Hollywood CRA adopts fiscal 2026 budgets for Beach and Downtown as TIF funding shifts to city

HOLLYWOOD, Fla. — The City of Hollywood Community Redevelopment Agency approved fiscal year 2026 budgets for its Beach and Downtown redevelopment districts at a public hearing Sept. 25 at City Hall, adopting a Beach CRA budget of about $107 million and a downtown operating budget of $3 million as the districts transition out of standalone TIF status.

The vote finalizes capital and operating plans that rely on existing carry‑forward funds, a county payment schedule and the city’s tax revenue equivalents. The Beach CRA budget lists roughly $68.3 million for capital projects and a $38.8 million operating budget; the downtown budget is funded largely by a $3 million annual county payment for five years and carry‑forward reserves just under $20 million.

Assistant City Manager Adam Reichback, presenting the budgets, said the downtown district will begin receiving an annual $3 million county payment for five years under the interlocal agreement and that those funds “may only be utilized by the downtown CRA for purposes or projects that would otherwise be permitted uses under section 163.387(6) of the Florida Statutes.” He also reported the Beach district’s taxable value at about $4.8 billion, a 3.78% increase from the prior year, which produced roughly $55 million in tax increment funding and a net Beach TIF revenue after refunds of about $40.8 million.

Why it matters: the approved plans set funding for resiliency and utility…