SUBJECT/RECOMMENDATION:
Title
Approve the Fiscal Year 2025-2026 Downtown Clearwater Community Redevelopment Area Budget and adopt Resolution 25-02.
Body
SUMMARY:
The Fiscal Year 2025-2026 Downtown Community Redevelopment Area Budget aligns proposed project expenditures to facilitate future redevelopment of downtown through the implementation of the Downtown Plan.
The major highlights of the FY 2025-2026 proposed preliminary budget are:
Tax Increment Revenue is $6,505,676 which is an increase of $419,408 over the Amended 2024-2025 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
- Decrease in Contractual Services
- Decrease in Advertising
- Increase in Equipment Rental
- Increase in Memberships and Subscriptions
- Increase in Training and Reference
Operating Expenditures have decreased from FY 24/25. This decrease will still allow for adequate training and professional services for this fiscal year. Operating Expenditures also includes the payment of $397,975 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 $1,362,289. 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 Community Engagement ($250,000); Economic Development ($1,000,000); Transportation ($500,000); Housing ($599,246)
County TIF Funds, $2,878,256 for this fiscal year, are restricted and have been allocated to Economic Development ($678,256); Transportation ($200,000); 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.
