Submitted By: Tammi Haslam
presenter
Presentation By: Tammi Haslam
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Department: Budget
STAFF RECOMMENDATION (Motion Ready):
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Adopt CRA Budget Resolution 2024-103 for the Fiscal Year 2024-25 budget - Downtown Redevelopment Subarea Fund in the amount of $1,515,438
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OCALA’S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The attached budget resolution reflects the Fiscal Year 2024-25 budget for the Downtown Redevelopment Subarea Fund. This fund accounts for the Tax Increment Financing (TIF) program. The TIF allows a tax increment to be set aside in a trust for downtown community redevelopment purposes only. Highlights of the budget follow:
• Operating expenses - $95,710
• Capital expenses - $280,000
• Aid to other organizations - $252,000
• Reserves - $887,728
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.
FISCAL IMPACT:
The proposed Fiscal Year 2024-25 budget for the Downtown Redevelopment Subarea Fund that will be adopted on September 3, 2024, totals $1,515,438.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
Provide alternative direction
CRA BUDGET RESOLUTION 2024-XXX
A RESOLUTION TO ADOPT A BUDGET FOR
THE DOWNTOWN REDEVELOPMENT SUBAREA FUND FOR
FISCAL YEAR 2024-25 IN THE AMOUNT OF $1,515,438
WHEREAS, in 1988, City Council established the Community Redevelopment Agency (CRA) of the City of Ocala and designated the City Council as the Agency pursuant to Section 163.357, Florida Statutes; and
WHEREAS, in 1988, City Council established the redevelopment trust fund and provided for the deposit therein of tax increment revenues as described in Section 163.387(1), Florida Statutes to be utilized for community redevelopment purposes only; and
WHEREAS, the Downtown Redevelopment Subarea is the portion of the community redevelopment area designated as part of the community redevelopment area pursuant to Resolution 88-52 adopted May 24, 1988; and
WHEREAS, in accordance with Florida Statutes, Section 189.016 a public hearing was held by the CRA Board on September 3, 2024, to adopt a budget for the Downtown Redevelopment Subarea.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY ADVISORY BOARD OF THE CITY OF OCALA, FLORIDA, duly assembled, that the Downtown Redevelopment Subarea Fund budget of $1,515,438 for the period beginning October 1, 2024, through September 30, 2025, is hereby adopted.
This resolution adopted this ______ day of ______________________, 2024.
ATTEST: CITY OF OCALA
By: By:
Angel B. Jacobs Barry Mansfield
City Clerk President, Ocala City Council
Approved as to form and legality:
By: _________________________________
William E. Sexton
City Attorney
Reviewed for accounting accuracy & completeness:
By: _________________________________
Peter A. Lee
City Manager