A.G. Gancarski
The Downtown Investment Authority met with Lenny Curry‘s “budget SWAT team” helmed by Chief Administrative Officer Sam Mousa last week, and it didn’t go so well. Aundra Wallace is back for a second round as the first budget review of Wednesday.
12:50 p.m.: The mood is considerably lighter than the previous DIA session. Mousa made a point of shaking Wallace’s hand, and is thanking everyone around the table in an avuncular manner.
12:52 p.m.: Discussion begins with the three discrete tax districts. A discussion of the Self Insurance Fund, which Weinstein joked was “creative.”
12:58 p.m.: The arena has an “estimated proposed loss” of about $2 million.
12:59 p.m.: Discussion turns to bond payments on 11 E and Carling, the two downtown apartment buildings, and other expenditures related to the building that houses MOCA.
1:01 p.m.: A trick of this budget: Each of the three discrete tax districts have their own budgets. A long discussion of how to compile numbers is resolved with a promise, from Angela Moyer, that she will re-do the calculations.
1:04 p.m.: Discussion of a $55,000 loan repayment from the Hilton that dated back to 1995. Wallace is not sure what that loan was for.
1:05 p.m.: Fun fact: Parking lots do not have awesome ad valorem value.
1:07 p.m.: A discussion of debt service on The Strand, the Hampton Inn and The Hilton. The latter two are Section 108 loans, paid off this August. The Strand debt service is about $158,000.
1:10 p.m.: Mousa has officially resigned from his firm that is doing design/engineering on Riverplace Boulevard, on the Southbank in front of the Riverplace Tower. What is happening there: a “road diet,” decreasing lanes from five to two, and creating more off street parking.
1:13 p.m.: A discussion of tax increment reports. Mousa is looking for true numbers that don’t seem to be there.
1:16 p.m.: Except for $348,000, most of the DIA budget comes from the General Fund. $1.16 million.
1:19 p.m.: The 10 percent rule. Under CRAs, you get your increment in. Ten percent goes to administrative costs for the fund in a given CRA. If $5 million coming in, $500,000 goes to administration. This is, confirms Wallace, in Florida Statute.
1:20 p.m.: “Thank you for being here; we appreciate it. Thank you so much,” says Mousa.
1:21 p.m.: Wallace is asked about the Laura Street Trio by a committee member. “No comment.”
