Title
Appropriation of United Gainesville Community Development Corporation - Loan Proceeds (NB)
Explanation
On October 18, 2000 the CRA approved a recommendation from the Executive Director requesting that the CRA as successor to the DRA write off the remaining balance of the Tidy Baby Day Care loan, and request that UGCDC not foreclose on the collateralized property.
On November 14, 2000, the Fifth Avenue Pleasant Street Advisory Board considered the allocation of the loan write off repayment of $13,459.07 to an appropriate project. After discussion the board determined that the Gateway/Streetscape project on NW 5th Avenue and NW 6th Street would be the best use of these funds.
On December 18, 2000, the CRA approved the Fifth Avenue Pleasant Street Advisory Board recommendation to request that the City Commission approve the allocation of $13,459.07 from the FAPS tax increment revenue account to the NW 5th Avenue/NW 6th Street streetscape project.
Fiscal Note
There is currently $113,193 in the NW 5th Avenue/NW 6th Street Gateway/Streetscape project budget account. The addition of $13,459.07 will bring the account up to $126,655.07.
Recommendation
The CRA to the City Commission: Approve the allocation of $13,459.07 from the FAPS tax increment revenue account to the NW 5th Avenue/NW 6th Street streetscape project.