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Boca Raton CRA adopts $60.5 million FY2024–25 budget, funds downtown walkability and Palmetto Park connectivity
Summary
The Boca Raton Community Redevelopment Agency on Sept. 9 approved a $60.5 million FY2024–25 budget that relies on tax increment financing and reserves to fund downtown capital projects including walkability upgrades, Palmetto Park Road connectivity and a proposed Brightline‑station platform.
The Boca Raton Community Redevelopment Agency unanimously approved its fiscal year 2024–25 budget on Sept. 9, voting 5–0 to adopt Resolution No. 202407CRA.
Stephen Timberlake, the CRA’s Special Projects Manager, presented the plan and described the agency’s revenue and spending outlook. He told the board the downtown’s assessed value approaches $2.6 billion with a frozen base of roughly $74 million, producing an estimated tax‑increment revenue of $22.5 million for the coming year. Timberlake said the CRA expects total operating revenue of about $26.4 million and is proposing a $60.5 million budget, driven primarily by…
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