SUBJECT/RECOMMENDATION:
Title
Recommended for approval the Fiscal Year 2025-2026 North Greenwood Community Redevelopment Agency Budget.
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 $1,081,779 which is an increase of from the Amended FY 24/25 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 $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:
1.5 Embrace a culture of innovation that drives continuous improvement and successfully serves all our customers.
3.2 Preserve community livability through responsible development standards, proactive code compliance, and targeted revitalization.
