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Board reviews permanent-improvement fund and CRA revenues tied to Charter Steel and billboard agreement
Summary
Treasurer outlined permanent improvement fund activity, including revenues from Charter Steel incentive agreements and a community reinvestment area (CRA) payment; the district receives about $305,000 annually from a billboard agreement through 2038.
Treasurer described the permanent improvement fund and the revenue streams that support capital work, including a Charter Steel incentive agreement and a community reinvestment area (CRA) arrangement the board approved in 2019 for a 15-year term. He said some CRA calculations were temporarily adjusted (a 0.5 reduction in billing to Brooklyn Heights) while county accounting issues are reconciled.
The treasurer also noted a billboard agreement that yields about $305,000 per year and has supported projects such as bleacher and stadium-light upgrades; he said the agreement runs through 2038. The district uses a set-aside requirement for permanent improvements and tracks subaccounts for boilers, technology and vehicles within the PI fund.
