[curt.clifton]

This is a common complaint about repeating items. Repeating items are duplicated immediately after their progenitor. Your sample shows the Prepare agenda item with a start date of 7/21. It's the next action in the project and is not yet available since 7/21 hasn't arrived yet. Thus, the project is blocked by OF's reckoning.

OF doesn't calculate whether all the actions in the project are repeating. There are several threads on the forums related to this, most recently here. That thread describes how to use the current implementation to get essentially what you want. If that solution doesn't meet your needs, but sure to use Help -> Send Feedback to file a feature request.