Redevelopment Agency adopts FY2025-26 budget as tax increment sunsets

Finance Director Shannon Wimmer told the Redevelopment Agency of Twin Cities on Wednesday that the agency's fiscal year 2025'26 budget is unchanged from the tentative version and that the redevelopment district's tax-increment financing will be sunsetting next year.

"This is probably our easiest budget that we've had for the RDA," Finance Director Shannon Wimmer said. "As we know that this is sunsetting, so there won't be any tax increment coming in, next year. And we have not made any changes to this budget since we had, the tentative budget presented."

The agency opened a public hearing on Resolution 2025-O2, the resolution adopting the FY2025'26 budget, and received no public comment. After closing the hearing, Board member Goaches moved to adopt the resolution and Board member Brady seconded. The motion passed 4-0: Board member McCall voted "aye," Board member Brady voted "aye," Board member Goaches voted "aye," and Board member Manzio voted "aye." The record shows Board member Hanson had asked to be excused.

The adoption was procedural: Wimmer characterized the budget as straightforward because the redevelopment tax increment is ending and the agency offered no substantive changes from the tentative budget. No members of the public spoke during the hearing and no amendments to the resolution were proposed during the meeting.

Separately, the agency approved minutes from its May 7 meeting by a separate vote taken later in the session.

The agency did not disclose a total dollar figure for the FY2025'26 budget during the meeting. Any follow-up reporting or documents outlining line-item totals or next steps for winding down the redevelopment tax-increment financing would come from staff reports or subsequent meetings.