TO: CRA Board of Commissioners
FROM: Lori Hayward, Finance and Operations Director
THROUGH: Jeff Costello, CRA Executive Director
DATE: April 9, 2019
Title
CRA FINANCIAL REPORT - JANUARY 2019
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Recommended Action:
Recommendation
Receive and File.
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Background:
Attached are the January 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 January:
1. CRA Administration Sources- Reimbursement-Other (G/L #4750) - Reimbursements that total $31,330 included:
• SWA Grant for property demolitions- $27,029
• Property taxes- $2,430
• Block 60 audit fee- $1,210
• Lift rental for Hatcher Construction - $661
2. West Atlantic Redevelopment-Land Acquisition (G/L #5115) - Payments totaling $289,534 were made for the following:
• Purchase of 121 SW 10th Avenue- $241,185
• Purchase of 102 & 1311 NW 14th Avenue- $46,849
• Appraisals services- $1,500
3. Redevelopment Sites-Maintenance (G/L #6303) - Payments totaling $28,438 were made to the following vendors for maintenance services:
• Hatcher Construction - $14,978
• Johnson Controls-$7,609
• Thyssenkrupp Elevator-$1,228
• Raymond Graves & Sons Construction- $849
• Precision Building Products- $809
• Waste Management Inc.- $683
• United Rental/Hatcher- $661
• Island Air Conditioning - $656
• Home Depot- $636
• Carlson Fence- $274
• Miscellaneous - $55
4. Affordable/Workforce Housing Program-A-Guide Funding-Delray Beach Community Land Trust (DBCLT) - (G/L #6535) - A first quarter A-GUIDE payment in the amount of $65,388 was made to the DBCLT.
5. Community Resource Enhancement-A-Guide Funding- (G/L #7376) - A-GUIDE payments totaling $173,500 were made to the following nonprofit organizations:
• EPOCH- $27,750
• Delray Beach Historical Society- $31,250
• Delray Beach Library- $114,500
6. Economic Development Initiative- Economic Development Incentives- (G/L #7415) Development Infrastructure Assistance (DIA) incentive program reimbursement payments totaling $109,632 were made to the following:
• KCMCL Pineapple Grove, LLC (Hyatt Place Hotel)- $43,162
• Prime Hotel, LLC (Fairfield Inn) - $66,470
7. Economic Development Initiative- Green Market- (G/L #7380) - Payments for the Green Market totaling $13,319 were made to the following:
• Salaries, Taxes and Benefits- $7,773
• Journal Entry reclassifying Salaries, Taxes and Benefits from Oct 2018- $2,355
• Program Operations- $1,466
• Entertainment- $1,425
• Advertising & Communication- $300
8. Economic Development Initiative- Warehouse/Arts Incubator- (G/L #7440) - Payments for the Arts Warehouse totaling $25,354 were made to the following:
• Salaries, Taxes and Benefits- $15,580
• Journal Entry reclassifying Salaries, Taxes and Benefits from Oct 2018- $6,171
• Program Operations- $3,100
• Advertising & Communication - $460
• General & Administration- $43
Attachment(s): Exhibit A - January 2019 Financial Statements
CRA Attorney Review:
N/A
Finance Review:
Reviewed and prepared by Lori Hayward, CRA Finance & Operation Director.
Funding Source/Financial Impact:
N/A
Timing of Request:
N/A