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Council creates RDA special revenue fund and updates loan agreement to cover redevelopment projects
Summary
The Mesquite City Council approved a resolution creating a special revenue fund for Redevelopment Agency (RDA 2) receipts and ratified an updated loan agreement between the redevelopment district and the general fund to cover remaining redevelopment projects; staff said changes reflect project bid results and roll forward of encumbrances.
The council on Aug. 26 approved resolution R25-032 to create a special revenue fund (Fund 26) to account for new RDA 2 property‑tax receipts and to separate accounting from existing RDA 1 funds. Finance staff said the move is an accounting/administrative measure to track revenues and expenses tied to the redevelopment district. Finance staff (Director Thorne) reported an update to an earlier loan agreement and said project budgets and purchase orders from the prior fiscal year are being rolled forward as encumbrances. The overall set of redevelopment projects remains the same, but bid results have altered how funds will be allocated across projects; staff said they will continue to track project encumbrances and return to council with updates. No additional borrowing beyond the updated loan agreement was requested at the meeting. Council approved the resolution; staff said they had discussed details with project leads and that the item was primarily procedural to enable proper accounting for the incoming RDA tax increment revenues.
