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CRA allocates $3.64 million to Kings Road capital improvements
Summary
The Kings Hotel Crossing Community Redevelopment Agency voted unanimously to move $3,635,018.26 in unallocated TIF funds into the Kings Road Capital Improvements project, a multiyear Complete Streets effort intended to support pedestrian safety and commercial development.
The Kings Hotel Crossing Community Redevelopment Agency voted unanimously to allocate $3,635,018.26 in unallocated tax increment financing (TIF) funds to the Kings Road Capital Improvements project, staff said.
Agency staff described the allocation as a fiscal-year-end cleanup and a way to concentrate funds on a multiyear Complete Streets project designed to support residential and commercial development and improve traffic-calming and pedestrian safety along the corridor.
Karen Nasarella, Office of Economic Development staff, told the board that Florida statutes allow CRA governing bodies to disperse funds at fiscal year end to existing programs or projects, to create new projects consistent with a redevelopment plan, or to allocate funds to future debt — but that the TIF fund must show a zero balance by Sept. 30. "Highlighted in yellow, you will see that there is currently a balance of $3,635,018.26, and unallocated plan authorized expenditures. We are recommending that you allocate that funding to the new Kings Road Capital Improvements project," Nasarella said.
Nasarella said the Kings Road project originates from a prior action by the agency; she referenced the earlier resolution approving the Kings Road capital improvements (Kings Hotel Crossing CRA 2022-03) and described the work as a multiyear effort in which staff and consultants have identified nine potential projects and are starting with the lower-cost items.
Councilwoman Pittman spoke in support: "That area is really, really growing. And so to be able to have a very nice plan, beautification plan, in that area would be most beautiful and be able to put nice trees just like we see in other parts of the area. And the residents want it, as well." There was no public comment on the item.
The board opened a ballot and recorded a vote of 13 ayes, 0 nays. The motion passed.
The agency packet included a budget transfer (BT) and a budget sheet showing the balance staff cited; Nasarella said the agency will continue to update CRA financial schedules and provide the board with snapshots of program spending and balances.
The board adjourned that portion of the meeting after the unanimous vote; staff said more detailed project planning and consultant work will continue as part of the multiyear implementation.
