VALUE WITHIN THE DISTRICT, OBVIOUSLY THERE WILL BE GROWTH IN OUTWORN TAX.
>> NOW, I'LL SAY WHAT I'VE SAID ALL THE TIME I'VE SAT UP HERE BECAUSE THE TOUGHEST THING IS MANAGING CAPITAL SPEND AND I'VE ALWAYS SAID, AND I THINK THERE'S BEEN GENERAL SUPPORT.
LET'S BE CAREFUL THAT THIS IS ALL WATERFRONT AMENITIES WE OWN BEFORE THE CRA SUNSETS.
WE OUGHT TO PUT THEM BACK IN A GOOD CONDITION BECAUSE FOR EXAMPLE, LET'S JUST SAY IF WE DIDN'T DO IT THAT WAY, THEN THE MOMENT IT KICKS OVER, ALL OF A SUDDEN WE GET THIS HUGE DEBT BURDEN ON.
I DON'T KNOW WHAT THAT COST WOULD BE, BUT I'VE ALWAYS TEMPERED ANY EXCITEMENT ABOUT THE MONEY.
I'M NOT SUGGESTING THAT YOU HAVE ANY, BUT I'M JUST SAYING BUT THAT IS NET OF THAT.
I THINK THAT'S UNIQUE HERE BECAUSE WE HAVE TO NEVER LOSE SIGHT OF THE FACT THAT WHEN THIS GOES AWAY, BECAUSE QUITE FRANKLY, TOWN TAXPAYERS, THEY'RE BENEFITING AS A CRA, BUT IT'S NOT YET CONTRIBUTING TO POLICE AND WHATEVER. ANY EVENT?
>> 2034 SEEMS LIKE A LONG WAY AWAY, BUT IT WILL BE HERE QUICKER THAN YOU THINK.
>> TIME IS NOW 6:23 AND WE'LL ADJOURN THE CRA WORKSHOP.
THE NEXT ONE'S TIME CERTAIN SO WE HAVE SIX MINUTES TO STRETCH OUR LEGS OR WHATEVER.
* This transcript was compiled from uncorrected Closed Captioning.