The South Cape Community Redevelopment Agency Governing Commission approved a proposed 2027 budget of $7.7 million Wednesday.<\/p>\n
Budget Administrator Nicole Reitler said the proposed Fiscal Year \u201927 budget is $7,711,956 and includes increment taxes, charges for service, miscellaneous and transfers in.<\/p>\n
The budget includes Lee County tax increment based on a millage rate of 3.7623 and general fund transfer based on a millage rate of 5.1471. <\/p>\n
The budget includes four full-time positions, as one position was removed and sent to code compliance.<\/p>\n
The budget also includes tax increment financing rebates for Slipaway and Bimini Square for $1.8 million and economic development incentives for $545,000.<\/p>\n
Expenditures include a loan payment for The Cove parking garage of $1.3 million with about five years left. There is are annual debt payments for Southeast 4th Streetscape and Bimini East for $2.6 million.<\/p>\n
The CRA has a list of capital projects. The current budget is $15.8 million.<\/p>\n
\u201cWe added a new capital project at fiscal year 2027 for installing a new sidewalk for $80,000,\u201d Reitler said of Vincennes Street.<\/p>\n
There also is a charges for service line of $300 for parking garage revenues.<\/p>\n
\u201cAt the moment the parking garage is just getting up. We are starting to throw a little bit of money into the bucket,\u201d Reitler said.<\/p>\n
The CRA is funded through a type of funding designed specifically development districts. <\/p>\n
CRA budgets are based largely on the taxable valuation between a base predevelopment value and a post-development value \u2014 district funding is the difference between the two. TIF funds, the difference between the taxable valuation of an undeveloped property and its taxable valuation once developed, can also be rebated to a developer for a period of time as a development incentive.<\/p>\n
Cape Coral City Council sits as the CRA Governing Commission and the city manager, Michael Ilczyszyn, acts as its executive director.<\/p>\n
The CRA is not allowed to have a fund balance, Ilczyszyn said.<\/p>\n
\u201cEvery penny we bring in has to be identified and budgeted for a project in the CRA,\u201d he said, adding that if savings are generated, the CRA would have to be disbanded. \u201cThat is not our goal. Every penny has to be budgeted for a project.\u201d\u00a0<\/p>\n
The budget, which received first approval Wednesday, will come back for final approval in July.<\/p>\n