Community Redevelopment Agency

City of Pompano Beach 100 W. Atlantic Blvd. Pompano Beach, Florida 33060 Detailed Minutes - Final Community Redevelopment Agency Rex Hardin, Chairperson Andrea McGee, Vice Chairperson Alison Fournier, Commissioner Barry Moss, Commissioner Beverly Perkins, Commissioner Rhonda Sigerson-Eaton, Commissioner Gregory P. Harrison, Executive Director Claudia McKenna, CRA Attorney Kervin Alfred, CRA Secretary 12:45 PM Commission ChamberTuesday, January 9, 2024 Special Meeting CALL TO ORDER Chair Hardin called the Special CRA Board meeting to order at 12:45 p.m. ROLL CALL Commissioner Alison Fournier, Commissioner Barry Moss, Commissioner Beverly Perkins, Commissioner Rhonda Sigerson-Eaton, Vice Chair Andrea McGee, and Chairperson Rex Hardin Present Note: Comr. Sigerson-Eaton was present at the meeting shortly after the roll call was taken. PLEDGE OF ALLEGIANCE Led by Kervin Alfred, CRA Secretary APPROVAL OF AGENDA A motion was made by Vice Chair McGee, seconded by Commissioner Fournier, that the Agenda be APPROVED AS SUBMITTED. The motion carried by unanimous voice vote. A. REGULAR AGENDA A RESOLUTION OF THE POMPANO BEACH COMMUNITY REDEVELOPMENT AGENCY (CRA), APPROVING AND AUTHORIZING THE PROPER OFFICIALS TO EXECUTE A CONTRACT FOR SALE AND PURCHASE BETWEEN THE CRA AND BAYSIDE INVESTORS, INC. FOR THE PROPERTY AT 122-124 S FEDERAL 24-104 Page 1City of Pompano Beach

January 9, 2024Community Redevelopment Agency Detailed Minutes - Final HIGHWAY, POMPANO BEACH, FL 33062 IN THE AMOUNT OF $1,550,000; PROVIDING AN EFFECTIVE DATE, AND FOR OTHER PURPOSES. (Fiscal Impact: $1,550,000) POSTPONED FROM DECEMBER 19, 2023 (Staff Contact: Cassandra LeMasurier) Cassandra LeMasurier, Real Property Manager, stated that the only update to this item since the December meeting was the addition of the appraisal as requested by the Board; otherwise, the item has remained the same. Chair Hardin sought public input on the item and, receiving none, he moved on to Board discussion. Comr. Fournier found the appraisal report informative but had many questions and concerns. She said the appraiser used both income and sales approaches, but the income approach showed a much lower cap rate than the market cap rates, indicating overpayment for the property. According to the appraiser, the sales method was more appropriate, but she believes the comparables used had premiums for timing, size, and location, resulting in a 20 percent premium on top of premiums. Comr. Fournier believes the income approach should be thrown out and the sales approach used with caution. Finally, she expressed appreciation for the detailed report and suggested including such reports in all future backup. Comr. Moss reviewed the appraisal and found it to be well-written. He mentioned that the appraiser was fortunate to have found comparables in their market data analysis, especially since it's difficult to find properties on Federal Highway. Comr. Moss supports the decision to go ahead with the purchase, despite paying a bit more for the property. He also mentioned that adjustments were made for factors like time, location, and distance, and that the sales comparison approach was the main focus of the appraisal. Comr. Perkins inquired about the other purposes mentioned in the resolution, which read "providing an effective date and other purposes". Ms. LeMasurier explained that the phrase "other purposes" is standard language used in resolutions. The main objective of this particular resolution, however, is to finalize the purchase of the property. The contract specifies the closing and all the necessary conditions that must be met for the CRA to proceed with the purchase. The only other intended purpose is to offer leases to all the commercial tenants who are in good standing. Vice Chair McGee acknowledged that the cost of the property is slightly high, but emphasized that it will be valuable for future development plans in the area. A motion was made by Vice Chair McGee, seconded by Commissioner Fournier, that the CRA Resolution - Regular be ADOPTED. The motion carried by the following roll call vote: Yes: Commissioner Moss, Commissioner Sigerson-Eaton, Vice Chair McGee, and Chairperson Hardin No: Commissioner Fournier, and Commissioner Perkins Page 2City of Pompano Beach

January 9, 2024Community Redevelopment Agency Detailed Minutes - Final Enactment No: CRA RES. 2024-11 B. REPORTS Executive Director’s Report: No Report CRA Attorney’s Report: Mark Berman, representing Claudia McKenna, CRA Attorney, reported no updates. Next Meeting Date: Chair Hardin announced that the next scheduled meetings are as follows: January 23, 2024 at 5:00 p.m. - City Commission & CRA Board Joint Special Meeting February 20, 2024 at 1:00 p.m. - Regular CRA Board Meeting CRA Board Report: No report. C. ADJOURNMENT The meeting adjourned at 12:53 p.m. Page 3City of Pompano Beach