Community Redevelopment Agency
Chairperson Royce Nelson provided confirmation of the city of Cedar Key’s payment of $395,060 to SunTrust Bank, the principal due for April 15, 2017 was $226,538 and the interest of $168,522 due as of Jan. 12.
The county Tax Increment Financing payment to Cedar Key due Jan. 1 was late by four days. The Florida statute stating the penalty and interest for late payment was reviewed. A motion was made to request payment for the penalty. It was also agreed that these funds would be applied to April’s payment as principal.