Subject:
Title
Fiscal Year 2024 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) 2024 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 FY24 Lealman CRA Trust budget.
• The proposed FY24 total budget for the Lealman CRA Trust is $8,798,300.00 and is comprised of:
o A beginning fund balance of $5,465,800.00 beginning balance carried over from FY23,
o $3,234,000.00 in Countywide and Municipal Services Taxing Unit Tax Increment Financing collections,
o $28,500.00 in interest earnings, and
o $70,000.00 via a passthrough grant from the Community Foundation of Tampa Bay to the St. Petersburg Foundation.
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Strategic Plan:
Ensure Public Health Safety and Welfare
2.2 Be a facilitator, convener, and purchaser of services for those in need.
Foster Continual Economic Growth and Vitality
4.2 Invest in communities that need the most
Deliver First Class Services to the Public and Our Customers
5.3 Ensure effective and efficient delivery of county services and support
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/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 FY24 total budget for the Lealman CRA Trust is $8,798,300.00 and is comprised of:
• A beginning fund balance of $5,465,800.00 beginning balance carried over from FY23,
• $3,234,000.00 in Countywide and Municipal Services Taxing Unit (MSTU) TIF collections,
• $28,500.00 in interest earnings, and
• $70,000.00 via a passthrough grant from the Community Foundation of Tampa Bay to the St. Petersburg Foundation.
Staff Member Responsible:
Christopher D. Moore, Assistant to the County Administrator, Lealman Community
Partners:
Lealman CRA Advisory Committee
Attachments:
Lealman Community Redevelopment Area (CRA) Trust Budget Book