CITY COUNCIL AGENDA ITEM
Memo Date: January 16, 2020
Agenda Date: January 22, 2020
Prepared By: Charlene Neuterman, Deputy Community Services Director
Through: Nancy A. Bunt, Community Services Director
Requested Action:
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Approve on Second and Final Reading Ordinance 02-2020 related to the Diamond Square Community Redevelopment Agency for purposes of implementing the interlocal agreement between the City, Agency and Brevard County.
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BACKGROUND:
In 2019, the City of Cocoa, Diamond Square Community Redevelopment Agency and Brevard County entered into Interlocal Agreement amending several operational aspects of the Agency. A copy of the Interlocal Agreement is attached and was recorded in the Brevard County Official Record Book 8617, Page 1078 ("Interlocal Agreement").
The proposed Ordinance is intended to modify the Agency's enabling ordinance currently codified in Chapter 8 of the City Code consistent with the terms and conditions of the Interlocal Agreement. Specifically, a modification to the City Code is required to address new Agency requirements and restrictions including: (1) Limits on the Agency's borrowing authority; (2) an extension of the Agency's termination date to September 30, 2032; (3) Additional limitations on administrative expenses related to County TIF; (4) additional contractual annual audit requirements; (5) approval of an updated Redevelopment Plan; (5) a $150,000 annual cap on County's TIF unless otherwise approved by the County to fund a specific Agency project identified in the Redevelopment Plan; and (6) reconstituting the existing Agency Board.
Regarding the reconstitution of the Agency board, the Ordinance, consistent with the Interlocal Agreement, will re-establish a seven (7) member board of commissioners. Six of the commissioners will be appointed by the City Council, with initially staggered terms of 1, 2, 3 and 4 year terms. The seventh member of the Agency's board shall be the District County Commis...
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