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CRA reviews proposed Main Street contract: $150,000 over 18 months, 2:1 matching funds and quarterly reporting required
Summary
Board discussed a proposed contract with Lake Wales Main Street that would provide up to $150,000 over an 18‑month period, establish a $2‑for‑$1 matching fund (not to exceed $25,000 per quarter), and require quarterly reinvestment statistics and an annual report for future funding decisions. The item was for discussion; no vote was taken.
The City of Lake Wales Community Redevelopment Agency held an extended discussion of a proposed contract with Lake Wales Main Street that would make $150,000 of CRA funds available over an 18‑month contract period and establish a matching program for Main Street fundraising.
City staff said the proposed compensation would be capped at $150,000 for the contract term (staff proposed execution from the day of contract execution through September 2026). The agreement described matching funds on a quarterly basis at a ratio of $2 in CRA funds for every $1 raised by Main Street, not to exceed $25,000 in CRA matching funds per quarter (staff explained that, for example, $12,500 in new funds raised by Main Street would trigger the $25,000 maximum match for that quarter).
Staff also added reporting and performance expectations: quarterly reports that include reinvestment statistics (the Main Street network’s standard metric set submitted to the state), accounting of expenditures, business recruitment activities, updates on façade and new‑business grant programs, and quarterly profit‑and‑loss statements. An annual report in July would inform whether subsequent‑year funding is recommended.
Board members discussed measurable performance metrics they would like to see, such as counts of new businesses opened downtown or other simple targets tied to recruitment and reinvestment; staff said reinvestment statistics used for Main Street accreditation would be submitted quarterly and that the contract would include specified reporting and would be revisited during the budget process.
Staff and Main Street representatives said the matching approach is intended to encourage fundraising and to preserve CRA funds as seed investments rather than ongoing operational subsidies. The item was discussion only and will return to the board with any revisions.
Speakers included Ronnie Wood (staff presenting changes), Scott Cruz (Main Street president) and Main Street representatives; no board action was taken at this meeting.
