Agenda 04/28/2020 Item #16B 1 (CRA Settlement Proceeds)04/28/2020
EXECUTIVE SUMMARY
Recommendation that the Board of County Commissioners, acting as the Community
Redevelopment Agency Board, recognize receipt of settlement proceeds, approve the prepayment of
CRA Taxable Note, Series 2017, principal in the amount of $360,000 and authorize necessary
budget amendments.
OBJECTIVE: To utilize settlement proceeds from the lawsuits styled Bayshore-Marco Island, LLC v.
CRA, Naples Funding, LLC v. CRA, and Lendequity, LLC v. CRA to prepay CRA Taxable Note, Series
2017, principal.
CONSIDERATIONS: On 2-11-20 the Board, acting as the Community Redevelopment Agency Board,
approved and authorized the Chair to execute a settlement agreement in the lawsuits styled Bayshore-
Marco Island, LLC v. CRA- Case No. 18-CA-3850, Naples Funding, LLC v. CRA- Case No. 18-CA-3853
and Lendequity, LLC v. CRA. The settlement resulted in the payment of $24,000 for each of 15 land sale
parcels for a total of $360,000. Consistent with established policy, staff is recommending that the
settlement proceeds be used to reduce CRA Taxable Note, Series 2017, principal.
FISCAL IMPACT: A principal payment of $360,000 on the CRA Taxable Note will be executed.
Budget amendments are required to recognize settlement proceeds in Bayshore CRA Fund (187) and
transfer those funds to CRA Taxable Note, Series 2017, Fund (287) for proper financial accounting.
GROWTH MANAGEMENT IMPACT: The proposed actions have no Growth Management impact.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, raises no legal
issues, and requires majority vote for approval. -JAK
RECOMMENDATION: That the Board of County Commissioners, acting as the Community
Redevelopment Agency Board, recognize receipt of settlement proceeds, approve the prepayment of CRA
Taxable Note, Series 2017, principal in the amount of $360,000 and authorize necessary budget
amendments.
Prepared by: Debrah Forester, CRA Director
Edward Finn, Sr. Management & Budget Analyst
ATTACHMENT(S)
1. Recorded agreement Feb 26 2020 (PDF)
2. Land Sale Settlement proceeds BA 187 3-30-20 (PDF)
3. Land Sale Settlement proceeds BA 287 3-30-20 (PDF)
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04/28/2020
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.B.1
Doc ID: 12182
Item Summary: Recommendation that the Board of County Commissioners, acting as the
Community Redevelopment Agency Board, recognize receipt of settlement proceeds, approve the
prepayment of CRA Taxable Note, Series 2017, principal in the amount of $360,000 and authorize
necessary budget amendments.
Meeting Date: 04/28/2020
Prepared by:
Title: – County Manager's Office
Name: Debrah Forester
04/08/2020 10:06 AM
Submitted by:
Title: – County Manager's Office
Name: Debrah Forester
04/08/2020 10:06 AM
Approved By:
Review:
Corporate Business Operations Swainson Hall Stage 1 Review Completed 04/08/2020 10:09 AM
County Manager's Office Debrah Forester Director - CRAs Completed 04/09/2020 12:15 PM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 04/10/2020 10:55 AM
Corporate Business Operations Sean Callahan Executive Director- Corp Business Ops Completed 04/17/2020 2:28 PM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 04/17/2020 4:49 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 04/20/2020 7:59 AM
Budget and Management Office Ed Finn Additional Reviewer Completed 04/20/2020 11:42 AM
County Manager's Office Sean Callahan Level 4 County Manager Review Completed 04/21/2020 9:22 AM
Board of County Commissioners MaryJo Brock Meeting Pending 04/28/2020 9:00 AM
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Packet Pg. 1285 Attachment: Recorded agreement Feb 26 2020 (12182 : Repayment of CRA Taxable Note)
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Packet Pg. 1348 Attachment: Recorded agreement Feb 26 2020 (12182 : Repayment of CRA Taxable Note)
BUDGET AMENDMENT REQUEST For Budget/Finance Use Only
BA#
JE #
BAR#
APH Date
187 Bayshore CRA
Fund No.Fund Description (type on line above)
Date Prepared: 3/30/2020 (Attach ExecutiveSummary)
Approved by BCC on: Item No.
Expense Budget Detail
Fund Center Title: Transfers Fund Center No.: 929010
Funded Program (Project) Title: 5-digit Fd Prog #:
(only one Fund Center/Funded Program should be entered into this section. If amendment is for Funded Program, must enter Fund Center info)
Fund Funded Commit Commitment Item Increase Current Revised
Center Program Item Description (Decrease) Budget Budget
929010 912870 Transfer to (287)360,000.00 629,500.00 989,500.00
-
Net Change to Budget 360,000.00$
Revenue Budget Detail
Fund Center Title: Bayshore CRA Fund Center No.: 138325
Funded Program (Project) Title: 5-digit Fd Prog #:
(only one Fund Center/Funded Program should be entered into this section. If amendment is for Funded Program, must enter Fund Center info)
Fund Funded Commit Commitment Item Increase Current Revised
Center Program Item Description (Decrease) Budget Budget
138325 369301 Settlements 360,000.00 - 360,000.00
-
Net Change to Budget 360,000.00$
EXPLANATION
Why are funds needed? (type below)
Where are funds available? (type below)
Funds are available from settlement proceeds.
REVIEW PROCESS
Cost Center Director*:Date
Division Administrator*:Date
Budget Department:Date
Agency Manager Date
Finance Department:Date
Clerk to the Board Admin:Date
Inputted by:Date
BA number (SAP)
Recognize land sale dispute settlement proceeds from Bayshore-Marco Island, LLC v. CRA, Naples Funding, LLC
v. CRA, and Lendequity, LLC v. CRA and transfer funds to CRA debt service fund (287) for principal prepayment.
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Packet Pg. 1349 Attachment: Land Sale Settlement proceeds BA 187 3-30-20 (12182 : Repayment of CRA Taxable Note)
BUDGET AMENDMENT REQUEST For Budget/Finance Use Only
BA#
JE #
BAR#
APH Date
287 Bayshore/Gateway Triangle CRA Debt Service
Fund No.Fund Description (type on line above)
Date Prepared: 3/30/2020 (Attach Executive Summary)
Approved by BCC on: Item No.
Expense Budget Detail
Fund Center Title: Redeem LT Debt Fund Center No.: 939010
Funded Program (Project) Title: 5-digit Fd Prog #:
(only one Fund Center/Funded Program should be entered into this section. If amendment is for Funded Program, must enter Fund Center info)
Fund Funded Commit Commitment Item Increase Current Revised
Center Program Item Description (Decrease) Budget Budget
939010 871200 Principal 360,000.00 491,000.00 851,000.00
-
Net Change to Budget 360,000.00$
Revenue Budget Detail
Fund Center Title: Transfers Fund Center No.: 929010
Funded Program (Project) Title: 5-digit Fd Prog #:
(only one Fund Center/Funded Program should be entered into this section. If amendment is for Funded Program, must enter Fund Center info)
Fund Funded Commit Commitment Item Increase Current Revised
Center Program Item Description (Decrease) Budget Budget
929010 481187 Trans from 187 360,000.00 629,500.00 989,500.00
-
Net Change to Budget 360,000.00$
EXPLANATION
Why are funds needed? (type below)
Where are funds available? (type below)
REVIEW PROCESS
Cost Center Director*:Date
Division Administrator*:Date
Budget Department:Date
Agency Manager Date
Finance Department:Date
Clerk to the Board Admin:Date
Inputted by:Date
BA number (SAP)
Funds are provided from land sale dispute settlement proceeds from Bayshore-Marco Island, LLC v. CRA, Naples
Funding, LLC v. CRA, and Lendequity, LLC v. CRA deposited in Fund (187) and transfered to CRA debt service
fund (287) for principal prepayment.
Funds are available from settlement proceeds.
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Packet Pg. 1350 Attachment: Land Sale Settlement proceeds BA 287 3-30-20 (12182 : Repayment of CRA Taxable Note)