CRA: Where the Money Goes

The pavillion and restrooms under construction in City Park, partially paid for with CRA funds.

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.