The pavillion and restrooms under construction in City Park, partially paid for with CRA funds.
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The Cedar Key Commissions have met twice in workshop mode to plan expenditure of approximately $9,200,000 of Community Redevelopment Agency (CRA) funds. No voting occurs in workshop sessions, but general agreement on priorities is sought. In 2007 Cedar Key will received $1,223,480 in taxes returned from Levy County to the CRA. Tax money returned over the next four years will be used to pay for an anticipated $9 to $10 million bond issue. Based on the workshop discussions, the money raised by the bonds will be used first to payoff a $1.5 million loan to the City, to pay a court judgment of $478,000 and the $950,000 purchase of the Lions Clubhouse for use as a community center. The remaining $6.5 million will be used for improving Cedar Key's infrastructure, namely street paving, sidewalks, parks, and funding $2.1 million for improvement of water and sewer lines. Between $1 and $2.5 million paving expenses are anticipated. Under discussion, but unresolved, are plans for affordable housing, land acquisition, support for Cedar Key School special programs, downtown revitalization, a $500,000 grant to the historical society and a boat for the Fire Department. These items could account for $2.6 million over the next four years. A second bond issue is planned in four years, to be paid for with future return on County taxes to the CRA. |
