SUBJECT
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Adopt resolution approving the FY 24/25 budget for the Eloise Community Redevelopment Agency in the amount of $909,603.
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DESCRIPTION
On June 20, 2000, the Board of County Commissioners (the BoCC) approved the establishment of the Eloise Community Redevelopment Agency (Agency) through the adoption of the Community Redevelopment Plan with Ordinance No. 00-33 and the funding of the Plan through Ordinance No. 00-34, which created the Agency Trust Fund. On November 8, 2006, the BoCC adopted Resolution No. 06-176 appointing itself as the Eloise CRA Board, and on June 5, 2018, the BoCC approved Ordinance No. 18-34, which amended the Plan to provide additional strategies for resolving blighting issues.
The Agency's FY 24/25 budget includes $159,670 in County tax increment financing (TIF), carryover from prior year of $727,472, and interest earnings of $22,461.
The budgeted expenditures total $489,557 which include:
* $36,557 for personnel
* $25,000 for operations
* $300,000 for neighborhood revitalization projects
* $120,000 for parks capital - completion of Snively-Brooks Park renovations
* $8,000 for streetlights
The Agency's budget includes a $38,956 contingency reserve and $381,090 reserve for future capital expansion.
The Agency's main revenue source is generated through the incremental growth of ad valorem revenues beyond an established base year and as defined in section 163.387, Florida Statutes.
The County will continue to make payments to the Agency, when applicable, based on each year's growth of ad valorem revenues over the base year through 2030 when the Agency will sunset.
If adopted, the Budget shall be forwarded to the BoCC for inclusion within the County's proposed budget, as required by Section 189.016(5), Florida Statutes.
RECOMMENDATION
Request Board adopt the attached resolution approving the FY 24/25 budget for the Agency in the amount of $909,603.
FISCAL IMPACT
No fiscal impact. Upon adoption of the resolution, the ...
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