Eastport Business Center CRA adopts FY 2025–2026 operating budget; minutes approved

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Attached is the proposed operating budget for the Eastport Business Center CRA tax increment district for FY 2025-2026 (October 1, 2025 to September 30, 2026). The CRA budget is considered prior to the City’s formal budget hearings in September to ensure the CRA Board has sufficient time to review the proposal, provide input, and recommend any necessary adjustments before it is incorporated into the full City budget and adopted by the City Council. The resolution is also written so that the revenues and expenditures are estimates that can be changed based on the final adopted millage rate and budget. Therefore, the tax increment can be adjusted to the final amount without requiring the CRA Board to reconsider the budget. The Eastport CRA become debt-free in FY 2025, and beginning in FY 2026, its projected annual revenue is expected to be sufficient to cover all operating expenditures. Any revenue exceeding those expenditures will roll into the CRA’s fund balance. The estimated fund balance at the end of FY 2025 is $933,902 which may be allocated toward any project identified in the current Eastport CRA Plan, including roadway improvements, development incentives, and drainage and utility upgrades. An application has been submitted to the Volusia-Flagler TPO for a feasibility study to realign Spruce Creek Road away from the Halifax Canal and widen it to a three-lane section between Dunlawton Avenue and Commonwealth Boulevard. The project also includes intersection improvements to better accommodate heavy truck traffic, enhance driver safety, and increase overall roadway capacity. Funding for the City's portion of the feasibility study, design, and construction will be provided through the CRA’s fund balance. There are currently four to five new private development projects either underway or proposed within the Eastport area. These projects are expected to attract targeted new businesses and support the expansion of existing businesses. To help facilitate their development, the CRA’s fund balance could be used to provide incentives for projects that are completed and contribute meaningfully to the overall growth of Eastport. | attachments=1 | reports=1