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File #: 18-0824 CRA    Version: 1 Name:
Type: CRA Resolution Status: Agenda Ready
File created: 6/3/2021 In control: Community Redevelopment Agency
On agenda: 6/10/2021 Final action:
Title: BUDGET AMENDMENT NO. 2, FISCAL YEAR 2020-2021
Attachments: 1. Agenda Cover Report, 2. Exhibit A - Resolution 2021-03, 3. Exhibit B - FY 2020-2021 Budget Amend No. 2
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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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