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Washington Terrace board approves FY2025 budget amendment to record first full year of Southpointe RDA tax increment
Summary
The Washington Terrace board on May 20 approved Resolution 2058 to amend the fiscal year 2025 budget to record about $196,000 in tax increment from the Southpointe redevelopment area and to allocate that revenue under standard RDA rules.
WASHINGTON TERRACE — The Washington Terrace board approved Resolution 2058 on May 20, 2025, amending the fiscal year 2025 budget to recognize the first full year of tax increment from the Southpointe redevelopment area, a staff member said.
The amendment records roughly $196,000 in tax-increment revenue that the redevelopment agency (RDA) collected in the area's first full tax year. Under the RDA’s distribution plan presented to the board, 3% of the increment will be retained for administration and operations, 10% will go to the CRA housing fund, and the remaining 87% will be available for redevelopment activities, staff said.
Cherie, a Washington Terrace staff member, told the board that the…
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