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Minutes 01-08-19 MINUTES OF THE COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING HELD IN THE INTRACOASTAL PARK CLUBHOUSE 2240 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDA ON TUESDAY, JANUARY 8, 2019, AT 6:30 P.M. PRESENT: Steven B. Grant, Chair Mike Simon, Executive Director Christina Romels, Vice Chair Tara Duhy, Board Counsel Mack McCray Justin Katz Aimee Kelley 1. Call to Order Chair Grant called the meeting to order at 6:30 p.m. 2. Invocation Minister Bernard Wright gave the invocation. 3. Roll Call A quorum was present. 4. Agenda Approval A. Additions, Deletions, Corrections to the Agenda B. Adoption of Agenda Motion Board Member cCray moved to approve the agenda. Vice Chair Romelus seconded the motion that unanimously passed. 4. Legal None. ® Informational Items and Disclosures by Board Members and CRA Staff: A. Disclosure of Conflicts, Contacts, and Relationships for It Presented to the CRA Board on Agenda Meeting Minutes Community Redevelopment Agency Board Boynton each, Florida January 8, 2019 Board Member Katz wished all a Happy New Year and had no disclosures. Board Member cCray advised he was in a terrible accident and he needed the services of the men in blue and the City's firefighters, then he went to the hospital. He then had a stomach virus. He thanked all that prayed for him and advised he was feeling much better. He also thanked the current and prior CRA staff for all they have accomplished. Vice Chair Romelus wished all a Happy New Year and welcomed back Officer Rivera. Board Member Kelley had no disclosures and wished all a Happy New Year. Chair Grant thought 2019 was a chance to start all over and do all they can to make a better Boynton each. He thanked the Board and CRA staff for all the amazing things they have done. He visited many restaurants in the CRA District and thought the CRA economic development grants helped fill some of the vacant storefronts. 6. Announcements and Awards A. In Culture - Art Walk on January 19th Mercedes Coppin, Business Promotions and Events Manager, announced the CRA partnered with the Art District for the In Culture Art Walk Event which will be held at 410 W. Industrial Avenue from 6 p.m. to 10 p.m. on January 19th. Food and art vendors will be present. The CRA was happy to partner with the Boynton each Arts District. Parking was along Industrial Avenue on the shoulder of the road and in the warehouse parking lots. B. Rock the Plaza on January 25th Ms. Coppin explained the next Rock the Plaza event will be held on Friday, January 25th, at One Boynton Shopping Plaza at 1351 S. Federal Highway on the northwest corner of Woolbright Road and Federal Highway from 5 to 9 p.m. and will feature live music from Bruja. Businesses will offer special promotions to increase foot traffic and draw attendees to their business. One Boynton will showcase their residential units for the first hour of the event. 7. Information Only Chair Granted noted the CRA normally puts some of the recaps and project updates in Announcements and it was moved to Informational Only. This will be handled similarly to Consent Agenda items. Board Member cCray wanted updates on items A, B, C, D, E, and F as the citizens need to know what is happening. There was agreement to create a Project Updates and Recaps category on the agenda. 2 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida January 8, 2019 A. The Historic Woman's Club of Boynton Beach Roof Replacement Project Update Tu y Shuft, CRA Assistant Director, explained Advance Group Inc. was the contractor hired by the Board for the roof replacement at the Woman's Club. They were hired in July and the permit was issued in August. Due to storm delays and some structural repairs, the CRA would not know the extent of any roof damage. She explained after inspection, the repair cost was $18,000 and the contractor requested an additional 70 days. Since then, they completed tile work, but there was work on the balconies. They are asking for an additional 60 days for the mock up work. The substantial completion date is now January 25th, and there will be some incidental repairs having to do with the balconies as the railings had to be removed because of the balcony flooring. Staff hoped for final completion by February 25th barring any weather delays. After, they will paint the exterior and undertake window repairs. Ms. Shutt announced the CRA received an award from Solid Waste Authority of$77,000 to help with exterior painting. Board Member McCray thanked Ms. Shutt for the presentation, as the citizens do not meet one-on-one with staff. B. The Ocean Breeze East Project Update Mike Simon, CRA Executive Director, explained several meetings occurred prior to the formal site plan application submittal by Centennial on December 5th. In October and November, there were meetings with City staff and they gave Centennial items that would need to be revised and several revisions were then made. The CRA and City staff have been in close contact with them and their engineering firm. As per the contract and the development agreement, they are following the underwriting schedule provided by the Florida Housing Finance Agency and they are on schedule. The City Commission should see the site plan application several months from now after Planning and Development review, and a few more rounds of comments. He anticipated a four to five month site plan approval time frame before moving on to permit drawings. Board Member McCray asked when ground activity would occur and learned it would be late 2019 or early 2020. C. The Model Block Infill Housing Project- NW 11th Avenue Roadway Project Update Ms. Shutt explained on May 15th, the City hired R&B Paving LLC for roadway improvements for $575,262, including a contingency amount of $46,114.75. The CRA contributed funds for the engineering work for the improvements through an Interlocal Agreement signed in June. Usually with joint infrastructure projects, the CRA will work with the City on the design fees and then the City takes over for the bidding and procurement of the contractor. The members viewed construction photos. The storm water drainage, water and sewer pipes were installed at the end of December. Next was 3 Meeting Minutes Community Redevelopment Agency Board Boynton each, Florida January 8, 2019 testing the equipment and installing the underground conduit. There were permitting issues and substantial completion is March 23, 2019. All costs have been accounted for. The CRA originally approved $350,000 as a local contribution, but the City found funds in its Utility Water and Sewer accounts, so the CRA contribution for the construction was reduced to $13,000. Board Member cCray recalled they were trying to finish the project by the end of the year. D. Light up the Park on December 1, 2018 Recap Mercedes Coppin, Marketing Events and Economic Development Assistant, conveyed the Light Up the Park event on December 1, 2018, at Dewey Park drew 800 people. The Driftwood restaurant participated as a food vendor and were happy to advise they sold out of the majority of the items they brought to the festival. The lights were removed on January 5th. Mayor Grant inquired how much it cost to buy the lights so they would be permanent and what the electricity cost was. Mr. Simon agreed to research the matter and let him know. E. Rock the Plaza on December 8, 2018 Recap Ms. Coppin reviewed the Rock the Plaza at Sunshine Square Event. Eight out of 29 businesses took advantage of an opportunity to set up a 10' by 10' tent in a designated event area they had. She advised due to rain, only about 70 people attended, but the feedback from the businesses was they want to have a future event. F. The 47th Annual Boynton each and Delray Beach Holiday Boat Parade on December 14, 2018 Recap Ms. Coppin advised 33 boats registered for the Annual Boynton and Delray Beach Holiday Boat Parade. About 300 people attended the Watch Party at the Boynton Harbor Marina. Based on information from Facebook, over 19,000 people were interested in viewing the parade and at least 1,600 people checked in and watched the parade from different locations on the Intracoastal. G. Public Comment Log REVISED H. Public Relations Articles Associated with the BBCRA I. Social Media Activity Report for Events in November and December J. Marketing and Business Development Campaign 9. Public Comments Chair Grant opened public comments. 4 Meeting Minutes Community Redevelopment Agency Board Boynton each, Florida January 8, 2019 Minister Bernard Wright, 713 NW 2nd Street, wished all a Happy New Year and announced the upcoming Robert E Wells Love Fest on February 9th. He spoke to the Mayor and advised they will have a proclamation on February 7th to Robert E. Wells. He noted this was the 5th Annual Robert E. Wells Day and they are a 501 (c)(3) Ministry holding the event through contributions from the dais and others from the community. The event is growing. He explained the event is about crime prevention, growth, development, wealth building, family, history, culture, arts and crafts and entertainment. He wanted all to do right by one another. No one else coming forward, public comments was closed. 10. Consent Agenda A. Financial Report Period Ending December 31, 2018 B. Finance Department Purchase Orders for amounts exceeding $10,000 for the month of November and December 2018 C. Approval of CRA Board Meeting Minutes - November 13, 2018 D. Approval of Commercial Rent Reimbursement Grant Program in the amount of $9,600 for each Tennis, LLC located at 625 S. Federal Highway E. Approval of Commercial Rent Reimbursement Grant Program in the amount of $12,000 for B & R Corentities Inc, d/b/ hairis Luxury located at 413 S. Federal Hwy. F. Approval of Commercial Property Improvement Grant Program in the amount of $5,382 for B & R Corentities, Inc. d/b/ hairis Luxury located at 413 S. Federal Highway G. Approval of Commercial Rent Reimbursement Grant Program in the amount of $13,039 for Scavenger Escape Boynton, LLC d/b/a Novus Escape Room located at 458 N. Federal Highway 11. Pulled Consent Agenda Items Board Member McCray pulled Item G because he did not know what an Escape Room was. Aldo Trevino, owner of Novus Escape Room, explained they are the first Escape Room in Boynton each. Escape Rooms are a form of entertainment that is good for team building. The teams try to solve puzzles and clues in one hour in a room. He noted the rooms are never locked. So far, they have had amazing guests coming from Boynton 5 Meeting its Community Redevelopment Agency Board Boynton each, Florida January 8, 2019 Beach and West Palm each. There are 40 to 50 Escape Rooms from West Palm each to Ft. Lauderdale. Board Member cCray commented Boynton each has team building events. Board Member Katz inquired how frequently the activities changed and learned, one activity could be sustained for a year and a half and then the scenarios would change. Mr. Trevino commented one participant was very intimidated feeling she would be trapped in a room, but after she tried it, she loved it the most. They can accommodate birthday parties and different team building activities. They are also the first Escape Room in the world to offer characters that participants can chose so all have a certain part in the game. The rooms are never locked and employees monitor cameras to ensure all are safe. Employees and participants review safety regulations before and watch a video of what scenario they will go into. Vice Chair Romelus was intrigued as she had experienced Escape Rooms before, but never with characters. Mr. Trevino advised Escape Rooms are popular in other countries and he extended invitations to the Board to participate. Board Member cCray advised he had to work that day and could not attend. Motion Board Member cCray moved to approve. Board Member Katz seconded the motion that unanimously passed. Board Member cCray wanted to ensure the Police Chief would provide a report in six months. Motion Board Member Katz moved to approve the Consent Agenda. Board Member cCray seconded the motion that unanimously passed. 12. Public Hearing 13. Old Business A. Consideration of Responses to a RFPIRFQ for Redevelopment of CRA Owned Properties within the MLK, Jr Boulevard Corridor(TABLED 11/13/18) Motion Board Member Katz moved to remove from the table. Vice Chair Romelus seconded the motion that unanimously passed. 6 Meeting Minutes Community Redevelopment Agency Board Boynton each, Florida January 8, 2019 Mr. Simon explained this item was tabled at the November meeting to request the two RFP Respondents to further investigate the Opportunity one Program discussed by the IRS and Treasury Department. The Board had listened to presentations at the November meeting and requested a revised response be submitted that was more specific to the project and its financing options including the Opportunity Zone Program. The deadline for the responses was January V. Of the two proposers, Neighborhood Renaissance was the only firm that submitted supplemental information regarding the Opportunity Zones, which was contained in the handout. Staff had to determine if either of the firms are firms the Board would like to discuss and work towards a development agreement. The members decided to hear a brief presentation from the firms. Vice Chair Romelus thought, the main thing that changed was the Opportunity Funds. She wanted the CRA attorney to elaborate more about the program, how it changes things and what opportunities it presents to the Board. Centennial Management Elizabeth Roque, Asset Manager, Centennial Management was present and introduced team members Paul Milton, Vice President Development and Acquisitions and Brian Jaffee, Finance and Acquisition Specialist. Ms. Roque explained they proposed to call the community Wells Landing; a mixed-use apartment, urban development, proposed as 124 affordable apartments having 5,000 square feet of retail, 3,250 square feet of covered open-air breezeway, 2,500 square feet of leasing office and a clubhouse for the residents. Six-foot wide pavered sidewalks and a grocery store that faced MLK Jr. Boulevard was also contained in the handout. She reviewed the integration of MLK, the history about Robert E. Wells and how MLK Jr. Boulevard was formed, including the Adams Barber Shop and the Continental Club. Centennial proposed to bring the Boulevard back to life and use urban design concepts to keep within the history including the Floribbean designed homes with front porches, metal roofs, pastel colors, and retail catering to local residents, as well as a plaque commemorating the history of Wells Avenue. The community will have an Art all as part of the Art in Public Places requirement and feature tropical architectural elements reminiscent of the turn of the century South Florida life. Residential Townhouse ownership units will be built on CRA scattered lots and are suitable for the first-time homebuyer program. The 5,000 square feet of first floor retail will consist of what the community wants. Centennial will hire local artists to create murals about the history and culture of L . The site plan showed a three-story commercial building, open-air plaza with 24 units on one side and 60 units on the other side of the breezeway. Building two will have 40 units. A conceptual drawing of Wells Landing was viewed with on-street parking and parking in the back. The members reviewed where the grocery store would be. The units will be one, two and three-bedroom units. A view of the scattered lots was reviewed. The units 7 Meeting Minutes Community Redevelopment Agency Board Boynton each, Florida January 8, 2019 will feature 15 SEER Air Conditioning units, Energy Star appliances, beautiful plumbing and lighting fixtures, hurricane-impact windows and doors, programmable thermostats and others as contained in the meeting backup. Centennial advised they want to build the community and feel they are invested as they already own property in the community and feel a connection to it. They would like to continue their work and construct Ocean Breeze and MLK Jr. Boulevard as well. Board Member Katz inquired about the infill townhouses, which are joint units. The CRA has single lots east on MLK Jr. Boulevard and they are single lots because they do not own the adjacent properties. He asked if they would build freestanding townhomes or land bank the parcels until they acquire the adjacent properties. Ms. Roque responded they would have to discuss it, but they are open to what the Board wants. Board Member McCray thanked Centennial for including an urgent care facility in the development Chair Grant reviewed the financial scenarios with the 9% housing credit, SAIL or TIF. The CRA has one opportunity to build and he would like to build as much as possible at one time so they can max out the building location. He queried if they could try to maximize the building's location noting Centennial was asking for over $13 million from the CRA. He was fine with the request, but commented if they obtained the SAIL funds and they only requested $4 million, where they could meet in the middle to get a bigger development. He reiterated, there is only one opportunity, and with the extra funding, they could acquire additional parcels, increasing the size of the development. Ms. Rogue did not think the team would be opposed to maximizing the project. Chair Grant noted they have seen Centennial's presentation multiple times and he feels they are getting a premium product. He questioned if someone is doing well and lives in affordable housing and later on their income exceeds what is allowed for affordable housing, if they had to leave and learned all have to fall within certain income categories. Once moved into the community, someone could win the lottery and not have to leave. As with townhouses, he asked if it was possible, with TIF funds to offer rent-to-own homes, as he would like to see equity in the community. Mr. Milton explained Centennial Management looked into the Opportunity Zones. They are not really introducing anything other than to let the Board know why they are not introducing anything. Brian Jaffee explained the team researched the program and he spoke to experts in the field and qualified Opportunity Fund Managers. The program is more of a tax deferral and incentive program to provide equity funding to areas such as the MLK Jr. Boulevard. It was intended to encourage equity investors and provide them with tax incentives. Opportunity Zones only provides this tax incentive to the investor, who will receive a tax deferral on their capital gains from the investment. The program does not provide any other benefits to the CRA unless the CRA has an equity partner. At this time, the team feels the best way is to follow the original funding sources as proposed. If selected as a developer, they are open to further looking into Opportunity Zones as a future funding option. 8 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida January 8, 2019 Mr. Milton spoke about the different opportunities to acquire additional lots to expand. The site plan showed two contiguous areas to the west is where they propose the 124 multi-family, tax-credit rental units. Centennial Management will discuss with the CRA the other scattered lots owned by the CRA and their possibilities. The south side of MLK has some lots they would acquire to incorporate into the site, creating a more fluent property, which will allow them to build up to 144 units. If the CRA wants more or less built, they can do so. They talked about traditional affordable housing funding, and they believe nothing beats the 9% tax credits, provides 90 cents to the dollar of eligible costs in free equity. Florida Housing Finance Corporation is still giving a very strong competitive advantage to anyone who applies within a local government area of opportunity, which the project would qualify for, and it would also allow them to build close to Ocean Breeze without penalty. Centennial believes they have a very good chance to do the same with Ocean Breeze West, as they did with Ocean Breeze East through the traditional affordable housing programs. Board member cCray noted the project would extend from NE 9th to MLK Jr. Boulevard, and from MLK to 11 th, if there are other places to build. He did not want to send the wrong message to the District 11 citizens by indicating they will take up 12th and 13th. He noted there were only two more streets to go and he did not know what to do to calm them. With the project as currently proposed, people will get nervous thinking the CRA will try to take their property. Board Member McCray commented the Board went through this before because the expansion will make some residents uncomfortable. He was already speaking for one individual. The project will expand from NE 9th to NE 11 th, then to NE 12th to NE 13th and then they have the canal. The only area they have a firm proposal for with financing options are the areas owned by the CRA as two contiguous sites; all else has not been provided in detail. Mr. Milton commented they will ensure they provide community involvement in each step of the process. Vice Chair Romelus asked if they would also include residents in hiring locally and ensuring residents get to rent the units. She wanted the residents to be involved in the process to bring equity to their own lives It was explained Centennial will offer rental units to residents and job opportunities during construction and to small local companies. Centennial will hire Merchant Strategies to help with outreach. Attorney Duhy explained the Opportunity Fund. The memo she prepared was included as attachment five in the meeting backup. The program is an asset signed into law by President Trump in 2017 to incentivize investments in certain areas such as the Heart of Boynton. If the Heart of Boynton zone was invested in, those investors would reap the benefits. The benefits are tax deferrals and some limited tax reductions if the investor holds the investment for a certain amount of time. The longer the investor holds the investment, the more the tax decreases from the deferral. By making an investment in the area, the investor would receive a deferral until 2026. It is not an opportunity from the CRA's standpoint that would benefit the CRA, but as a qualified zone, some developers may want to invest in the area and can use the program to move projects forward. 9 Meeting Minutes Community Redevelopment Agency Board Boynton each, Florida January 8, 2019 Chair Grant commented, by using capital gains, whether from stocks, bonds or a 1031 exchange, they could attract investors from around the country who have had recent gains in other types of investments to have this as a tax shelter while improving the area. Attorney Duhy explained to take advantage of some of the benefits, the investment needs to be done by December 31 st of this year. Vice Chair Romelus queried if Chair Grant's objective is to help encourage ownership within the communities along MLK and asked how the Opportunity Zone would encourage that. Chair Grant understood with a tax deferral, the investor would have so much time and then the deferral amount would end after 10 years. Any increases incurred during the 11th year would be taxable. Attorney Duhy explained she is not a tax attorney, but Chair Grant's understanding was generally correct. The benefit to the CRA was groups could seek capital from capital companies across the country looking for opportunities to invest funds for a period of time. It does not impact the ownership, rather it was a financing mechanism for developers to use for a period of time, and this was an area that a capital group would look at to take advantage of the financial benefits. Vice Chair Romelus supported encouraging ownership. Chair Grant explained since the CRA has the land, the CRA can dictate the terms of the deal. Rather than those capital investors selling out to another capital investor as a management company holding the rental units, they can piece it out as a condo and have the equity opportunity in and around L . The goal is to have affordable housing in the area. He noted after the housing tax credits end in 10 years, if the developer still owned the property, there would be no equity remaining in Boynton each because the developer was unlikely to live in the City. Chair Grant thought if an Opportunity Fund was used, the CRA could dictate they would like to see the rentals converted to condominiums, as opposed to selling the property and the equity leaving the community. Vice Chair Romelus noted the program was still being vetted and did not want to think 10 years out the investor would divide the property to individuals who are willing to purchase individual units. She did not know if it was feasible or realistic whether the development is funded through traditional funding sources and if it would make a difference if the development achieved the same outcome. Chair Grant commented the difference is the CRA holds the keys to the vehicle and could use the TIF monies to create ownership. After the 10 years, the CRA could give TIF for the opportunity to sell the properties to homeowners as a rent to own. His goal is to find different mechanism and he agreed, using this funding mechanism, this is the first year they have the type of investment opportunity. There are no legal precedents regarding Opportunity Funds and Zones. They have the US Code, but there is no precedence based on the tax code and there is a chance it would not happen, but he would rather have a chance as opposed to no chance at all. Vice Chair Romelus liked the idea of keeping equity in Boynton each, but was unsure this was the right way to do it because the program was new. Board Member Mcry 10 Meeting Minutes Community Redevelopment Agency Board Boynton each, Florida January 8, 2019 agreed with Vice Chair Romelus and wanted written information, before he made a decision. Board Member Katz asked if the using of Opportunity Zones and the tax savings precluded being awarded tax credits or if they could be awarded simultaneously. If not, he thought the CRA was throwing everything they ever talked about the project out the window, by opting for Opportunity Zones or nothing. Attorney Duhy did not know, but it did not appear to be the case. She would have to consult with an attorney with special knowledge about it. Board Member Katz questioned, assuming the developer could use both traditional and the new program funding, what the timeframe was for the next round of 9% tax credits and SAIL funding. Mr. Simon explained the application deadline is usually in October/December for the 9% and the process of an award works toward February/March/April cycle, plus a protest period, which could move the award back to June. The technical term for the program was Qualified Opportunity Fund, and the $10 million was another source of equity. In this case, there is money paid to the fund, it is not $10 million flat, and the CRA does what they want for 10 years and the investor uses the benefit for the 10 years. There is an interest rate and return on the investment, in addition to whatever return and percentage they receive on their tax deferral. There is a cost for the monies. It is not only at the end of the term when they leave. As for homeownership, it would be difficult to structure ownership into an equity fund because after duration when they want their money back, to receive the gain at a zero tax implication, they will want to sell the property. No one has said they would sell $10 million worth or mortgages on a secondary market to the homeowners the loans were given. It could work on a long-term hold on an apartment rental. There is an investment to build the apartments and revenue generated from the apartments from 10 to 30 years. It would be a constant revenue stream that after 10 years, if they sold to another developer, they would receive the gain. If it sold for $20 million, then the$10 million they earned after holding the property is not taxed at the same rate the first $10 million was. It is tricky from an ownership standpoint, unless the CRA structures the agreement where a portion of the units could be held by the CRA if they funded the units in combination with other funds, or there was some type of conversion in a development agreement. It is tricky. The program was not designed for that type of opportunity. It is to match existing first mortgages with additional loan funds and it is another layer of loan, or mezzanine financing, for these projects. There is a cost and it could be twice as much as a regular loan amount. The numbers and the cash flow are very important. Board Member Katz understood something needed to be done by December 31St in order to qualify for the Opportunity Zone Incentive, but the 9% applications are due in October and they are not vetted and awarded until the new year. He thought it would be difficult to believe financing was secured or started by December 31 st when the tax credits cannot be awarded until the new year. Chair Grant understood the money has to be in the fund before the 31st, and not necessarily invested and spent. Attorney Duhy clarified the monies have to be invested in the fund. She did not know if the funds had to be earmarked 11 Meeting Minutes Community Redevelopment Agency Board Boynton each, Florida January 8, 2019 for a project or if there would have to be movement on the ground. She will make a note to obtain the answers to the questions. Mr. Simon explained the Treasury has not decided that there is a term, called a project, which would allow the Board to identify the project. The fund would identify the project. All of the investment fund managers are asking the Treasury and IRS to say, it is unrealistic to get money into the fund and build it by the deadline. He questioned what other terminology could be created for an identified project, which was a term that was thrown around in the Opportunity Zone language so the Board could have 30 months after identification in order to complete the project. The general population of development and funding recognizes the deadlines put in place, in theory of the Opportunity Zone writing, results in losing a year of the 10-year period, so investors would not receive the full 10 years of deferral. The initiative is ongoing and constantly changing until the law goes into effect. Mr. Simon explained with regard to the 9% tax credit program, when Centennial was awarded the 9% tax credits, 100% of the funding was made through the 9% credits. An Opportunity Zone fund would not be used in a 9% fully-funded project. They would use it for another type of project. If SAIL or some other award required equity, and the CRA could afford to pay the equity back to the fund at 7%, 8% or 10%, then Opportunity Zones could be used in combination as another source of equity. He was fairly sure there was discussion how to tier those funds together. Neighborhood Renaissance Michael ecar was present with Executive Director, Terri Murray and Project Manager Carlos Toledo and wished all a Happy New Year. Mr. Pecar explained they have been in the Community Development business since 1992, and their mission is to develop sustainable and diverse communities to accommodate all income levels. They are working with the Boynton each Faith Based CDC for local hiring, training and community outreach initiatives. The project was a holistic approach on MLK Jr. Boulevard using mostly CRA' parcels. They proposed a 1I 00-unit rental community. Onem buildingwas a retail development. The southern property would require acquisition of the Larann parcels and possibly the DJ Management parcel. They planned for 100 to 150 units within the two parcels; all of them rental and not age restricted, and the funding mechanism restrictions will determine whether there would be income restrictions as it pertained to mixed- income. The development would include a business and fitness center, and a community room open for use by outside residents. The fitness center could also offer inexpensive memberships for people in the community to use. An area of MLK Jr. Boulevard was viewed, which was originally planned for some retail, but if awarded, they would have several more community meetings to receive greater input. The retail plaza could be rezoned and be mixed use having more residential apartments with six to 10 attached rental townhomes and two single-family homes. The townhomes and single-family homes would be for sale. The apartment layout reflected a four-story building with an elevator, dog park and possibly a clubhouse and pool. The retail plaza had two phases 12 Meeting Minutes Community Redevelopment Agency or Boynton each, Florida January 8, 2019 and consisted of a 4,600 square foot retail. The plaza would be landscaped and have some hardscapes and perhaps furniture, which could be used as an active space for farmer's markets, community events, entertainment and art shows. Images of the retail phase I was viewed featuring wide sidewalks for outdoor merchandising, seating and for restaurants. Neighborhood Renaissance proposed a package of community benefits and want to fulfill the program and have job fairs, letting the local community know there will be a construction project and employees will be needed to operate the apartment and rental community. New hires would be local through a Section 3 type program and they would request the general contractor use local vendors. He noted Boynton each has a lot of construction trades that employ a lot of local people. For the retail/commercial area, the input they received from the community was there needs to be outreach to local entrepreneurs to open a business on MLK, which Renaissance was amenable to as they want to provide affordable rents a startup business can afford. They are trying to find local businesses who live and work in the Heart of Boynton. Mr. ecar commented most investments to date are private investors who sold something, targeted a specific investment and they build it on their own. Neighborhood Renaissance works with pooled funds, which have the triple bottom line of a return on and of investment while providing a community benefit. These entities would be the National Economic Council and Enterprise Florida who form the funds and they are waiting until this month for the final regulations. The pooled funds will also accept a lower return on investment because they are charitable. Even the CRA and Neighborhood Renaissance have projects, even when not subsidized, try to provide a product that is attainable for working families. They all affect the bottom line and the challenge is to find an investor who will take a six or five percent return over 10 years. The National Equity Fund has looked at their project and thinks it would support a $10 million investment and they have a letter of interest from them. The fund investors will put in up to 10% to 20% of the total development costs as equity, and Neighborhood Renaissance will put in a percentage of their own equity. Conversely, the equity that the Opportunity Fund will invest in, would require getting a first mortgage and another secondary financing if needed as they seek returns of about 10%, which are payments during the term they hold the investment and on exit. They think there could be a $10 million investment on MLK in the apartment complex, but the caveat is without CRA assistance, and their projections do not include paying for the CRA land, the rents will be $200 to $300 higher than what their market study currently showed. The plan includes 20 one-bedroom units of which 10 are market rate and 10 are for those at 80% of the area median income or less. The 60 two-bedroom units will be offered for the same market. For the 20 three-bedroom, two bath units, half are market rate and the other 10 are 80% of the area median income. Twenty percent are for the low and moderate-income workforce. Their total development cost of 100 units is $26,000,830 and they are open to deed restrictions. Mr. Pecar explained they can use Opportunity Zones with the 4%, but then a 50-year restriction from the Florida Housing Finance 13 Meeting Minutes Community Redevelopment Agency Board Boynton each, Florida January 8, 2019 Corporation applies. With the 9% tax credits, they would not need to see Opportunity Zone funds. Board Member cCray asked about neighborhood meetings and learned Neighborhood Renaissance had one meeting so far. Terry Murray, Executive Director had a meeting at the Hester Center and had a sign in sheet. About 10 people showed up in addition to the Boynton each Faith Based CDC. Board member cCray requested a copy of the sign- in sheet as people that attended may not live in District 11 and 10 individuals cannot speak for the entire district. He also commented he was not notified, but learned Neighborhood Renaissance did not notify the Commission because of the cone of silence. Ms. Murray will provide him with a copy of the sign-in sheet. They tried to coordinate the meeting through the Coalition of Clergy and the Heart of Boynton Neighborhood Association. Chair Grant noticed the difference between the two proposals was the increased retail/ commercial space. He noted MLK Jr. Boulevard was a historical commercial district in the community, which he supported. The data Neighborhood Renaissance provided affordable senior rental, however, it would be for individuals of all ages. Mr. ecar explained if the local contribution is high enough, and because of Ocean Breeze East, the development did not have to be for the aged. Carlos Toledo explained the local government contribution area of opportunity preference is 2.5 times the total development cost which was estimated to be around $600,000 to $700,000 in total. The MLK Jr line item would cover that amount. Chair Grant asked about the homeownership equity aspects, and if Neighborhood Renaissance would coordinate and contract with the CRA after a certain period of time for some units to be converted to condo. The CRA can offer TIF generated by the homeowners living in the units. Chair Grant would like to see if the developer is amenable to have TIF have one property open for sale at an affordable rate. Mr. Pecar responded it is an exit option, but depending on the sources of funds it may or not work and it is not known what the market will be like in 10 or 15 years. It could be added to a development agreement or be a deed restriction. Chair Grant was fairly certain affordable or workforce housing will always be doing well. Chair Grant opened the floor to public comments with a three-minute limit. Susan Oyer, 140 SE 27th Way, noted the Centennial floor plans show washer and dryer connections, but no appliances and learned the rental units will have appliances. Her other concern was having a four-story building next to one-story homes. Height was an issue for her as those in the apartments can see into nearby homes. She understood the area was rezoned R-4 for the project, but did not think it was appropriate. She understood density was needed, but there was no compatibility. Ms. Oyer thought the Neighborhood Renaissance design was bland and she did not see solar or green space components on the rooftop. She favored the Centennial design. 14 Meeting Minutes Community Redevelopment Agency Board Boynton each, Florida January 8, 2019 "Tory," 407 NE 17th Avenue, met with Neighborhood Renaissance at the Carolyn Sims Center in District 11 and explained they did not hear anything about the meeting until the Coalition of Clergy publicized it. The Coalition had a great meeting, but he noted the people speaking for Boynton are not from Boynton. He did not understand how there was a meeting without notification. He is an activist in the community, speaking for individuals that earn $24,000 or less. He questioned how can they pay $2,000 a month rent when they barely make $22,000 a year. Minister Bernard Wright explained he has been living in the City for 66 years and advised Robert E. Wells was a pioneer. He commented they need entertainment and he was aware of the meetings. He liked Wells Landings and commented Wells Avenue was always three stories with retail. He was inspired about the Centennial project as Centennial was honoring what the residents want constructed. Ms. Rogue, Centennial Management, explained they have been in Boynton each for many years. They are proud to be part of the community and want to give back to the community. They are proud to hold job fairs so people in the community can open stores. They have washers and dryers in all units. They tried to reach out and will work with the community to find out what they and the Board wants. Michael Pecar, Neighborhood Renaissance, apologized to anyone that did not know about the meeting that was held. If they develop the project, they would hold several more meetings. It is one thing knowing what the community wants and how to get local businesses on the street. They also want buy in from the Heart of Boynton and other residents. The businesses will not be all chain stores and he suggested including that 25% of the businesses in the development will be from local residents. Board Member Katz thanked both firms for the presentation and felt Centennial's objective was superior. Subjectively, he felt Centennial's project was closer to the target. The Board has worked with both firms; Centennial Management with Ocean Breeze East, and Neighborhood Renaissance for the Cottage District. He thought Centennial had a better proposal. As for Opportunity Zones, he appreciated Chair Grant raising the issue and thought they need to delve into it when they have more information and can apply it to a project. If they continue to engage the community, they can tweak the plan. There was no rush to break ground because of funding timelines. He looked forward to them being awarded the project and hoped Neighborhood Renaissance would continue putting their product forward because they have a good product. Board Member cCray asked how many people showed up to the Centennial meeting and learned they had 20 - 30 people including police officers and they got great feedback. Board Member cCray wanted a copy of their sign in sheet also. He liked Centennial's presentation and thought Neighborhood Renaissance's presentation was bland. Nothing had caught his attention. Vice Chair Romelus supported Centennial's presentation. 15 Meeting Minutes Community Redevelopment Agency Board Boynton each, Florida January 8, 2019 Board Member Kelley appreciated the firms making presentations and agreed with Board Member Katz's comments about competition from two good companies. She was more impressed with the Centennial project. She liked the look of it, funding and what they would offer. Chair Grant thanked Neighborhood Renaissance for their research on Opportunity Zone funds. Centennial made a good presentation. They will have many community meetings and explore ownership and equity opportunities in the future. Motion Board Member cCray moved to authorize the project to Centennial and they continue have community meetings and to move into negotiations with Centennial. Board Member Katz seconded the motion that unanimously passed. Board Member Katz suggested, due to all of the pending changes in the community and concerns about stereotypes and gentrification and moving people out, a serious discussion about what the CRA could legally do to provide educational and job training grants to the neighborhood. Gentrification occurs with new construction and the existing population there does not have an income commensurate with affording the new units and would be forced out with rents, increased taxes and property values. He noted the CRA has different grants. He thought the CRA needed a plan that revolved around providing educational grants for low-income residents in the CRA District; otherwise, the investment will lead to a negative stereotype and gentrification. He did not want residents displaced. He wanted Legal and the Director to research available resources and other CRA assistance. Board Member cCray agreed the CRA needed a retreat offsite to discuss the matter further. B. The CRA's Cottage District Infill Housing Project Update Mr. Simon explained information was contained in the agenda item. The CRA met with the City, or CRA staff and the Neighborhood Renaissance team since September when the award was given for the Cottage District. At each meeting, the site plan is discussed as are the overall elements of the project and various concepts. At each meeting, another aspect of utilities and underground capabilities of the City's infrastructure is brought up. Mr. Simon explained they are making great progress, noting it is a very big project. It may not be as expensive as the 500 Ocean project was, but it is almost more complicated. He requested the Board allow him and staff to continue to work with Neighborhood Renaissance. Information is constantly forthcoming. They just met last week with Public Works, Utilities and City staff and flushed out a lot of issues. They need a little more time to bring back a presentation. 16 Meeting in s Community Redevelopment Agencyoar Boynton c lri January 8, 2019 Chair Grant noted there are three major projects in five blocks and now MLK Jr. Boulevard with the CRA being the common denominator in all of them. He thought they have to work together to figure something beneficial out. Chair Grant questioned if it would get where it would be cost prohibitive and get to a point to have the County maintain Seacrest because they need the stormwater capability that Seacrest provides. He thought it was a discussion for the City, CRA, the developers and the County. It was important to work as a team. C. Consideration and Discussion of the Letter Submitted by the Community Caring Center Boynton Beach, Inc. (CCC), for their property located at 145 NE 4th Ave, Boynton Beach, Florida Mr. Simon explained this item was presented to the CRA Advisory Board and discussed at length. The Advisory Board acknowledged support of the requested $550,000 in CRA funding and the ability to provide the three lots at NE 9th Avenue and NE 3rd Street as a relocation site and the flexibility to provide up to a maximum of $850,000 for the project from the CRA. The Board has not had a chance to weigh in on the matter as it just went before the Advisory Board. The size of the building has decreased from 9,000 square feet to 5,000 square feet. The Community Caring Center would like to use the $250,000 acquisition funds from their current location and an additional $300,000 to apply for other funding sources to construct the 5,000 square foot facility at the corner of 3rd and NE 9th focusing on the business incubator currently located on Boynton Beach Boulevard in the future Villages site. It is within the guidelines to contribute the funds to the project as it has an economic component and staff needed direction. Chair Grant inquired if there was discussion of continuing NE 3rd Street to MLK Jr. Boulevard and learned there was, but staff was viewing it as a separate project item. The City gave an estimate between $300,000 and $500,000 depending on the level of stormwater utilities if the project stayed in that location. The project involving the Community Caring Center would include improvements in the surrounding site Ms. Johnson would be developing as well as NE 9th Avenue. Board Member McCray explained when this was first discussed, the amount was $500,000. He wanted to know why they needed another$300,000. Mr. Simon explained the presentation made involved additional consideration presented to the CRA Advisory Board to build the larger facility at one time rather than in future phases. The Advisory Board accepted the information Ms. Johnson had and wanted to offer the Board, their support for a range, if the Board wanted to facilitate a larger project or was comfortable with a 5,000 square foot incubator. They would set a floor so Ms. Johnson could get the 5,000 square foot site constructed. Board Member McCray commented the project was scaled back, but not the funds. The Community Caring Center was looking for $1.1 million. Chair Grant commented the Board does not have the value increase to the Cottage District, by not having the non-conforming use in that area. The duplex was $171,000. A new home will be constructed on the lot. Chair Grant went to the Community Caring Center and they did a great amount of work in the City for a long time, but one of his concerns was a commercial use in a residential neighborhood that is non-conforming. 17 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida January 8, 2019 He felt they were getting their money's worth in the surrounding area. There is not enough parking for individuals to go to the Community Caring Center. They were combining the Secret Garden Caf6 and moving up to NE 9th to a special location. He asked if Caf6 Infusion was part of the plan. He commented this will be the first restaurant in the Heart of Boynton. Chair Grant was happy with the $550,000 and anything for the $300,000 could be discussed later if needed. Vice Chair Romelus requested clarification the Board would be approving a total of $550,000 for acquisition of the current facility and relocation. Mr. Simon explained staff has to determine the exact amount of the sale as the numbers could change. The motion would be for staff to take the numbers, put them in a Development Agreement to be brought back to the Board with all the criteria. One suggestion staff made to the CRA Advisory Board that was supported by the Advisory Board and Ms. Johnson was attaching a securing vehicle similar to what was done at the 711 N Federal Highway, where the Board is not just giving the $350,000. The balance of the funds would be secured by a soft-second mortgage. Motion Board Member cCray so moved to allow staff and Legal Counsel to negotiate based on the amount the Board determined for the purchase and then relocation of the Community Caring Center and it will be brought back to the Board in the form of a Purchase and Development agreement with a term sheet at a future meeting. Vice Chair Romelus seconded the motion for discussion. She asked about the current balance in the project fund. Mr. Simon explained the acquisition funds were identified in last year's fiscal year budget. The $250,000 was already set aside and the $300,000 would be used. If needed this fiscal year, he would take funds from the Future Redevelopment Projects line item, which has about $883,000 for additional acquisitions. Mr. Simon did not anticipate any other future development. The motion unanimously passed. H. Sara Sims Park Project Update REVISED Ms. Shutt explained an update was made in December and the members viewed construction photos. She explained the CRA gave half the funds, or $600,000 for this project and the City gave the remainder. Gary Dunmeyer, City Engineer, commented the site preparation was going well. The site was cleared, and they are about 80% complete hauling off the dirt which will be sent to Rolling Green for a future use. They will install four pavilions and they have pre-ordered the pre-engineered pavilions, which are anticipated to arrive in early February. Installation will take six to eight weeks. The contractor is designing the bathrooms, which should be complete by February and construction will start late February or early March and be done in eight weeks. Two bids are on the next City Commission Agenda and staff will recommend approval of the electrical and landscape and irrigation bid awards. Drainage is 100% complete. Two items remain for the concrete work and staff was still working on the bid for the decorative fence. Board Member cCray announced he received complaints about sand getting in 18 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida January 8, 2019 the house. Mr. Dunmeyer commented the contractor, who was present, will address the matter. He anticipated the Park would be finished by June 1 st. I. 211 E. Ocean Avenue Project Update Mr. Simon attended the November 29th meeting of Historic Resource Preservation Board to present the CRA Board's discussion on the status of the home and the Historic Resource Preservation Board reached the same conclusion. Mr. Simon provided the unofficial order of options and they want the building to remain and converted to a commercial or bed and breakfast type use. They would support relocation to another location and use as a residential or commercial structure, and lastly demolition would be the final supported item, if at all. Staff did not release a letter of interest and needed direction how to proceed. They can continue researching other uses and issue a notice the property is available for redevelopment as a site and building, or solicit interest in the building itself. Board Member cCray suggested maintaining the status quo until the Town Square is finished. Chair Grant wanted to open it up to the commercial market to take the house. He noted Board Member Katz had indicated a willingness to help with some costs, and further noted there is still a cost to demolish the home. He thought it would be better to save the historical home and move it somewhere else in Boynton Beach and if not, then in Palm Beach County. He was able to visit the home and thought it was an amazing structure, but it is old. The bedrooms and one bathroom that are upstairs and the kitchen does not fit the cost the CRA invested in the property. There is old wood in the home. They could do what they did with the Ruth Jones Home. The wood that was salvageable could be re-planed and used for other uses. The house has value and has barn door sliders. He did not want to just demolish the property. Board Member Kelley grew up in a historic home, built in 1925 and her parents restored the entire house. She noted there is a lot of history in an old home and thought once Town Square is constructed, a family may be interested in restoring it to what it could be. It was not like anything one can buy now. It would be a disservice to demolish it without letting it ride with the Town Square and new potential growth. Historic homes are restored beautifully on a regular basis. Board Member Katz was open to anything with demolition being the last resort. He did not believe anyone would want to pay to move the house and there was no urgency at this time. He thought the home could be used for a particular purpose and until some offer is made, the home could remain there. He did not know what else the CRA could do for the home. He asked if someone could occupy the property in the meantime and fix it up for some use so it could be used for a commercial business. He thought if the CRA gave the home away, they would wash their hands of the matter as the CRA spent upwards of$1 million on the home without having a serious plan. At the moment, he did not favor demolition. Mr. Simon commented for the record, all were on the same page. 19 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida January 8, 2019 14. New Business A. Discussion and Consideration of Letter of Intent from Habitat for Humanity of South Palm each County for the CRA Owned Property Located at 110 NW 6th Avenue Mr. Simon explained this item was discussed at the November meeting and the Board supported moving forward. In December staff received a letter of intent from Habitat for Humanity. The lot will be developed into an affordable single-family home. If the Board supported the request, the CRA would issue an Intent to Dispose and then enter into a development agreement with Habitat. Motion Board Member McCray moved to approve. Vice Chair Romelus seconded the motion. Attorney Duhy explained the Board could either direct staff to enter into a purchase and sale agreement for the property and accept the Letter of Intent and negotiate a purchase and sale agreement or send it out as a Request for Proposal. The policy in place allows for, in instances such as this, to directly move forward with a Letter of Intent. If it is on a different project and they wanted an RFO, they would still need to publish it for 30 days. The motion was option one. Board Member McCray included the language in his motion as did Vice Chair Romelus. The motion unanimously passed. B. Consideration of Grant Funding for the Boynton each CRA FY 2018-19 Nonprofit Organization Grant Program Ms. Shutt explained this is the second year of the grant program for nonprofits. This year the Board approved, out of the $95,000 budgeted for 18/19, 80% of the funds, which was $76,000, for affordable/workforce housing and the remaining 20%, or $19,000, was allocated for the economic business development category. One application was submitted by the deadline for the fall round by the Community Caring Center. After the Review Committee reviewed the application, staff recommends the $19,000 for the incubator continue for this fiscal year subject to a grant agreement staff will bring back to the Board. The agreement will have specific requirements for measurable outcomes before the reimbursement check is issued. The application scored 87.4%, which qualified for funding. Motion Board Member Katz moved to approve. Board Member McCray seconded the motion that unanimously passed. C. Consideration of an Interlocal Agreement between the Boynton Beach CRA and Solid Waste Authority of Palm Beach County 20 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida January 8, 2019 Ms. Shutt explained this is the third year they submitted the grant application to the Solid Waste Authority to eliminate slum and blight. The CRA was awarded $77,050, to be leveraged with CRA funds for the demolition costs of 201 NE 91h Avenue and repair and maintenance costs for the Historic Woman's Club. Ms. Shutt advised staff needs authorization for the Chair to sign the agreement, which Legal already reviewed. The attachment in the meeting materials was the final document. Board Member cCray asked if the home at 201 NE 9th Avenue was rented and learned it was. The CRA has a year to demolish the building and they have six months to obtain all the permits. Staff included the direction the Board gave regarding the deadline for the tenant to leave. Mr. Simon explained, over the three-year period, it was a total of $212,910 in grant funds the CRA obtained through the program. It was noted there were only six applications this year, Motion Board Member cCray moved to approve. Vice Chair Romelus seconded the motion that unanimously passed. D. Discussion and Consideration of the Properties Located at 1005 N. Seacrest Blvd., 109 & 111 E. Martin Luther King Jr. Blvd. REVISED Mr. Simon presented the item regarding the possible acquisition of properties on 1005 N. Seacrest Boulevard, otherwise known as the Z-mart convenience store and the properties at 109 and 111 E. MLK Jr. Boulevard. Aerials of the sites were viewed. The Seacrest Boulevard location is adjacent to the Sara Sims Park so all property to the north and west of the site is owned by the City except for one small parcel to the south that is owned by another individual. The CRA owns properties on E. MLK Jr. Boulevard between 109 and 111 E. MLK Jr Boulevard and four lots east of them. The site regarding the MLK Jr. Boulevard RFP/RFQ the Board had contemplated for redevelopment on the north side is adjacent to the proposed site and 111 E. MLK Jr. Boulevard. Staff would seek to expand the footprint of the project, if the Board decided to acquire the property. The property adjacent to Sara Sims would be acquired for expansion of the park and Heritage Park and to enhance the future redevelopment of the area by alleviating slum and blight. Staff obtained appraisals of the property. The value being presented by the seller on 1005 N. Seacrest was $900,000 and two parcels together was requesting $800,000. The owner was present. As proposed, the acquisitions are not all contingent on each other. The purchase options the Board had were to purchase: the property on Seacrest, by itself; all three properties; or the Seacrest and 109 E. MLK Jr. Boulevard parcels. A discussion about the value could take place at the meeting and staff could draft a Development Agreement with the terms to come back to the Board at the next meeting if a resolution of property values was made. If the Board could not decide on a value of the property, the Board could direct staff and Legal to continue to negotiate outside of the meeting and 21 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida January 8, 2019 bring it back. Mr. Simon explained there are funds for all or a portion of the properties under consideration. Board Member Katz explained the properties are appraised at about $415,000. One property has been cited by the City and needs to be improved due to illegal activities. He thought if the Board wants a serious negotiation about the value of the property and what they are willing to pay, and thought the two properties directly on MLK could be incorporated into the project that was approved for negotiation earlier in the meeting. He thought many people would be happy if the Z-mart ceased to exist as it has had an adverse effect on the community. He thought $1.7 million for property assessed at $415,000; two of which are vacant and small and the other was a problem was absurd. He favored good faith negotiations, and thought the $1.7 million asking price, which was quadruple the appraised value, would have to be significantly reduced. Chair Grant was concerned, if the Board needs a piece to get a complete parcel, they would pay more than appraised value. He understood Board Member Katz's concerns as the first offer for the property was too high, but noted they have an opportunity. Chair Grant supported giving authority for the Executive Director to return to the Board with an offer in writing, and they can negotiate from there. He noted the property owner was present and now knows $1.7 million was an amount Board Member Katz was not willing to pay. He noted years ago, the Board paid above appraised value and this was similar. They could continue negotiations. Board Member McCray supported a reasonable offer and agreed with Board Member Katz. Motion Board Member Katz moved to authorize staff to enter into good faith negotiations for a reasonable price. Board Member McCray seconded the motion. Vice Chair Romelus agreed with Chair Grant's comments. The initial asking price was out of bounds. Board Member Kelley favored trying to get reasonable offers for the 1005 N. Seacrest property initially as it seems to be more emergent, and thought there was time with the other properties on MLK Jr. Boulevard. She noted good faith efforts help further negotiations to move forward. Vote The motion unanimously passed. ® CRA Advisory Board A. CRA Advisory Board Meeting Minutes - December 6, 2018 B. Pending Assignments 22 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida January 8, 2019 1. on C. Reports on Pending Assignments ® None D. New Assignments 1. None 16. Future Agenda Items A. Discussion of the Goals and Objectives of the Neighborhood Officer Program for Fiscal Year 2018-2019. Chair Grant inquired if they wanted to add an item for the Advisory Board to determine what the CRA could do to help with educational programs and work with staff on ideas they would like to see. Vice Chair Romelus wanted the Economic Development Director to prepare something or help the Board bring this effort to fruition. All agreed. Chair Grant requested to have discussions with the owners of 500 Ocean to see what the CRA could do to help with the retail and commercial components of their development. It will be one year in February since the development received their Certificate of Occupancy. Mr. Simon commented he could provide updates at the next meeting. 17. Adjournment Motion Board Member Mcry moved to adjourn. Board Member Katz seconded the motion that unanimously passed. The meeting was adjourned at 9:28 p.m. Catherine Cherry Minutes Specialist 23