PRESENTER: Presenter
Jeff Jewell, Economic and Community Development Director
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SUBJECT: Title
Discussion and possible action recommending a FY 2024-2025 TIRZ #3 program budget
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DEPARTMENT: Economic and Community Development
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COUNCIL DISTRICTS IMPACTED: 1, 5
BACKGROUND INFORMATION:
Staff will present the anticipated FY25 TIRZ 3 fund balance and lead a discussion in which specific amounts may be earmarked by the TIRZ 3 Board for eligible projects within the Project and Finance Plan. Eligible projects in the Plan are divided into four categories: Public Infrastructure Improvements, Economic Development Incentives, Parking Improvements, and Administration and Implementation.
FISCAL IMPACT:
Staff anticipates TIRZ #3 revenue in FY25 will be approximately $145,000 in FY25, subject to final certified values and the adopted tax rate.
Recommendation
RECOMMENDATION:
Staff recommends a preferred budget addressing project and finance plan priorities, to include a recommended amount to be deposited into fund reserves.