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File #: 18-0412 CRA    Version: 1 Name:
Type: CRA Report Status: Agenda Ready
File created: 7/31/2019 In control: Community Redevelopment Agency
On agenda: 8/13/2019 Final action:
Title: CRA FINANCIAL REPORT - MAY 2019
Attachments: 1. Agenda Cover Report, 2. Exhibit A - May 2019 Financial Statements
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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

 

Body

Recommended Action:

Recommendation

Receive and File.

 

Body

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