PRESENTER: Presenter
Jeff Jewell, Economic and Community Development Director
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SUBJECT: Title
Presentation and discussion on TIRZ 3 FY24 financials and possible action to amend FY25 earmarked funds
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DEPARTMENT: Economic and Community Development
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COUNCIL DISTRICTS IMPACTED: 1, 5
BACKGROUND INFORMATION:
Staff will present FY24 TIRZ 3 Fund Balance and lead a discussion for possible action to revise the funds earmarked for eligible projects for FY25. Eligible projects in the Project & Finance Plan include four categories: Public Infrastructure Improvements, Economic Development Incentives, Parking Improvements, and Administration and Implementation.
At the July 29, 2024 meeting, the TIRZ 3 Board earmarked the following for FY25:
- $50,000 for Grants (Economic Development Incentives)
- $30,000 for Parking Expenditures
- $20,000 for Administrative Costs
Increases to the above earmarks are possible, but only with City Council approval. City guidance suggests the TIRZ 3 fund to retain a balance of 25% by FY closeout.
ISSUE:
Staff will provide an update to the TIRZ 3 Board on the FY24 Fund Balance and provide an opportunity to revise earmarked budgets for FY25 expenditures.
STRATEGIC PLAN REFERENCE:
☒Economic Mobility ☒Enhanced Connectivity ☒Community Identity
☐Organizational Excellence ☒Community Well-Being ☐N/A
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.