SUBJECT/RECOMMENDATION:
Title
Approve the Fiscal Year 2025-2026 North Greenwood Community Redevelopment Area Budget, adopt Resolution 25-04, 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 areas 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 $1,081,779 which is an increase from the Amended FY 24/25 revenue.
Increment funds are divided between Operating Expenditures and Project Funds. Operating Expenditures include services, supplies and expenses that occur during the fiscal year and are primarily used for conducting 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 $42,300; Salaries for CRA Executive Director and CRA staff $100,000 which is split with the Downtown CRA; R2407, Housing County $200,000; R2409 Mobility County $278,753; Economic Development City $528,726.
STRATEGIC PRIORITY:
1.3 Adopt responsive levels of service for public facilities and amenities, and identify resources required to sustain that level of service.
