SUBJECT/RECOMMENDATION:
Title
Approve the Fiscal Year 2024-2025 North Greenwood Community Redevelopment Agency Budget, adopt Resolution # 24-03, and authorize the appropriate officials to execute same.
Body
SUMMARY:
The North Greenwood CRA has aligned its proposed operating budget and proposed project budget to facilitate future redevelopment as outlined in the North Greenwood Community Redevelopment Area Plan. Table 12 of the North Greenwood Community Redevelopment Area Plan outlines the Recommended TIF Expenditures.
The three-priority area are:
• Affordable Housing: Create, preserve, or improve income restricted affordable housing units and prevent displacement.
• Economic Development & Employment: Increase quality employment opportunities, particularly in the county target industries
• Mobility: Improve transit, walking, and biking options and access to transit.
Tax Increment Revenue for the North Greenwood CRA is $860,226 which is an increase of $512,737 from the Amended FY 23/24 revenue.
Increment funds are divided between Operating Expenditures and Project Funds. Operating Expenditures include services, supplies and expense that occur during the fiscal year and are primarily used for conducting the North Greenwood CRA’s day to day operations. Project funds are established to assist with creating programing recommended in the North Greenwood Community Redevelopment Area Plan.
Total operating expenditures $71,074; Salaries for CRA Executive Director and CRA staff $91,558; R2407, Housing County $363,386; Economic Development City $129,996; R2408 Mobility City $94,599; R2409 Mobility County $109,613
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