a copy of CRA FY 1st Amended Budget

FISCAL
YEAR
2015
Riviera Beach CRA
First Amended Budget
EXECUTIVE DIRECTOR
TONY T. BROWN
EXECUTIVE DIRECTOR TONY T.
BROWN
September 4, 2014
TABLE OF
CONTENTS
Page
FIRST AMENDED BUDGET FY 2015
1
MEMORANDUM FROM EXECUTIVE DIRECTOR
2
MARINA DEVELOPMENT CAPITAL BUDGET 2015
4
SUMMARY OF A FUNDING AGREEMENT
5
RESOLUTION 2014-45, APPROVING INTERLOCAL AGREEMENT
6
Riviera Beach CRA: 2015 Budget and Proposed 2015 Amendment
Schedule of Sources & Uses
Proposed
Budget FY
2015
1st Amended
Budget FY
2015
Increase/
(Decrease)
SOURCES
Carry Forward General Fund
7,524,949
Other Revenues
(687,577)
BB&T Note 2011 (Restricted)
7,524,949
-
(687,577)
-
12,515,802
12,515,802
-
BB&T Note 2013A (Restricted)
3,530,477
3,530,477
-
BB&T Note 2013B (Restricted)
676,007
676,007
-
8,900,000
11,903,760
3,003,760
City of RB
4,213,959
4,213,959
-
Palm Bch Cty
2,250,787
2,250,787
Total TIF Revenues
6,464,746
6,464,746
38,924,404
41,928,164
3,003,760
Personel
1,509,441
1,509,441
-
Administration & Operations
1,333,617
1,333,617
-
174,147
174,147
-
3,017,205
3,017,205
-
Clean & Safe
260,640
260,640
-
Riviera Beach CDC
166,700
166,700
-
Capital Access Prg
500,000
500,000
-
Event Center FF&E
500,000
500,000
-
Workforce Development Prg
City of Riviera Beach (Restricted)
Tax Increment Revenue
TOTAL SOURCES
-
USES
Expenses
City Services
Total Administration & Operations
Programs & Partnerships
100,000
100,000
-
Contingency
50,000
50,000
-
Community Boating Prg
30,000
30,000
-
1,607,340
1,607,340
-
Total Programs & Partnerships
Real Estate Development
Redevelopment (Capital) Projects
25,622,286
28,626,046
3,003,760
RE Maintenance & Leases
78,500
78,500
-
Transportation & Parking
65,000
65,000
-
818,022
818,022
-
26,583,808
29,587,568
3,003,760
Wachovia Note
634,592
634,592
-
Ocean Mall (City of Riviera Beach)
208,000
208,000
-
Property Acquisitions & Development
Total Real Estate Development
Debt Service
Marina (City of Riviera Beach)
-
-
-
Capital IMP (BB&T Series 2011 & 2013)
2,803,902
2,803,902
-
Total Debt Service
3,646,494
3,646,494
-
4,069,557
4,069,557
-
38,924,404
41,928,164
3,003,760
Rerserves for Operations & Debt Svc
Total USES
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MEMORANDUM
TO:
Honorable Chair and Members, CRA Board of Commissioners
City of Riviera Beach, Florida
FROM:
Tony T. Brown, Executive Director, Riviera Beach CRA
DATE:
September 2, 2014
SUBJECT:
Agenda Item Summary; A Resolution approving an Interlocal Agreement between
the City of Riviera Beach and the Agency to provide funding to build the Phase One
Marina Redevelopment Project.
Request for Board Action
The Agency is requesting the Board of Commissioners to approve a Resolution authorizing an
Interlocal Agreement between the City of Riviera Beach and the Agency to provide funding to build
the Phase One Marina Redevelopment Project in accordance with the Guaranteed Maximum Price
Contract (GMP) approved on June 25, 2014 by the Agency and by the City Council for
$25,932,978.
Summary:
The funding agreement will provide at total contribution of $11,903,760 to the Phase One Project.
This includes funding from the City of Riviera Beach for $6,301,443 for Bicentennial Park,
$4,626,557 for project Infrastructure and $975,760 from the Riviera Beach Utility District. The
Agency will reimburse the City and Utility District for $9,067,618 of the funding in accordance
with the bond payment terms negotiated by the City with their bond provider. The net costs to the
City after reimbursement will be $2,836,142 as shown on Attachment 1.
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