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CRA reports rising pipeline of downtown and beach property-improvement grants, staff warns reimbursements will span fiscal years
Summary
Staff told the CRA the Property Improvement Program has dozens of approved projects across downtown and the beach with private investment in the millions; many projects are in construction and reimbursements will carry into future fiscal years, prompting staff to recommend projecting grants like a multi-year CIP.
Christopher Crisitto, project manager for the Hollywood CRA, presented a multi-year update on the CRA's Property Improvement Program and a pipeline of pending applications.
Crisitto told the board that across fiscal years covering 2022-23, 2023-24 and 2024-25 the CRA approved scores of downtown and beach projects with private investment worth millions and CRA grant commitments in the hundreds of thousands. He said several approved projects are still under construction and that a significant portion of committed grant funds will be reimbursed in later fiscal years. "We're projected that it'll probably be $250,000 in grant funding additional of what you've seen so far just for the downtown," Crisitto said, summarizing the pipeline.
Using Crisitto's figures and staff discussion: for fiscal year 2023 the downtown had about 12 approved…
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