Subject:
Title
Resolution Modifying the Delegated Authority to the City of Melbourne and the Olde Eau Gallie Riverfront Community Redevelopment Agency
End
Fiscal Impact:
The Resolution provides for an extension of the City of Melbourne's Olde Eau Gallie Riverfront Community Redevelopment Agency (Agency) from August 2025 to September 2038. In Fiscal Year 20/21, the County's tax increment funds contributed $209,650 to the Agency.
Dept/Office:
County Manager
Requested Action:
Recommendation
It is requested that the Board of County Commissioners adopt a Resolution modifying the delegation of the Community Redevelopment Agency powers to the City of Melbourne, and thereby the Olde Eau Gallie Riverfront Community Redevelopment Agency.
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Summary Explanation and Background:
On May 4, 2021, the Board adopted an Interlocal Agreement between the City of Melbourne (the City), the Olde Eau Gallie Riverfront Community Redevelopment Agency (the Agency) and the County. The Interlocal Agreement provided that the County would pass a Resolution within 90 days of its execution modifying the delegated authority to the City, and thereby the Agency, to facilitate the construction of the needed parking garage in the downtown Eau Gallie. The delegation is modified as follows:
1. Extends the Agency's to September 2038.
2. Revoked the Agency's authority to expand its boundaries.
3. Identified the sole redevelopment project as the construction of a parking garage in downtown Eau Gallie.
4. After the end of Fiscal Year 2021, the Agency's authority to expend funds is revoked except for the construction of the parking garage and its long-term debt associated with it, and any administrative expenses required by Statutes, Interlocal Agreement, or the Florida Department of Economic Opportunity.
5. Limited the Agency's ability to incur indebtedness except to finance the construction of the parking garage project in downtown Eau Gallie provided (a) does not include a term that would ...
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