TBO.com - TBO is Tampa Bay Online

Highlands Today

Sebring Council Considers Budget Changes

ADVERTISEMENT

By JOE SEELIG

Highlands Today

Published: January 5, 2009

SEBRING - The Harder Hall saga was in day No. 77 of the 120-day due diligence period requested by Calibre Investment Group LLC, according to Scott Noethlich, city administrator.

The due diligence period originally began on Oct. 7, but on Nov. 4, the city council amended the contract to change the start date to Oct. 18. Due to a delay, Calibre did not receive its paperwork until later.

Council will consider authorizing a budget amendment to increase Harder Hall's budget for fiscal year 2007 - 2008, in order to cover all expenses incurred throughout the year.

There is a special revenue fund for Harder Hall, explained Mike Eastman, the city's finance director.

The city staff proposed the budget amendment when it knew what the expenses for the year were, he said.

Most of the $397,900 requested will be used to pay the city's Economic Development Loan from the state. Some will cover utilities, liability insurance, an annual investment fee and miscellaneous expenses.

The Sebring City Council voted in October to approve a contract for Harder Hall with Calibre, which wants to convert the historic hotel into units for independent living.

The full council unanimously approved the $5.3-million purchase agreement that included a liberal 120-day due diligence and inspection period.

The deal included a $200,000 escrow deposit, which could be refunded for any reason during the first 120 days. After 120 days, the deposit becomes the property of the city, Noethlich said.

Calibre's due diligence period ends Feb. 15.

Calibre's plans include two phases of development.

The former hotel building would be developed to include 80 independent living units. A small retail area for condo and office use was also included.

A market study was to be ordered during the first 30 days, with the completion of an engineer's report within the first 45 days.

Should the developer need additional time, there are four 30-day extensions allowed.

The second phase will be to develop the balance of the property.

Fire Station Renovation

It's been four years since the Sebring Fire Station renovation started, and Council will consider a $100,000 housekeeping-type budget amendment Tuesday on its consent agenda to bring forward revenues from its general fund to cover expenditures.

Eastman stated that the city received funds from several sources, including a Historic Preservation grant, the Federal Emergency Management Agency, insurance reimbursements, and the city's infrastructure revenue, in order to repair and renovate the firehouse.

Excess funds received in some years were deposited into the city's general fund balance, but were now needed to cover expenses in fiscal year 2007 - 2008.

Grant Writing Fees

On Nov. 18, the city council authorized Florida Public Safety to submit applications to both the Southwest Florida Water Management District Cooperative Funding Program and the FEMA Hazard Mitigation Program on behalf of the city, to correct flooding problems at five sites.
Budget Amendment No. 11 would authorize staff to release $7,500 for account one account and $7,500 for a second account to pay fees for data gathering, analysis and compilation as well as application and submittal to Florida Public Safety.

Joe Seelig can be reached at (863)386-5834 or jseelig@highlandstoday.com .

Loading Comments...

Email Print

ADVERTISEMENT