TO: CRA Board of Commissioners
FROM: Lori Hayward, Finance & Operations Director
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: June 10, 2021
Title
BUDGET AMENDMENT NO. 2, FISCAL YEAR 2020-2021
Body
Recommended Action:
Recommendation
Approve CRA Resolution No. 2021-03 adopting Budget Amendment No. 2 for FY 2020-2021.
Body
Background:
Attached please find Resolution No. 2021-03 Budget Amendment No. 2 - FY 2020-2021. The following items highlighted in yellow are modifications that are being proposed in this amendment:
1. Downtown Master Plan- Transportation (G/L#5230) - The budget line was decreased by ($600,000) with the discontinuation of the Downtown Connect.
2. Other- Land Acquisition (G/L#5610) - The budget line was decreased by ($227,350) and reassigned to Affordable Housing- Support for Affordable Housing (G/L#6512).
3. Redevelopment Projects- Affordable Housing- 98 NW 5th Avenue Renovation- Construction (G/L#6208B) - The budget line was increased by $600,000 to account for the cost estimates for the project.
4. Redevelopment Projects- Affordable Housing- Support for Affordable Housing (G/L#6512) -
At the CRA Board meeting on May 25, 2021, the board approved forgiving $1,227,350 (50%) of the Corey Jones Isle Construction Loan Agreement between the CRA and the Delray Beach Community Land Trust (CLT). The budget line was increased by $227,350, to account for the upcoming agreement addressing the forgiveness.
Attachment(s): Exhibit A - Resolution No. 2021-03 - Budget Amendment No. 2 FY 2020-2021; Exhibit B - FY 2020-2021 Budget Amendment No. 2
CRA Attorney Review:
N/A
Finance Review:
Prepared and reviewed by Executive Director and Finance and Operations Director.
Funding Source/Financial Impact:
N/A