COUNCIL AGENDA ITEM
SUBJECT:
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Resolution 2025-CRA-01: Adoption of the Community Redevelopment Agency preliminary proposed budget for Fiscal Year 2025 – 2026.
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DEPARTMENT:
Economic Development
SUMMARY:
The Community Redevelopment District is proposed to generate $433,591 in City related tax incremental financing (TIF) revenue. Volusia County is anticipated to generate $208,279 in TIF revenue. Together, these two revenue sources make up the balance of revenue for the Community Redevelopment Agency. The total proposed budget is $641,870.
On August 4th, 2025, the Community Redevelopment Agency Board reaffirmed their commitment to facilitating the creation of a Main Street through land acquisition. City staff have prepared a budget that allocates a little over half of the City’s funds towards land acquisition ($233,591). The other half of the City’s revenue is being allocated to the Small Scale and Medium Scale Façade Improvement grant program ($200,000). The County’s portion is being allocated towards E Park Avenue streetscape. County funds can only be used toward public infrastructure projects.
BUDGETED ITEM: ☒ Yes ☐ No ☐ Not Applicable
BUDGET AMENDMENT REQUIRED: ☐ Yes ☐ No ☒ Not Applicable
RECOMMENDED ACTION:
Motion to approve Resolution 2025-CRA-01.