Budget

The Preston Redevelopment Agency’s (PRA) vision statement is “to create a sustainable economic development which provides (a) a high tax base, (b) low impact on Town services, (c) provides job opportunities to the regional workforce and (d) serves as both a connection to and attraction for local and neighboring businesses and communities.” With this vision in mind the PRA has set goals to: (a) establish an Agency that looks after the best interests of the Town as it relates to Preston Riverwalk; (b) secure the property; (c) apply for funding to assess, clean up environmental issues & demolish structures; and (d) evaluate & select developers to ‘revitalize’ the property. Our budget reflects these goals and is comprised of three components:  (1) an annual operating budget, (2) Town Matching funds and (3) Grants/Loans obtained from various State and Federal agencies and programs. The first two components (the annual operating budget & Town Matching funds) represent the total annual PRA Town budget.  Town Matching funds are requested when matches are required to ensure the PRA is positioned to receive such State or Federal grants.  (For example, when we received the three $200K EPA grants in 2010/2011 for a total of $600K, the Town for a total of $120K required a match of $40K for each before we could accept and expend any of the grant monies.)  Grant monies (and matching funds) are critical for the continued clean up and demolition path of Preston Riverwalk.