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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Fiscal Year 2025-26 Budget for the North Magnolia Ocala CRA
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BACKGROUND:
The attached budget summary reflects the Fiscal Year 2025-26 budget for the North Magnolia Redevelopment CRA subarea fund. Tax Increment Financing (TIF) allows a tax increment to be set aside in a trust for North Magnolia community redevelopment purposes only. Highlights of the budget are as follows:
• Operating expenses - $127,007
• Capital expenses - $157,000
• Aid to other organizations - $50,000
• Reserves - $922,524
FINDINGS AND CONCLUSIONS:
In the Fiscal Year 2025-26 budget, the primary capital project is the North Magnolia land acquisition, which is budgeted at $157,000. In addition to this project, several capital improvement projects have been funded in prior years, including the Gateways project, Imagine North Magnolia, and earlier phases of Wayfinding. These investments reflect ongoing efforts to enhance infrastructure and community development in the North Magnolia area.
The Commercial Property Improvement Grant Program will continue, with an additional $50,000 allocated to replenish funds used during the current fiscal year. So far, $33,185 has been paid to applicants for completed projects.
The North Magnolia Redevelopment subarea fund budget totals $1,267,622 for the period beginning October 1, 2025, through September 30, 2026.
ALTERNATIVE:
N/A