PRESENTER: Presenter
Jeff Jewell, Economic & Community Development Director
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SUBJECT: Title
Presentation and discussion on TIRZ 3 FY 2026 financials and possible action recommending FY 2026 allocations.
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DEPARTMENT: Economic & Community Development
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COUNCIL DISTRICTS IMPACTED: 1, 5
BACKGROUND INFORMATION:
Staff will present FY 2026 TIRZ 3 fund balance and lead a discussion for possible action to provide a recommended allocation for the FY 2026 budget allocations in certain categories. Eligible projects within the Project & Financing Plan include four categories: Public Infrastructure Improvements, Economic Development Incentives, Parking Improvements, and Administration/Implementation costs.
At the July 29, 2024 meeting, the TIRZ 3 Board set the FY24-25 budget as:
- $50,000 for Grants (Economic Development Incentives)
- $30,000 for Parking Expenditures
- $20,000 for Administrative Costs
Funds were expended in the grant and parking categories. Funds allocated for administrative costs were not expensed; those funds and all other unexpended funds were moved into the TIRZ 3 fund balance at the fiscal year closeout.
As a reminder, guidance from the City’s Finance Department suggests the TIRZ 3 Fund retain a balance of twenty-five percent (25%) by the end of the fiscal year.
STRATEGIC PLAN REFERENCE:
☒Economic Mobility ☒Enhanced Connectivity ☒Community Identity
☐Organizational Excellence ☐Community Well-Being ☐N/A
RECOMMENDATION:
Staff recommends holding 50% of the available fund balance in reserves to use for a future debt issuance or capital project, increasing the budgeted amount for grants to $60,000, and keeping the budgeted amount for parking at $30,000.