CRA moves $2.75 million from reserves to cover policing, tenant improvements and historic‑preservation work

The Community Redevelopment Agency approved a mid‑year budget adjustment to transfer $2,748,601 from reserves for future projects to meet identified funding needs for current initiatives.

Jade Green, deputy director with the CRA, presented Resolution 25‑23F and outlined recommended transfers from two funds. For Fund 105 staff proposed a total transfer of $2,290,000 from reserves to cover administrative increases including an innovative policing initiative (bike unit officers), an arbitrage rebate payment and additional funding tied to the 415 Clematis project — staff said $1,000,000 of that line is intended for tenant improvements and brokerage/leasing expenses. Green described the 213 South Rosemary Avenue project (the Hibiscus House historic‑preservation effort) as a larger undertaking estimated to be “about over $10,000,000,” and said the CRA’s $750,000 allocation is intended as a first‑half payment in partnership with Related; staff said a formal agreement would return to the board in the next few months.

For Fund 107 staff recommended a transfer of $458,182 that reconciles a line of credit associated with a recent property purchase at 5701 Broadway Boulevard; the transfer corrects prior accounting entries, Green said, and does not create additional net spending beyond the purchase already executed.

Green summarized that the combined transfer across the two funds equals $2,748,601 and that Fund 105’s reserves remain positive after the adjustment. The board approved Resolution 25‑23F by unanimous voice vote.

Staff noted that brokerage costs and tenant improvements for 415 Clematis are expected to be recovered through lease payments once tenants are in place, and that the Hibiscus House project will be the subject of a future agreement returned to the board.