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Amid Investigation, Former Gulf Breeze Mayor Retiring From CTA. Here’s Why CTA Matters A Lot To Century.
September 3, 2020
The former mayor of Gulf Breeze is retiring amid a state investigation, but he says it has no connection to the Capital Trust Agency (CTA).
CTA benefits Century financially in a big way.
The Gulf Breeze Police Department received a complaint that was referred to the Florida Department of Law Enforcement. In August, FDLE raided the home of Ed Gray, who was employed by the City of Gulf Breeze as executive director of the Capital Trust Agency. Two days later, he placed himself on leave and has now announced his retirement from CTA.
“It’s known I have been the subject of an investigation regarding accusations made which have no connection with affairs of the city of capital trust agency,” Gray said in his retirement letter. “There is no escaping such a matter becomes a distraction to performing my duties.”
Capital Trust Agency has provided the tax-exempt financing about $2 billion worth of projects, including affordable housing projects, airport facilities, hotel and convention developments promoting tourism, health care projects, and K-12 educational buildings across Florida and beyond.
It’s a role that has provided significant income for Century.
Century has received over $1 million dollars in fees since signing on to CTA, and balancing the town’s draft budget for the next fiscal year relies on the anticipation of least $115,000 in fees from CTA. That’s over 10% of the town’s total budget.
On the surface it might seem unlikely that Century, one of the poorest small cities in the state, could play a part in the financing of dozens of multi-million projects including the Community Maritime Park in Pensacola, $439 million in hotel and convention centers for the Seminole Nation, airport cargo terminals, schools and apartment complexes.
The approvals were granted by Century and Gulf Breeze as members of the Capital Trust Agency, an independent public body for the purpose of financing or otherwise accomplishing development programs. Century entered into the Capital Trust Agency with Gulf Breeze in 1999 with Century essentially serving as the “second signature” for CTA, certifying that the projects meet a public purpose under IRS rules and regulations.
The CTA is structured in such a way to indemnify Century from any financial risk, whether it be from a company that defaults on repayment or any other legal liabilities, according to Michael Stebbins, CTA attorney. The funds used for the bonds are from the CTA’s funds, not from Century or Gulf Breeze.
NorthEscambia.com photo.
Comments
9 Responses to “Amid Investigation, Former Gulf Breeze Mayor Retiring From CTA. Here’s Why CTA Matters A Lot To Century.”
Something tells me that this has zero to do with politics. History tells us that it is probably greed, fame, or personal. And it probably involves others yet to be given up. Only time will tell for sure. Unless, of course, there is a miraculous non-malicious finding or a plea deal to a lesser charge. But, what’s the chance of THAT happening?
This is the beginning of the dominoes which will fall after a cover up thats been discovered and is now unfolding as a documentary gets constructed. It all started with an accident of gross negligence in one of Gulf Breezes parks. Goes to show you if you choose to do illegal things involving money, you had best make sure all your ducks are taken care of in a perfect row. Otherwise mistakes than have very little to do with your scam will cause the whole building to fall. Netflix will explain the whole thing very soon; just the entertainment we need during this pandemic thats bored the crap out of all of us. And yes, the word Prison has come up for many who work for the city.
1 million in fees over the years and cant afford to buy a gas meter. Id love to see just 2 years of the auditors report on the town of century.
We now begin to see the reason that Gulf Breeze “City Planner” is so interested in helping Century remain incorporated. Its hard to find a group so incompetent and clueless for the second signature role. With this much smoke its just hard to believe there is not a fire here somewhere……..
It’s laughable to think the town of Century should serve as a legitimate second signature to certify proper adherence to IRS regulations. The town has a proven track record of not comprehending Sunshine State laws and most everything else that’s under its authority.
I smell a rat!
I Smell A Rat if it sounds to good to be true it usually is.An innocent person resigning from a position to me is a sign of wrongdoing?
Rumors of “Money Laundering” are floating around.
Cannot possibly imagine any true legitimate role for the Town of Century other than to be a “YES” signature required for CTA to conduct busines.
All very interesting and hope we the taxpayers will have true information.
Seems is it’s shady that the folks running Century are involved and the citizens there are getting nothing.
And, just what “Affordable Housing”? Can someone please put a money figure on that?
Feeling that sneaky snake has been uncovered in this scheme. Wait and see.
Investigation……now retirement ???