During a recent meeting of the Community Redevelopment Agency (CRA) board, officials discussed the upcoming budget ratification process, which will occur in two phases next month. The board reviewed the current financial status of the CRA, which has accumulated approximately $4.5 million in cash reserves over the past decade, primarily to cover bond obligations from a 2010 agreement. The CRA is now generating about $3 million annually, positioning it as one of the strongest growing agencies in the region.

Key budgetary considerations included a proposed $2 million transfer to support the Susan Street project, alongside various operating expenses, including a marketing initiative for South Leesburg. However, concerns were raised regarding potential funding delays from the county, particularly related to a $2 million modified grant from the Tourist Development Council (TDC), which may be postponed due to incomplete Capital Improvement Plan (CIP) funding.

Additionally, the board was informed of new federal guidelines regarding the American Recovery Project funds, which require that allocated funds be contracted by the end of 2024 and spent by the end of 2025. This has prompted a push to expedite project procurement processes to ensure compliance with these deadlines.

In response to inquiries about the allocation of American Recovery funds to local Community Development Corporations (CDCs), it was confirmed that the funds had been allocated and spent, although one CDC still retains some funds for future projects.

The board expressed a consensus to hold off on requesting signed grants from the county until confirmation of funding is received. The budget will largely remain as discussed in previous workshops, with the $2 million for Susan Street held in reserve pending further developments.

In a separate agenda item, the board approved a resolution to convert Orange Street parking to three-hour parking only, emphasizing the need for continued enforcement of parking regulations.