ACTION ITEM
SPONSOR: Jewel Cannada-Wynn, Chairperson
SUBJECT:
title
BUDGET RESOLUTION NO. 2019-06 CRA - ADOPTING A BUDGET FOR THE TAX INCREMENT FINANCING DISTRICTS FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2019
end
RECOMMENDATION:
recommendation
That the Community Redevelopment Agency adopt Budget Resolution No. 2019-06 CRA adopting a budget for Fiscal year 2020 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, 2019; PROVIDING AN EFFECTIVE DATE.
end
body
SUMMARY:
There are three Tax Increment Financing (TIF) Districts contained within the City of Pensacola’s Fiscal Year 2020 Annual 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 Redevelopment Area/TIF to the continued improvement of the Area or neighborhood. TIF funds can only be used to undertake planning and construction of improvements and/or specific projects within the Redevelopment Area or neighborhood included within the respective plans.
As part of the Fiscal Year 2020 budget process, the CRA is asked to approve the budgets for these three TIF districts and also make a formal recommendation that the City Council take action to approve the budgets.
PRIOR ACTION:
July 10, 2019 - The Eastside Redevelopment Board (ERB) recommended approval of the proposed Fiscal Year 2020 budget for the Eastside Tax Incremental Financing District, as presented.
July 15, 2019 - The Fiscal Year 2020 Proposed Budget was presented to the CRA.
July 24, 2019 - The Westside Redevelopment Board (WRB) recommended approval of the proposed Fiscal Year 2020 budget for the Westside Tax Incremental Financing District, as presented.
FUNDING:
N/A
FINANCIAL IMPACT:
Adoption of the budget resolution maintains compliance with the Florida Statutes pertaining to tax increment financing districts.
CITY ATTORNEY REVIEW: Yes
7/22/2019
STAFF CONTACT:
M. Helen Gibson, AICP, CRA Administrator
Richard Barker, Jr., Chief Financial Officer
ATTACHMENTS:
1) Budget Resolution No. 2019-06 CRA
PRESENTATION: No end