Bradenton CCRA, lacking quorum, discusses credit line, office space

BRADENTON - The Central Community Redevelopment Agency saw plans for its new offices at its meeting Thursday night, and heard a request from executive director Sherrod Halliburton for a taxable credit line.

The board did not have a quorum, so no decisions could be made.

"My initial thoughts were to secure that line of credit, and to have that line of credit available for two years so we can draw down as opportunities present itself," Halliburton said. He said they had received two time-sensitive opportunities to buy property at very attractive rates. "So having that line of credit in place puts us in a very positive position to respond to those opportunities. Also, we need to be prepared to cover the site-preparation costs associated with the MLK building as well as the buildout of the commercial space."

He said the buildout would come back in some kind of credit through the lease, and would make it more attractive for the developer. It would also enable the CCRA to retire debt on which they are paying $144,000 a year in service. "It looks like we'll have to go with the taxable line, which would be the interest rate of 6-plus percent," he said. "Our debt service would be in the area of $213,000 a year."

It would allow the agency to finish all the strategic acquisitions, he said. "I'll have hard facts and numbers for formal approval from the board," he said.

The CRA board also met some new interns and staff, including Crystal Wilson, a State college of Florida film student who will be using Facebook to get more attention for the CRA and also updating the CRA's Web site.

Other items discussed at the meeting included:

• Daycare conversion update

• Norma Lloyd Park Update

• A neighborhood update by JoAnn Spencer

• Washington Park Neighborhood Plan update

• A discussion of creating a nonprofit by Gypsy Gallardo

• A discussion of the possibility of landing another IRS tax grant

Halliburton said he wanted to pursue a certification to become a certified redevelopment executive, and the two members of the board present were positive about that.

The next meeting of the CCRA board will be Thursday, Aug. 27, from 5 to 7 p.m.