Riviera Beach CRA approves $390,000 for CDC operations and to cosign up to $500,000 loan for infill homes

The Riviera Beach Community Redevelopment Agency voted unanimously on Aug. 27 to add $390,000 to the CRA budget for the Riviera Beach Community Development Corporation (CDC) and to co-sign a loan to the CDC for infill housing development not to exceed $500,000. Vice Chair Spiritis moved the motion and included an amendment requiring city procurement procedures for any projects funded under the action.

"I make a motion that the, the CRA budget includes $390,000 for the CRA," Vice Chair Spiritis said when moving the item; she later asked the board to amend the motion so "whatever project we do will include the city's procurement procedures." The motion passed 5–0 after a roll call recorded by the clerk.

The vote follows a CDC presentation on the agency's housing and outreach programs and staff briefings about the CRA's budget lines. Staff said the cosigned credit is intended to let the CDC build multiple infill homes on a revolving basis rather than one at a time; the CDC has said its current line of credit is about $500,000 and that additional access to capital would allow faster production.

Board members asked that counsel and staff return with the logistics and legal terms for a cosign arrangement before any loan documents are executed. The clerk recorded the roll-call vote as: Commissioner Davis Paneer — yes; Commissioner Lanier — yes; Commissioner Miller Anderson — yes; Vice Chair Spiritis — yes; Chair Guyton — yes. The board directed staff to return with procurement and legal details prior to finalizing any loan or guarantee.