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Boca Raton CRA pauses enforcement as Center for the Arts seeks to realign fundraising plan
Summary
After the Center for the Arts and Innovation declined to execute a conditional extension tied to fundraising thresholds, the Boca Raton Community Redevelopment Agency agreed to take no action now and to revisit the matter in January while reserving the Citys contractual rights.
The Boca Raton Community Redevelopment Agency on Nov. 4 agreed to take no immediate enforcement action after the group behind the proposed Center for the Arts and Innovation declined to sign a conditional extension of its development agreement and said it will seek to amend the timetable and fundraising thresholds.
CRA director Mister Brown said the board had adopted resolutions in October that conditionally approved landlord plans and included an "extension of time to meet [a] second fundraising threshold." The conditional extension would have extended the deadline by 78 days to Jan. 7, required disclosure of cash-on-hand within five days of the extension letter, and required updated construction budget and business-plan…
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