SUBJECT/RECOMMENDATION:
Title
Approve the Fiscal Year 2026-2027 Downtown Clearwater Community Redevelopment Area Budget and adopt Resolution 26-04
Body
SUMMARY:
The Fiscal Year 2026-2027 Downtown Community Redevelopment Area (DTCRA) Budget aligns proposed project expenditures to facilitate future redevelopment of downtown through the implementation of the Downtown Plan.
The major highlights of the FY 2026-2027 proposed preliminary budget are:
Tax Increment Revenue is $6,710,910 which is an increase of $205, 234 over the Amended 2025-2026 revenue, reflecting an increase in taxable value of both the original CRA area and the expanded (Downtown Gateway) CRA area.
DTCRA Funds are divided between Operating Expenditures and Project Funds.
Operating Expenditures
• Decrease in Professional Services
• Increase in Utilities
• Increase in Interfund Transfer
• Decrease in Advertising
• Decrease in Training and Reference
Operating Expenditures have decreased from FY 25/26. This decrease will still allow for adequate training and professional services for this fiscal year. Operating Expenditures also includes the payment of $406,214 to the Downtown Development Board (DDB).
Project Funds
Transfers Out designated the funding this fiscal year that will be allocated to various Project Funds. The costs for Interlocal Agreements with the City and the Clearwater Police Department are found in the General Fund and Community Policing lines for a total of $1,253,246. The Interlocal Agreement between the City and CRA is for salaries, benefits, and internals services, as outlined in the interlocal agreement. These costs have been split between the Downtown CRA and North Greenwood.
The remaining City TIF revenue has been allocated to
Economic Development ($1,995,076) and Housing ($804,488)
County TIF Funds, $2,952,424 for this fiscal year, are restricted and have been allocated to Economic Development ($952,424) and Housing ($2,000,000)
STRATEGIC PRIORITY:
1.3 Adopt responsive levels of service for public facilities and amenities, and identify resources required to sustain that level of service.
