Submitted By: Roberto Ellis
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Presentation By: Roberto Ellis
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Proposed Fiscal Year 2025-26 Budget for the Downtown Ocala CRA
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BACKGROUND:
The attached budget summary reflects the Fiscal Year 2025-26 budget for the Downtown Redevelopment Subarea Fund. Tax Increment Financing (TIF) allows a tax increment to be set aside in a trust for downtown community redevelopment purposes only. Highlights of the budget are as follows:
• Operating expenses - $133,823
• Capital expenses - $752,000
• Aid to other organizations - $642,000
• Reserves - $659,227
FINDINGS AND CONCLUSIONS:
• Per Florida Statutes, Section 189.016, the Community Redevelopment Agency Advisory Board must hold a public meeting to adopt the budget for the Downtown Community Redevelopment Subarea Fund of the City of Ocala.
• The public hearing will take place on September 3, 2025, at the CRA Board Meeting. These meetings will be held at City Hall and begin at 3:45pm.
ALTERNATIVE:
N/A