PRESENTER: Presenter
Jeff Jewell, Economic and Community Development Director
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SUBJECT: Title
Discussion and update on the estimated TIRZ 3 FY26 fund balance and possible action to designate FY27 allocations.
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DEPARTMENT: Economic and Community Development
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COUNCIL DISTRICTS IMPACTED: 1, 5
BACKGROUND INFORMATION:
Staff will present on the estimated FY26 TIRZ 3 fund balance and lead a discussion on FY27 allocation estimates. Eligible projects within the Project & Financing Plan include four categories: Public Infrastructure Improvements, Economic Development Incentives, Parking Improvements, and Administration/Implementation costs. There is approximately $150,000 of estimated expenditure capacity for FY27.
At the March 30, 2026 meeting, the TIRZ 3 Board identified the following for the FY26 budget:
- Reserving 50% of the starting year fund balance for future capital projects ($90,495)
- Increasing the grant budget (Economic Development Incentives) to $60,000
- Retaining the parking budget of $30,000
As a reminder, the City’s Finance Policy generally requires a twenty-five percent (25%) fund balance policy.
STRATEGIC PLAN REFERENCE:
YES Economic Mobility YES Enhanced Connectivity YES Community Identity
N/A Organizational Excellence N/A Community Well-Being