Subject:
Title
Fiscal Year 2026 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) 2026 Lealman Community Redevelopment Area (CRA) Trust Budget to the Board of County Commissioners with a recommendation to approve.
• Staff is seeking a motion from the Agency recommending that the Board of County Commissioners adopt the proposed FY26 Lealman CRA Trust Budget.
• The proposed FY26 total budget for the Lealman CRA Trust is $15,575,600.00 and is comprised of:
o A projected beginning fund balance of $10,197,010.00 carried over from FY25,
o $5,095,200.00 in Countywide and Municipal Services Taxing Unit Tax Increment Financing collections, and
o $283,390.00 in interest earnings.
• Key changes from the Budget Information Session include updated revenues to reflect higher-than-projected tax base values, an increase in the personnel budget to add two new Park Rangers for Ray Neri Community Park, and an expansion of the work plan project to include $8,582,900.00 in infrastructure improvements for the Joe’s Creek Industrial Park area.
• This CRA Budget is consistent with the Pinellas County FY26 Proposed Budget and is contingent upon its passage.
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Strategic Plan:
Foster Continual Economic Growth and Vitality; 4.2 Invest in communities that need the most, 4.3 Catalyze redevelopment through planning and regulatory programs, 4.4 Invest in infrastructure to meet current and future needs, 4.6 Support a vibrant community with recreation, arts, and culture to attract residents and visitors
Ensure Public Health, Safety and Welfare; 2.1 Provide planning, coordination, prevention, and protective services to create and enhance a safe, secure and healthy community.
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 positive finding of blighted conditions and established the Lealman Community Redevelopment Area (CRA), 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 $15,575,600 and is comprised of:
• A projected beginning fund balance of $10,197,010 carried over from FY25,
• $5,095,200 in Countywide and Municipal Services Taxing Unit Tax Increment Financing collections, and
• $283,390 in interest earnings.
Staff Member Responsible:
Amy Davis, Community Coordinator
Partners:
Lealman CRA Advisory Committee
Attachments:
Lealman Community Redevelopment Area (CRA) Trust Budget Book Pages
FY26 Proposed Lealman CRA Work Plan
FY25 Detailed Lealman CRA Work Plan Report