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Syracuse Industrial Development Agency approves 2026 organizational budget with conservative revenue outlook
Summary
The Syracuse Industrial Development Agency approved its proposed 2026 organizational budget after staff presented revenue and expense projections, including expected project-closing fees and an EPA planning award; the board voted to adopt the budget during the public meeting.
The Syracuse Industrial Development Agency voted to adopt its proposed organizational budget for 2026 after a staff presentation and brief questions from board members.
Agency staff addressed the board and said the draft budget takes a conservative approach to projected project closings and related fees, noting "we have that number listed just over 1,400,000.0, in terms of closings." Staff said the agency is also counting on escrow release tied to the Syracuse Developmental Center project, which staff described as expected to generate about "1,300,000.0" in closing fees that will increase the current fiscal-year fee projection.
The draft budget presented to the board lists other revenue items including bank interest, billboard advertising income from a sign at 341 Pete Street, $39,000 in anticipated sale proceeds from three south-side parcels to be sold to the Syracuse Land Bank, and a $400,000 EPA multipurpose award to support master planning for 341 Pete Street and the adjacent Winkelman site. Staff summarized projected 2025 totals included for comparison: approximately $2,900,000 in total fees and projected expenses of just over $1,300,000, leaving projected reserves and surplus around $1,568,000.
Board member Ricky Brown asked about the downtown committee contract and whether it included funding for additional pedestrian-style lighting. Staff replied that an open application process for pedestrian lighting would begin early next year and estimated the lighting allocation at between $60,000 and $70,000, with the downtown committee contract operating on a two-year basis.
After discussion, the board moved and voted to approve the proposed organizational budget for 2026; the motion carried with board members voicing approval.
