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LOCAL DEVELOPMENT FINANCE AUTHORITY BOARD
REGULAR MEETING
MINUTES
Monday, September 10, 1990
The meeting was called to order at 8:05 a.m. by Chairman Harris.
MEMBERS PRESENT: Chairman Harris, L. Eklund, F. Farmer, H. Ginman,
R. Hovey, P. Roy, D. Seifert
MEMBERS ABSENT: D. Gauthier (excused), S$. Johnson, G. Martin,
G. Milkins, G. Sarut, M. Sepeshy
STAFF PRESENT: D. Wendtland, T. Paul, K. DePoy, R. Chapla, D. Haas,
L. Gannon
APPROVAL OF MINUTES
Motion made by R. Hovey to approve the minutes of the April 16, 1990
meeting was supported by D. Seifert, and was unanimously passed.
BUDGET REVIEW
T. Paul distributed and reviewed the 1990 YTD budget report for LDFA
I, and indicated that approximately $100,000 was anticipated in
October from summer taxes.
The proposed 1991 LDFA I budget was detailed by T. Paul and R. Chapla,
indicating that the capital budget expenditure includes $159,000 for
completion of Sun Dolphin Drive, $20,000 for removal of railroad
tracks, and $200,000 for land acquisition (approximately 23 acres now
owned by Sunrise Memorial Gardens).
The proposed LDFA II budget for 1991 was also reviewed by T. Paul and
R. Chapla: Operating expenditures includes approximately $9,000 in
pass throughs and $91,000 for engineering services associated with
roads, utilities, etc., in the Medendorp Industrial Center. Capital
expenditure of $20,000 would be for improvement of the intersection at
Sherman and Roberts. In response to a question from P. Roy about the
possibility of combining the two LDFA areas into a single district at
some time in the future, R. Chapla indicated that it could be done.
A motion was made by Hovey and supported by Eklund to approve the
proposed 1991 budget for LDFA I, and was unanimously passed. Motion
was then made by Seifert and supported by Hovey to approve the LDFA II
proposed 1991 budget, and was unanimously passed.
OTHER
Correspondence regarding GTE property in the LDFA I district was
distributed; background and current status was explained by K. DePoy:
GTE has requested refunds totalling $101,565.53 for taxes paid in 1988
Local Development Finance Authority Board Minutes
September 10, 1990
Page 2
and 1989, and the City Attorney is evaluating the information for
possible exemption for the year 1989; if the property is eligible for
1989 exemption it will reduce the captured valuation by $1,299.000 and
will negatively impact revenues. Should it be determined that 1989 is
exempt, pass throughs for that year would have to be refunded to the
City. A copy of the City Attorney's opinion will be furnished to the
Planning Department for dispersement to the LDFA Board.
The meeting adjourned at 8:50.
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9/11/90
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