Subject:
Title
The City of Melbourne's Request to Revise and Restate the Interlocal Agreement Governing the Olde Eau Gallie Riverfront Community Redevelopment Agency.
End
Fiscal Impact:
The fiscal impact of this request is that the County will realize a savings in the General Fund of approximately $1.8 million by terminating the CRA 5 years earlier than was approved in the Interlocal Agreement, which the Board, the City of Melbourne, and the Olde Eau Gallie Riverfront Community Redevelopment Agency executed on May 24, 2025.
Dept/Office:
Central Services
Requested Action:
Recommendation
It is requested that the Board of County Commissioners (the Board) review the City of Melbourne's Request to Revise and Restate the Interlocal Agreement between the County, the City, and the Olde Eau Gallie Riverfront Community Redevelopment Agency, and approve as submitted by the City of Melbourne or make revisions and authorize the Chair to execute the Revised and Restated Interlocal Agreement.
End
Summary Explanation and Background:
On December 2, 2025, the City of Melbourne provided the Board with a proposed Revised and Restated Interlocal Agreement executed on May 24, 2024, by the County, the City of Melbourne (the City), and the Olde Eau Gallie Riverfront Community Redevelopment Agency (the Agency). The summary of the redline changes to the Revised and Restated Interlocal Agreement provided to the Board on December 2, 2025, are as follows:
* Pg 2 - Sec 2(b): Previous redline revisions did not capture the 2033 Agency Termination Date in this definition section, so this section still incorrectly stated 2038. This definition has been revised to correctly state 2033 consistent with the terms of Section. 4.
* Pg 4 - Sec. 7(a): City staff wanted to clarify for the County that the $12.075M expenditure number was not calculated to include debt service costs, so a parenthetical to that point has been added. Both the $12.075M capital and ancillary cost limit, together with the $6...
Click here for full text