ACTION ITEM
SPONSOR: Teniade Broughton, Chairperson
SUBJECT:
title
BUDGET RESOLUTION NO. 2023-05 CRA - ADOPTING A BUDGET FOR THE TAX INCREMENT FINANCING DISTRICTS FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2023
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RECOMMENDATION:
recommendation
That the Community Redevelopment Agency adopt Budget Resolution No. 2023-05 CRA adopting a budget for Fiscal Year 2024 for the Urban Core Tax Increment Financing District, the Eastside Tax Increment Financing District and the Westside Tax Increment Financing District. Further that the Community Redevelopment Agency formally recommend to City Council to take action to approve the budgets for the tax increment financing districts.
A RESOLUTION OF THE PENSACOLA COMMUNITY REDEVELOPMENT AGENCY ADOPTING A BUDGET FOR THE URBAN CORE TAX INCREMENT FINANCING DISTRICT, THE EASTSIDE TAX INCREMENT FINANCING DISTRICT AND THE WESTSIDE TAX INCREMENT FINANCING DISTRICT FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2023; PROVIDING AN EFFECTIVE DATE.
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SUMMARY:
There are three Tax Increment Financing (TIF) Districts contained within the City of Pensacola’s Fiscal Year 2024 Proposed Budget- the Urban Core TIF, the Eastside TIF, and the Westside TIF. The concept of a Community Redevelopment Agency (CRA) using the Tax Increment Financing (TIF) funds relates to the growth, redevelopment and subsequent property value increase in the TIF district to the continued improvement of the district. TIF funds can only be used to undertake activities authorized by Chapter 163, Part III, Florida Statutes and the community redevelopment plan applicable to each district.
Pursuant to the Florida Statutes, the CRA must approve its budget annually. The CRA-approved budget is subject to final approval by City Council.
PRIOR ACTION:
July 17, 2023 - The Fiscal Year 2024 Proposed Budget was presented to the CRA.
FUNDING:
N/A
FINANCIAL IMPACT:
Adoption of the budget resolution maintains compliance with the Florida Statutes pertaining to tax increment financing districts.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
8/4/2023
STAFF CONTACT:
David Forte, Deputy City Administrator
Sherry Morris, Development Services Director
Victoria D’Angelo, CRA Division Manager
Amy Lovoy, Finance Director
ATTACHMENTS:
1) Budget Resolution No. 2023-05 CRA
PRESENTATION: No end