Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Rda Budget topic
No spam. Unsubscribe anytime.
Washington Terrace RDA tentatively approves $100,000 incentive for Adams Avenue office project
Summary
The Washington Terrace Redevelopment Agency unanimously approved a tentative FY2025–2026 budget that includes a $100,000 incentive for an Adams Avenue office building; board discussion clarified the funding comes from property tax increment tied to the RDA.
At a Redevelopment Agency meeting, the board voted unanimously to tentatively approve the agency's FY2025–2026 tentative budget, including a $100,000 economic-development incentive earmarked for an office building on Adams Avenue.
The approval centers on an incentive in the Southeast Area Redevelopment Agency (RDA). Tom, an RDA board member, said the $100,000 incentive is the "main action item" in the proposed budget and is expected to occur in the next fiscal year. "This is gonna be really easy tonight," Tom said while describing the item.
Tom addressed resident questions about where the incentive money comes from, saying the funds are "tax increment, property tax increment" that otherwise would be distributed to other taxing entities across the county. He described the RDA incentive fund as a tool to help bring businesses into vacant properties in the Southeast area and said the city will not draw from the general fund for this incentive.
Board discussion also noted the RDA's previous extension is expiring. Tom said the extension will not be renewed and that funds formerly obligated through the RDA will flow back into the general fund, while the amounts set aside for incentives and operations will be placed into the capital fund for future incentive programs. "If someone's got a cool project that they want to do in the RDA, and that property is part of that, come on in. We'll have a nice chat," Tom said.
A board member moved to tentatively approve the tentative budget for fiscal year 2025–2026 for the RDA; another board member seconded. The motion passed by unanimous voice vote. The transcript records the motion, second and unanimous outcome but does not record individual board members' roll-call votes.
The meeting then adjourned.
Votes at a glance - Tentative FY2025–2026 RDA budget (includes $100,000 Adams Avenue incentive): approved unanimously (motion moved by the meeting chair; second not specified in transcript).
