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Seminole County adopts Port Authority FY2025–26 budget with planned rent increases and capital projects
Summary
The Seminole County Board approved the Seminole County Port Authority’s $6.84 million FY2025–26 budget on Aug. 26, 2025, citing rising rental rates, a $2.625 million capital program and an expected $250,000 surplus contribution to the county.
Andrew Van Veil, the Seminole County Port Authority administrator, presented the authority’s FY2025–26 budget to the Board on Aug. 26, saying the plan anticipates $6,836,223 in total spending and $3,006,651 in operational revenue — a projected 19% revenue increase tied largely to rental-rate adjustments and participation in local government investment pools.
Van Veil told commissioners that the port authority is in the second year of a rental-rate adjustment plan that will incrementally move tenants to market rates. He said new, modern warehouse facilities under construction on the port’s three‑acre redevelopment site will add about 25,000 square feet of industrial space and ultimately increase annual revenues; the project and other capital work are reflected in a $2,625,000 capital improvement plan for the coming year.
"We respectfully request adoption of our fiscal year 2025–26 annual budget," Van Veil said. He noted the authority expects to contribute $250,000 to the county’s surplus fund in the coming year, an increase of $100,000 from the current year.
Commissioner Hurst, a port authority board member, urged adoption and praised the planning that preceded the current phase of redevelopment, saying vacancy rates were transitional and the authority was positioned to return more funds to taxpayers. Commissioners questioned tenant-rate schedules and nonprofit leases; Van Veil clarified that long‑standing tenants remain on an escalation schedule and that new tenants would pay a market rate he described as roughly $14.15 per square foot.
After questions and discussion, the Board moved, seconded and approved the Port Authority budget by voice vote. The board’s approval includes the operational and capital spending noted in the proposal, continuing the authority’s rental-rate strategy and the planned capital work at the 1500 Dogner site.
Next steps: the Port Authority budget takes effect for FY2025–26 as adopted and the authority will proceed with bidding the third building and implementing the capital maintenance and redevelopment schedule as described in the presentation.
