SUBJECT
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Adopt resolution approving the FY 25/26 budget for the Harden/Parkway Community Redevelopment Agency in the amount of $2,035,770.
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DESCRIPTION
On June 20, 2004, the Board of County Commissioners (BoCC) approved the establishment of the Harden/Parkway Community Redevelopment Agency (Agency) through the adoption of the Community Redevelopment Plan with Ordinance No. 04-11 and the funding of the Plan through Ordinance No. 04-12, which created the Agency Trust Fund. On January 21, 2004, the BoCC adopted Resolution No. 04-10 appointing itself as the Harden/Parkway CRA Board. In accordance with the Section 163.357(1)(c), Florida Statutes, the BoCC went on to appoint the City Manager and the Community Development Department Manager for the City of Lakeland, to serve as two additional board members for the Harden/Parkway CRA.
The Agency's FY 25/26 budget includes $1,593,586 in County & City tax increment financing (TIF), carryover from prior year of $429,932, and interest earnings of $12,252.
The budgeted expenditures total $1,600,000 for debt service and includes $435,770 reserve for future capital.
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 FY 2042-2043 when the Agency will sunset.
If adopted, the Budget shall be forwarded to the BoCC for inclusion within the County's proposed tentative budget, as required by Section 189.016(5), Florida Statutes.
RECOMMENDATION
Request Board adopt the attached resolution approving the FY 25/26 budget for the Agency in the amount of $2,035,770.
FISCAL IMPACT
No fiscal impact. Upon adoption of the resolution, the Agency's budget will be included as part of the County's FY 25/26 budget.
CONTACT INFORMATION
Tabitha Alpers
B...
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