Subject:
Title
Interlocal Agreement between the City of Melbourne, Olde Eau Gallie Riverfront Community Redevelopment Agency and Brevard County
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Fiscal Impact:
The Interlocal Agreement provides the framework for an extension of the City of Melbourne’s Olde Eau Gallie Riverfront Community Redevelopment Agency (CRA) from August 29, 2025 to September 2038. For Fiscal year 2021, the County’s tax increment funding contribution to the CRA was $209,650.00.
Dept/Office:
County Manager
Requested Action:
Recommendation
It is requested that the Board of County Commissioners adopt the Interlocal Agreement between the City of Melbourne, Olde Eau Gallie Riverfront Community Redevelopment Agency, and Brevard County.
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Summary Explanation and Background:
On May 10, 2017 the Board directed the County Manager to move forward with the negotiation of interlocal agreements with the Cities and Community Redevelopment Agencies (CRAs) within Brevard County. Since that time, the Board has entered into Internal Local Agreements with various cities and CRA’s within the County. The City of Melbourne and the Olde Eau Gallie Riverfront Community Redevelopment Agency (CRA), however, have not, entered into an interlocal agreement.
The County Manager and the County Attorney commenced discussions with the City of Melbourne staff in late 2017 to negotiate terms of an Interlocal Agreement relating to the transitioning of the CRA with the possibility of extending the CRA for infrastructure needs. Recently, the City proposed to finance a public parking garage funded from the County and City contribution of tax increment funds. To facilitate the construction of the needed parking garage, in an amount not-to-exceed $6.835 million, the Interlocal Agreement provides that the County will pass a Resolution within 90 days of the execution delegating limited authority to the City, such limited authority to include among other limitations, that (1) the sole agency project shall be the construction of a parking garage that doesn’t exceed $6.835 million in principal (less current funds in the amount approximately of $589,638 to be set aside in the Trust Fund for the project), (2) for a period 50 years, the garage is to be used by the public without charge with 90 percent of the parking spaces reserved for the public, (3) tax-exempt debt will be issued to finance the parking garage, (4) administrative expenses shall be limited to those required by Statute, the interlocal agreement, or the Special Districts Offices of the Florida Department of Economic Opportunity, not to exceed 5% of the County’s TIF contribution until FY 2023-2024 with no County TIF expended for administrative costs thereafter, and (5) extend the termination of the CRA to September 30, 2038 .
The City of Melbourne and the Olde Eau Gallie CRA executed the interlocal agreement on April 13, 2021.
Clerk to the Board Instructions:
Provide executed copies of the Interlocal Agreement to the following parties: County Attorney, County Manager, and the City of Melbourne