ACTION ITEM
SPONSOR: Teniade Broughton, Chairperson
SUBJECT:
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DIB WORK PLAN AND REPORT OF ACCOMPLISHMENTS
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RECOMMENDATION:
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That the Community Redevelopment Agency approve the Pensacola Downtown Improvement Board (DIB) Fiscal Year 2024 Work Plan.
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SUMMARY:
On September 8, 2020, the Community Redevelopment Agency (CRA) approved an interlocal agreement with the Pensacola Downtown Improvement Board (DIB) for the implementation of certain Urban Core Redevelopment Plan activities that are funded through the portion of Tax Incremented Financing (“TIF”) revenues derived from the Pensacola Downtown Improvement Taxing District special assessment levied within the DIB area, less $100,000 which was retained by the CRA for implementation of affordable housing initiatives.
On June 12, 2023, the CRA approved Amendment No. 1 which terminated retainage of the $100,000 beginning in Fiscal Year 2024. The remaining retainage, in the amount of $264,602.57, was authorized for expenditure by the CRA for expanded uses that included affordable housing, beautification and public safety. See Section 2.1 of the attached Amendment No. 1 to the Interlocal Agreement for work plan approval and accomplishment reporting requirements.
The proposed work plan and annual report are attached.
PRIOR ACTION:
July 18, 2005 - The CRA entered into an interlocal agreement with the DIB to provide for the creation of a comprehensive downtown parking strategy and for the implementation of mutual undertakings of the DIB and the CRA, as outlined in the Urban Core Community Redevelopment Plan.
September 8, 2020 - The CRA entered into an interlocal agreement with the DIB for the implementation of certain Urban Core Redevelopment Plan activities that are funded through the portion of Tax Incremental Financing (“TIF”) revenues derived from the Pensacola Downtown Improvement Taxing District special assessment levied within the DIB area, less $100,000.
June 12, 2023 - The CRA approved Amendment No. 1 to the Interlocal Agreement with the DIB.
FUNDING:
Budget: $574,100
Actual: $574,100
FINANCIAL IMPACT:
Actual funding provided under the interlocal agreement is based on the property valuation as certified by Escambia County Property Appraiser on July 1, 2023.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
7/7/2023
STAFF CONTACT:
David Forte, Deputy City Administrator
Sherry Morris, Development Services Director
Victoria D’Angelo, CRA Manager
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ATTACHMENTS:
1) DIB FY2024 Work Plan
2) DIB Annual Report - 2022-2023
3) Interlocal Agreement
4) Amendment No. 1 to Interlocal Agreement
PRESENTATION: Yes end