Item Coversheet

CITY OF RIVIERA BEACH COMMUNITY REDEVELOPMENT AGENCY BOARD OF COMMISSIONERS
AGENDA ITEM SUMMARY

Meeting Date: 2/24/2021 
Agenda Category:
Subject: 

RIVIERA BEACH CDE

Recommendation/Motion: 

AT THE CONCLUSION OF THE DISCUSSION, STAFF WOULD LIKE DIRECTION FROM THE BOARD WITH REGARDS TO THE PARTICIPATION OF THE CDE IN SUBSEQUENT DEVELOPMENT PROJECTS THAT MAY RECEIVE A NMTC ALLOCATION.

Originating Dept BOARD OF COMMISSIONERS  Costs  
User Dept.ADMINISTRATION Funding Source
AdvertisedNo Budget Account Number
Date   
Paper   
Affected PartiesNot Required   
Background/Summary: 

PURSUANT TO THE DISCUSSION THAT COMMENCED ON WEDNESDAY, JANUARY 27, 2021, WITH REGARDS TO COMMUNITY DEVELOPMENT ENTITIES (“CDES”) WHICH IS ESTABLISHED AS A RESULT OF THE NEW MARKET TAX CREDIT PROGRAM (“NMTC”). BOTH ELEMENTS ARE INTENDED TO FACILITATE INVESTMENT IN LOW-INCOME COMMUNITIES THAT MAY HAVE A LACK OF INVESTMENT AS EVIDENT BY VACANT COMMERCIAL PROPERTIES, OUTDATED FACILITIES, IN ADEQUATE HEALTHCARE SERVICES ETC. THE NMTC ATTRACT PRIVATE CAPITAL INTO LOW-INCOME COMMUNITIES BY PERMITTING AND PROVIDING INDIVIDUAL CORPORATE INVESTORS AN OPPORTUNITY TO RECEIVE TAX CREDITS AGAINST THEIR FEDERAL INCOME IN EXCHANGE OF MAKING EQUITABLE INVESTMENTS IN SPECIALIZED FINANCIAL INTERMEDIARIES WHICH ARE CDES.

 
Fiscal Years
Capital Expenditures
Operating Costs
External Revenues
Program Income (city)
In-kind Match (city) 
Net Fiscal Impact
NO. Additional FTE Positions
(cumulative)

III. Review Comments

A. Finance Department Comments:
 
B. Purchasing/Intergovernmental Relations/Grants Comments:
 
C. Department Director Review:
Contract Start Date 
Contract End Date
Renewal Start Date
Renewal End Date
Number of 12 month terms this renewal
Dollar Amount
Contractor Company Name
Contractor Contact
Contractor Address
Contractor Phone Number
Contractor Email
Type of Contract
Describe
ATTACHMENTS:
File NameDescriptionUpload DateType
MEMO-RBCDE_BOARD_UPDATE.pdfMEMO2/4/2021Cover Memo
RBCRA_NMTC_Presentation_2-10-2021_(01745417).pdfPRESENTATION2/10/2021Cover Memo
REVIEWERS:
DepartmentReviewerActionDate
CRAEvans, ScottApproved2/4/2021 - 7:51 PM
CRA Internal ReviewEvans, ScottApproved2/4/2021 - 7:54 PM