CRA Meeting Briefs: May 23, 2024

Below are the Community Redevelopment Agency Meeting Briefs that took place May 23, 2024.

The Board unanimously approved a funding commitment of $1,000,000 for Phase III (senior housing) of Columbia Gardens at South City (formerly known as the Orange Ave Apartments) redevelopment project and authorize CRA Executive Director to transfer the funds to the City of Tallahassee’s Affordable Housing Trust Fund.

The Board voted 4-1 (with Jeremey Matlow in dissent) to approve a grant in the amount of $101,813 for exterior and interior renovations to Argonaut Coffee at Cascades Park located 850 S Gadsden Street, Suite 160. The interior of the buildout has been completed and the requested grant funds will be used to complete additional improvements to the interior and exterior of the space. Argonaut Coffee is a Local Coffee shop with three other locations in Tallahassee that is contributing to the Cascades redevelopment project as the first retail tenant.

The Board unanimously accepted the overview of the projected FY 2025 Greater Frenchtown/Southside District (GFS) and Downtown District (DT) budget. Based on the estimated FY 2025 revenues and expenses, the GFS District is expected to have an available balance of $940,495. This balance will fund any new project and programs approved by the Board as well as address any contingency needs of the CRA during FY 2025. Additionally, the DT District is expected to have an available balance of $2,672,470 at the end of FY 2025, which will fund new project and programs approved by the Board.