The Community Redevelopment Agency (CRA) held a final public hearing Sept. 4 and adopted its FY2026 proposed operating budget and Community Investment Plan after a staff presentation and no public comments. Scott Reynolds, the town’s finance director, presented the CRA budget and CIP changes the agency made following a prior workshop.

Staff said the CRA tax increment portion modestly increased from about $515,000 in 2025 to roughly $555,000 in 2026. Reynolds outlined annual event and program support planned for FY2026, including funding for the holiday boat parade, Inlet Village seasonal decorations, Riverwalk community events, an art project at the roundabout and support for East Coast Greenway and trails events.

On capital projects, staff described work to add funding for long-term repairs and mitigation on the Riverwalk gravity wall that had been damaged in prior years and replacement of wall blocks. The CRA CIP includes continuation and future funding for a living-shoreline installation to stabilize and restore marine habitat along the Riverwalk. Paya Place Park — a connector park project that links to the Riverwalk — remains in the CIP; staff said construction is proposed as grant-dependent, with a 50/50 match contemplated for work in 2028.

Reynolds presented a five-year cash-flow projection showing the CRA ending-life cash position at just over $24 million; staff said the current cash flow is “very healthy.” Commissioners asked a handful of operational questions about timing for the Love Street sidewalk project and the status of easements; Assistant Director of Planning and Zoning Stephanie Thoburn reported the town had closed easements with one major owner and was a little more than halfway through negotiations with several smaller owners.

Votes and actions
- CRA Resolution 5-25: Approve FY2026 CRA operating and investment plan — motion passed unanimously.
- CRA Resolution 6-25: Adopt FY2026 CRA budget as presented — motion passed unanimously.

Why this matters: The CRA controls tax-increment funding in the redevelopment area and the adopted CIP includes funding for shoreline stabilization and a living-shoreline approach — both projects that aim to protect public infrastructure and restore marine habitat along the Riverwalk. Paya Place Park remains grant-dependent; adopting the CIP schedules the town for grant-seeking and match planning.

What commissioners said: Commissioners praised staff’s work on the Riverwalk wall repairs and the living-shoreline concept and asked questions about schedule and easement status for Love Street sidewalk work. Staff said Love Street construction was pushed to FY2026 Q3 at property-owner request to avoid peak-event disruption.

What’s next: With adoption of the CRA budget and CIP, staff will proceed with grant applications and project design work. Paya Place Park construction timing will depend on securing the anticipated grant matches in the later years of the CIP window.

Sources and attribution: Reporting is based on in-meeting presentation and commissioner remarks by Scott Reynolds (Finance Director), Stephanie Thoburn (Assistant Director of Planning and Zoning) and CRA chair and commissioners during the Sept. 4, 2025 CRA meeting.