TO: CRA Board of Commissioners
FROM: Lori Hayward, Finance and Operations Director
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: August 25, 2020
Title
CRA FINANCIAL REPORT - JUNE 2020
Body
Recommended Action:
Recommendation
Receive and File.
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Background:
Attached are the June 2020 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 June:
• Redevelopment Sites (G/L #6310) - A property insurance payment of $27,745 was made for CRA-owned properties.
• Affordable/Workforce Housing Program/ Subsidies (G/L #6506) - Based on the CRA Board Meeting on June 23, 2020, the board approved to forgive a $50,000 loan make to the Delray Beach Community Land Trust for the acquisition of the property located at 309 SW 5th Avenue. The next Budget Amendment (No. 3) will include a budget line for G/L #6512-Support for Affordable Housing Initiatives and this expense will be reclassed to that expense account.
• Community Resource Enhancement/ A-Guide Funding - (G/L #7376) - A quarterly A-GUIDE funding payment of $25,000 was made to the Delray Beach Historical Society.
• Economic Development Incentives- (G/L #7415) - An annual Development Infrastructure
Assistance (DIA) incentive program reimbursement payment of $43,162 was made to KCMCL Pineapple Grove, LLC (Hyatt Place Hotel).
Attachment(s): Exhibit A - June 2020 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