With a unanimous decision at Monday night's CRA meeting, the board agreed to do a matching fund project with the Ritz and offer up to $250,000 from CRA funds.

The Theatre will be raising its own funds. The CRA will match their fundraising efforts, up to $250,000. The money from the CRA will be used for renovation capital work.

The money from the CRA will be transferred on a month-to-month basis as renovation work is completed. If the CRA money is not used by January 2009, the agreement will end.

The building is located in downtown Winter Haven. Commissioner Yvonne Brooks said she was a supporter of the project.

"Something has to happen with the Ritz," Brooks said. "The city wants to help. It's a fail-safe situation."

Also at the CRA meeting, board members were updated on a few different projects.

One project involved the Third Street Streetscape, which is halfway finished, according to staff reports. The construction limits are Avenue A, S.W., northward to Avenue D, N.W. It is estimated that construction will begin in 2007.

The design will be similar to Central Avenue. The estimated cost of the project is approximately $650,000 with $400,000, coming from the CRA and $250,000 coming from the U.S. Housing and Urban Development.

The city is still in the process of looking at properties for a downtown municipal parking garage. So far, two parcels have been purchased, but two additional purchases will be needed.

The finished parking garage will have 200 to 350 spaces with retail and office space available along Central Avenue and Third Street, N.W.

The project is estimated to be cost $10 million.

jessica.levco@newschief.com