SUBJECT/RECOMMENDATION:
Title
Approve the Third Quarter Budget Amendments to the Fiscal Year 2023-2024 Downtown Community Redevelopment Agency Budget and adopt Resolution 24-02.
Body
SUMMARY:
Clearwater Community Redevelopment Agency is recommending the following Third Quarter Budget Amendments to the FY 2023-2024 Downtown CRA Budget:
Downtown CRA Operating
• Adjust the budget to reflect the actual expenditures to date.
Downtown CRA Capital Projects
• Create a new project R2501 Bluff Development
• Transfer out $2,250,000 of City TIF from R2003, Economic Development to R2501, Bluff Redevelopment. This represents $1,500,000 for impact fees, and $750,000 for Gotham development as outlined in the Development Agreement.
• Increase of $47,881.20 representing $208.20 of City TIF and $47,673 of interest earnings in R2003 Economic Development City.
• Increase of $362,617.26 in TIF revenues transferred as part of prior year end closing in R2003 Economic Development City.
• Transfer out of $2,500,000 City TIF from R2010 Housing City as part of the Gotham Development to new CIP R2501 Bluff Development.
• Decrease of $3,840.20 of County TIF from R2004 Economic Development County
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