Subject:
Title
Fiscal Year 2027 Lealman Community Redevelopment Trust Budget.
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Recommended Action:
Recommended Action
Sitting as the Community Redevelopment Agency (Agency), transmit the proposed Fiscal Year (FY) 2027 Lealman Community Redevelopment Area (CRA) Trust Budget to the Board of County Commissioners with a recommendation to approve.
• Staff are seeking a motion from the Agency recommending that the Board of County Commissioners adopt the proposed FY27 Lealman CRA Trust Budget.
• The proposed FY27 total budget for Lealman CRA Trust is $18,320,850.00 and is comprised of:
o A projected beginning fund balance of $12,256,350.00,
o $5,754,370.00 in Countywide and Municipal Services Taxing Unit Tax Increment Financing, and
o $310,130.00 in interest earnings.
• Proposed expenditures of $18,320,850.00, with key changes from the Budget Information Session that include updated revenues to reflect higher-than-projected tax base values with associated adjustments in expenditures.
• To utilize $2.606M in a congressionally directed federal grant to harden the Lealman Exchange Gymnasium, proposed $1.025M from the Penny for Pinellas and $1.764M from the Lealman CRA to provide the required funds to complete the project.
• Discussed the proposed budget priorities with and are generally supported by the Lealman CRA Advisory committee (Feb. 24 proposed budget, May 27 budget update and July 22 Lex Hardening Grant)
• This CRA Budget is consistent with the Pinellas County FY27 Proposed Budget and is contingent upon its passage.
• Funding for this request is provided in the Lealman CRA Trust Fund and is contingent on adoption of the FY27 County budget.
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Strategic Plan:
Resilient Infrastructure and Environment
1.2 Maintain and enhance County infrastructure.
1.3 Increase access to green space.
Healthy and Safe Communities
2.2 Enhance community safety.
Prosperity and Opportunity
3.1 Increase the availability of attainable housing.
3.4 Enhance educational and cultural opportunities.
3.5 Foster business growth.
Summary:Summary
The Lealman Community Redevelopment Area (CRA) Trust was established June 7, 2016, by the Board of County Commissioners to support redevelopment activities specified in the Lealman CRA Plan. The CRA undertakes activities and projects for the elimination and prevention of identified deterioration and economically distressed conditions in the designated area. Public funding is used to stimulate private sector investment in this endeavor.
Public revenues to the CRA are generated through Tax Increment Financing (TIF) as defined by State statute. Since this district is in the county's unincorporated area, the General Fund contributes TIF resources based on both the countywide and the Municipal Service Taxing Unit (MSTU) property tax collections.
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Background Information:
In July 2015, via Resolution 15-62, the Board of County Commissioners (Board) made a finding of blighted conditions and established the Lealman Community Redevelopment Area (CRA) and directed staff to create a Redevelopment Plan for the CRA. Also, in July 2015, via Ordinance 15-29, the Board established the Agency and appointed itself as its governing body. The Board established the Lealman Community Redevelopment Area Advisory Committee via Resolution 15-70 to assist staff in drafting the Redevelopment Plan and advising on its implementation, and on June 7, 2016, the Board approved the CRA Plan via Resolution 16-40, which was later amended by the adoption of Resolution Nos. 17-36 and 19-11. On March 12, 2019, the Board adopted resolution 19-10, which grants the County Administrator the authority to approve and execute certain contracts, documents, and instruments on behalf of the Agency for the purpose of implementing the Plan, pursuant to powers enumerated in Section 163.370 of the Florida Statutes.
Fiscal Impact:
The proposed FY26 total budget for the Lealman CRA Trust is $18,320,850 and is comprised of:
• A projected beginning fund balance of $12,256,350 carried over from FY26,
• $5,754,370 in Countywide and Municipal Services Taxing Unit Tax Increment Financing, and
• $310,130 in interest earnings.
Funding for this request is provided in the Lealman CRA Trust Fund and is contingent on adoption of the FY27 County budget.
Staff Member Responsible:
Amy Davis, Community Coordinator
Partners:
Lealman CRA Advisory Committee
Attachments:
Lealman Community Redevelopment Area (CRA) Trust Budget Book Pages
FY27 Proposed Lealman CRA Work Plan
FY26 Detailed Lealman CRA Work Plan Report