Community Redevelopment Agency Meeting (CRA)

APPROVED 5/7 /2026 MINUTES Gommunity Redevelopment AgencY Meeting (CRA) 5:00 PM - Thursday, August 07,2025 - City Hall Call to Order: 5:02 p.m. Acknowledgement of Quorum and Proper Notice PRESENT: Mr. Michael Holland, Ms. Emily Lee, Mr. George Asbate, and Chair Willie L. Hawkins ABSENT: Vice Chair Gary Ashcraft; Lori Pittsley, Downtown Representative; Tanya Wilder, East Town Representative 1. Approval of Minutes 1.1 Julv 17, 2025 CRA Meetinq Motion to approve the minutes of the July 17,2025 CRA Meeting was made by Mr. Holland, seconded by Ms. Lee, and approved by rollcallvote: Voting Aye: Mr. Holland, Ms. Lee, Mr. Asbate, and Chair Hawkins. 2. CRA ltem with Board Discussion and Direction 2.1 Discussion regardinq refinancing of Communitv Redevelopment Loan for Waterman Site Tom Carrino, City Manager explained the CRA loan for the former Waterman site was coming due and that Lori Carr, Finance Director, would present refinancing options. Ms. Carr presented two primary options for refinancing the $2,411,000 loan due on September 4, 2025. The first option is traditional bank financing, with current interest rates quoted between 3.7o/o and 3.9%. She noted that one responding bank included prepayment penalties, and this option would also involve closing costs and fees. The second option is internal financing through the General Fund, in which the General Fund would loan the CRA the funds. This option could maintain the current interest rate of 2.875o/o and offers greater flexibility regarding payment frequency and duration. Additionally, internal financing would not include prepayment penalties or closing costs. However, it would require a formal loan agreement approved by both the CRA Board and the City Commission. Ms. Carr explained that the current loan had cash collateral that had been earning interest at approximately 3.60/o, which was higher than the 2.875o/o interest rate being paid on the loan. She presented several term options for internal financing: 1S-year simple interest loan (recommended by staff), 2O-year simple interest loan, S-year balloon loan based on a 2l-year amortization, and a 10-year balloon loan based on a Z5-year amortization. She highlighted the 15- year simple interest option at2.875o/o would result in monthly payments similar to Eusfi.s Community Redevelopment Agency Page 1 of 2 August 7, 2025  the current loan ($17,000 per month compared to the current $16,005) and would have the loan mature in 2040, well before the CRA's sunset in 2047. Mr. Asbate asked about the current earnings on the money being held as collateral, and Ms. Carr confirmed it was earning approximately 3.6%, which is more than the 2.875o/o interest that would be paid back to the General Fund under the internal financing option. She noted that the General Fund would still make money on the difference between what the city earns on investments (current 12-month CD at 3.63%) versus what the CRA would pay in interest (2.875o/o). CONSENSUS: lt was a consensus of the Board to follow staffs recommendation for internal financing with a 1S-year simple interest term at 2.875o/o. Mr. Carrino confirmed that formal loan documents would be prepared and brought back for approval, while ensuring the existing loan would be paid off by the September 4th deadline. 3. Adjournment: 5:13 p.m. 'Thes minutes rcflect the actions taken and podbns of lDe drscussion duing the meeting. To rcview the entirc discussion anceming any agenda item, go to www.eustis.ory and clbk on the video forthe meeting. lf available, the video recotding may be aaessible at https:/r\vww.voutube.com/@EustisComReZstreams or an audio recording may be requested frcm the office of the City Clei<. I CHRISTINE HALLORAN GARY RAFT City Clerk Vice Chair Eusfr.s Com m u n ity Redevelopme nt Age ncy Page 2 of 2 August 7, 2025