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CRA and city agree on $10 million contribution to close Curry Park funding gap
Summary
The CRA and city approved a funding plan to close a $10 million gap to fully fund the Curry Park redevelopment after construction bids exceeded the project budget; resolutions 25-3 and 25-2f were approved unanimously.
Christopher Rook, executive director of the West Palm Beach CRA, and Faye Johnson, city administrator, presented the Curry Park funding plan to the CRA board on Jan. 6 after the lowest responsive construction bid exceeded the project's budget.
Rook reviewed the Curry Park concept and the project's place in the Northwood-Pleasant City redevelopment strategy. Staff reported an estimated project budget of $27.7 million but said the lowest responsive bid from West Construction came in at $35.5 million. Engineering recommended $2.2 million in contingency; staff described a $10 million funding gap once contingency is included.
Faye Johnson explained staff's proposal to close the gap with $1.9 million from CRA budgeted funds and an $8.1 million advancement from the city's property restoration/general fund. The city would advance the $8.1 million to the CRA on a zero-interest basis, with the CRA repaying the city over three annual payments beginning in fiscal year 2026 and completed by FY 2028; the total CRA contribution would therefore be $10 million while the funding contribution would be paid over five years per the contribution agreement described to the board.
Rook and Johnson said additional grant revenues and developer contributions are expected to support the project and that the combined funds would bring the project to a fully funded status at $37.7 million to accommodate the selected bidder. Staff noted grant deadlines — including a $16.7 million grant with a June 2, 2026 deadline — and cautioned that missing grant milestones could require repayment and affect future grant eligibility.
Commissioners discussed procurement and the policy requirement that a contract can only be executed when funding is in place; staff and the city attorney said the funding agreement before the CRA is predicated on the board later awarding the construction contract to West Construction at the city commission meeting. Commissioners asked about the city fund balances used to advance the $8.1 million and were given a breakdown: a property restoration fund was seeded with $5.0 million in 2023 and $8.3 million in FY24 (rounded figures presented), leaving an approximate balance after current allocations. The board moved to approve Resolution 25-3 (CRA contribution agreement) and Resolution 25-2f (budget amendment/appropriation) and the motions carried unanimously.
