TO: CRA Board of Commissioners
FROM: Lori Hayward, Finance and Operations Director
THROUGH: Jeff Costello, CRA Executive Director
DATE: July 12, 2018
Title
CRA FINANCIAL REPORT - MAY 2018
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Recommended Action:
Recommendation
Receive and File.
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Background:
Attached are the May 2018 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. Ground Lease-Prime Hotel, LLC (Fairfield Inn) (G/L #4250) - Revenue of $84,876 was received per the ground lease agreement, which is 2% of gross room sales for the previous 12-month period.
2. Reimbursements-City (G/L #4700) - Reimbursements totaling $26,323 were received from the City of Delray Beach for the following:
· Economic Development staff (50%) FY 2017-2018 2nd quarter- $26,287
· Utility refund - $36
3. Reimbursements-Other (G/L #4750) - A grant in the amount of $54,058 was awarded by the Solid Waste Authority for property demolitions. The first installment of $27,029 (50%) was received.
4. West Atlantic Redevelopment-Land Acquisition (G/L #5115)- Payments totaling $254,999 were made for the following:
· Purchase of 15 NW 11th Avenue- $249,619
· Market value appraisals for various CRA properties- $5,380
5. Downtown-DB-Master Plan- Downtown Trolley (G/L #5230) - A 2nd quarter payment was made to the City of Delray Beach in the amount of $153,322 for the trolley services.
6. SW Neighborhood Plan-Village Square Elderly Loan (G/L #5306) - A payment (Draw #34) in the amount of $334,555 was made for the Village Square Elderly project.
7. Redevelopment Sites-Maintenance (G/L #6303)- Payments totaling $26,141 were made to the following vendors for maintenance services at CRA properties:
· Sod Unlimited, Inc.- $19,468
· Ray Graeve & Sons Construction, Inc.- $2,844
· MacLaren Signs Co. LLC- $2,140
· Brian Moore Bee Removal, LLC- $750
· Miscellaneous- $939...
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