TO: CRA Board of Commissioners
FROM: Lori Hayward, Finance and Operations Director
THROUGH: Renée Jadusingh, Esq., Executive Director
DATE: August 13, 2019
Title
CRA FINANCIAL REPORT - MAY 2019
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Recommended Action:
Recommendation
Receive and File.
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Background:
Attached are the May 2019 Financial Statements [1] Statement of Net Assets and [2] Statement of Activities with Budget vs. Actual (YTD). Below are highlights of significant activities that occurred during the month of May:
1. Tax Increment Financing (TIF)-TIF-County- (G/L #4010) - A payment of $55,476 was made to Palm Beach County as a result of a decrease in the final taxable value from the Palm Beach Property Appraiser’s office for FY 18-19.
2. West Atlantic Redevelopment-Land Acquisition (G/L #5115) - Payments totaling $29,645 were made to the following:
• Appraisal Services for four properties- $6,045
• BG Group, LLC - Clear 10 vacant lots for Corey Isle Workforce Housing Project (A journal entry was completed in July to reclassify the expense to G/L #6621 Corey Isle Workforce Housing Project budget expense line) - $22,600
• Deposit for acquisition of 106 NW 10th Avenue & NW 3rd Street - $1,000
3. West Atlantic Redevelopment-W Atlantic Redevelopment (G/L #5140) - Payments totaling $31,536 were made to Goren, Cherof, Doody & Ezrol, PA for legal fees which includes $18,568 for negotiations with BH3 Management, LLC.
4. Downtown-DB-Master Plan-Downtown Trolley (G/L #5230) - A second quarter payment in the amount of $114,901 was made to the City of Delray Beach for the trolley services.
5. Redevelopment Projects-98 NW 5th Avenue Renovation (G/L #6208) - Payments totaling $18,795 were made to Synalovski Romanik Saye for architectural services.
6. Redevelopment Sites-Maintenance (G/L #6303) - Payments totaling $13,906 were made to the following:
• RSG- $1,720
• Sod Unlimited, Inc. - $12,144
• Carson Fence- $273
• Raymond Graves $ Sons Construction- $2,735
• Waste Management, Inc.- $231
• Miscellaneous - $243
7. Affordable/Workforce Housing Program- Subsidies- (G/L #6506) - A payment in the amount of $25,000 was made for a second mortgage for the property located at 23 SW 14th Avenue.
8. Affordable/Workforce Housing Program-A-Guide Funding-DBCLT (G/L #6535) - A second quarter A-GUIDE payment in the amount of $65,388 was made to DBCLT.
9. Carver Square Corey Isle Housing Construction (G/L #6621) - Payments totaling $23,256 were made to the following:
• Pasquale Kuritzky Architecture, Inc. (Corey Isle) - $15,241
• Brooks + Scarpa Architects, Inc. (Carver Square) - $8,015
10. Community Resource Enhancement-A-Guide Funding (G/L #7376) - Second quarter A-GUIDE payments totaling $402,000 were made to the following:
• Arts Garage - $68,750
• Delray Beach Public Library - $114,500
• Delray Beach Historical Society - $31,250
• Old School Square - $187,500
11. Economic Development Initiative-Economic Development Incentives (G/L #7415) - Payments totaling $16,516 were made for the following:
• Center for the Technology, Enterprise & Development - $16,250
• Miscellaneous - $266
12. Equipment/Prop/Maintenance-Maintenance (G/L #8307) - Payments totaling $82,132 were made to the following:
• Hatcher Construction & Development, Inc. - $80,544
• Sod Unlimited, Inc. - $920
• Global Services - $510
• Miscellaneous - $158
13. Debt Service-City-US1 Corridor Improvements (G/L #8606) - A payment in the amount of $210,075 was made to the City of Delray Beach.
Attachment(s): Exhibit A - May 2019 Financial Statements