The Eustis Community Redevelopment Agency voted July 17 to advance a preliminary fiscal-year 2025–26 budget that adds a CRA coordinator position and funds consultant services to implement the downtown master plan.

The move forwards a spending plan that staff said projects about $1.8 million in total revenues and an estimated $377,812 in revenues over expenditures for 2026; staff described the action as a preliminary adoption before final budget readings in September.

Mary, a CRA staff member, summarized the numbers at the meeting and said, “The estimated revenues over expenditures anticipated for fiscal year 2026 is $377,812.” The presentation also lists roughly $175,000 in interest revenue and identifies tax-increment revenues as the principal revenue source. Tom, a city staff member, told the board the formal adoption will occur during the city’s two September budget readings.

Board discussion and staff answers focused on a handful of line items: the addition of a dedicated CRA coordinator position; $140,000 for contractual services described as real-estate and master-plan implementation (staff said this would cover work by consultant Mike Gohman and other consultants as needed); a $50,000 parking study; a $100,000 housing rehabilitation allocation; and capital projects such as sidewalks, street rehabilitation and splash-pad repairs. Staff also said Palmetto Plaza remains a roll-forward project pending commission direction and that no specific new capital projects for Easttown were listed in the proposed 2026 line items.

Staff presented outstanding loan and reserve information. According to the presentation, the CRA received a $3,000,000 loan on Sept. 4, 2020, at 2.875 percent with a balloon payment due Sept. 4, 2025; staff estimated a remaining balance around $2.4 million and said the finance department will bring refinancing options to the board. Reserve balances shown in the packet included an estimated 2025 reserve of about $2.5 million and an estimated ending reserve of $2,900,708 after projected 2026 revenues; staff also presented a five-year projection that, as of the end of the projection period, anticipates available funds for CRA projects.

Commissioners questioned staffing and consultant spending. One commissioner asked why the CRA should add a coordinator when $140,000 is budgeted for consultants; staff replied that the coordinator would be a day-to-day city staff role to implement and coordinate master-plan tasks while the contractual line covers specialized real-estate and implementation consultants. Staff also noted that economic development currently operates with limited personnel and that other Florida CRAs commonly have dedicated staff.

A motion to advance the proposed CRA budget as the agency’s recommendation for fiscal 2025–26 passed on a roll call. Vice Chair Ashcraft voted no; Commissioners Holland and Lee voted yes; Chairman Hawkins voted yes. Staff and presenters emphasized that the preliminary approval can be revised before final city budget adoption in September.

The board instructed finance staff to return with refinancing options for the CRA loan and left Palmetto Plaza on the list as a potential roll-forward project pending further planning and possible land acquisition efforts. No binding contract awards or final budget adoption occurred at the July 17 meeting; those are scheduled with the city’s formal budget process in September.