TO: CRA Board of Commissioners
FROM: Krista Walker, Contract Manager
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: May 26, 2020
Title
FIRST AMENDMENT FOR A-GUIDE FUNDING AGREEMENT FY 2019-2020 - DELRAY BEACH HISTORICAL SOCIETY, INC.
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Recommended Action:
Recommendation
Approve the First Amendment for A-GUIDE Funding Agreement with Delray Beach Historical Society, Inc. in the amount of $125,000 for Fiscal Year 2019-2020.
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Background:
Delray Beach Historical Society, Inc. (“DBHS”) applied for A-GUIDE Funding for Economic Development and Recreation and Cultural Facilities in the amount of $75,000 for Fiscal Year 2019-2020. This represents 25% of DBHS’s Proposed Budget of $300,000.
At the July 19, 2019 CRA Board Workshop, the Board considered the funding request from DBHS and supported funding in the amount of $75,000 and supported additional funding in the amount of $50,000 based on the funding agreement between the DBHS and the City of Delray Beach, which is a total funding award of $125,000.
An amendment is requested at this time to reflect the full amount of $125,000 as the Funding Agreement only included the CRA’s funding allocation of $75,000.
The CRA and the Historical Society agree to amend Section 3 of the Original Agreement as follows:
3) The CRA is providing total funding to the Historical Society for fiscal year 2019-20 in an amount not to exceed One Hundred Twenty-Five Thousand and 00/100 Dollars ($125,000.00) (the "Funding Amount"). The funds are to be used by the Historical Society for the purpose of providing community and cultural programs in conformance with the programs/projects within the CRA district specified in the A-GUIDE documents. Two payments of Eighteen Thousand Seven Hundred Fifty and 00/100 Dollars ($18,750.00) have been made by the CRA to the Historical Society for quarters 1 & 2. Upon execution of this First Amendment, the CRA shall pay to the Historical Society the sum of Twenty Five Thousand and 00/100 Dollars ($25,000.00) for the complete payment of quarters 1 & 2. For each of quarters 3 & 4, the CRA shall pay the Historical Society an amount not to exceed Thirty One Thousand Two Hundred Fifty and 00/100 Dollars ($31,250.00).
Attached is the First Amendment to the Funding Agreement outlining DBHS’s reporting requirements and other responsibilities with regard to the funding provided. DBHS will submit quarterly reports documenting the expenditure of funds and the progress towards the outcomes projected in the Goals and Outcomes Report and Budget for FY 2019-2020. Funds will be disbursed quarterly based on submittal of the associated quarterly reports.
Attachment(s): Exhibit A - First Amendment to FY 2019-20 DBHS A-GUIDE Funding Agreement
CRA Attorney Review:
The CRA Attorney has reviewed the Funding Agreement to form and determined it to be acceptable.
Funding Source/Financial Impact:
$125,000 allocated from General Ledger #7376 A-GUIDE Funding.