AT THE SEPTEMBER MEETING OF THE RIVIERA BEACH COMMUNITY REDEVELOPMENT AGENCY, THE BOARD DIRECTED THE PREPARATION OF THE UNWINDING OF THE NEW MARKET TAX CREDIT (NMTC) STRUCTURES FOR THE EVENT CENTER. THE ATTACHED MEMO FROM ATTORNEYS BRYANT MILLER OLIVE OUTLINES THE VARIOUS ACTIONS REQUIRED BY THE CRA, CITY COUNCIL, AND THE EVENT CENTER LLC. THE PROPOSED ACTIONS WILL TRANSFER THE PROPERTY LEASE AND MANAGEMENT OF THE EVENT CENTER FROM THE RIVIERA BEACH COMMUNITY DEVELOPMENT ENTITY (CDE & EVENT CENTER LLC) TO THE CRA. THE RIVIERA BEACH CRA WILL ACCEPT THE ASSIGNMENT OF THE GROUND LEASE FROM THE RIVIERA BEACH EVENT CENTER, AND ASSUME ALL OF THE OBLIGATIONS UNDER THE GROUND LEASE, AND AGREE TO ACCEPT THE GROUND LEASE ASSIGNMENT IN SATISFACTION OF THE OBLIGATIONS OF THE RIVIERA BEACH CDE UNDER THE RECOVERABLE GRANT AGREEMENT.  UPON THE ASSIGNMENT OF THE GROUND LEASE, THE FACILITY LEASE AGREEMENT AND THE PARKING AGREEMENT WILL MERGE WITH THE GROUND LEASE AND WILL NEED TO BE TERMINATED.  IN ORDER TO CLEAR THE PROPERTY RECORDS, THE RIVIERA BEACH EVENT CENTER AND THE RIVIERA BEACH CRA WILL ALSO ENTER AN AGREEMENT TO TERMINATE THE FACILITY LEASE AGREEMENT AND AN AGREEMENT TO TERMINATE THE PARKING AGREEMENT.