Advisory board recommends $2M from RDA1 and $4M from RDA2 reserves to fund FY27 CIP priorities

The Redevelopment Advisory Board voted March 4 to recommend the redevelopment agency adopt the proposed fiscal‑year 2027 operating budget and a prioritized capital improvement plan, endorsing staff’s recommendation to draw on reserves for near‑term projects.

Staff told the board the agency expects roughly $18 million in revenue next fiscal year (RDA1 about $5,253,000; RDA2 about $11,199,000) and proposed using $2 million from RDA1 reserves and $4 million from RDA2 reserves to seed capital projects while maintaining an 18‑month overhead buffer.

The board amended and approved the RDA2 recommendation to advance river path Phase 1 construction, combine design for Phases 2 and 3, fund play elements at Broadhead and John Champion parks, and include University Village pedestrian improvements in the design phase. On RDA1, the board approved staff recommendations with these changes: accept an RCVA $400,000 match for event‑center/Boley stadium exterior lighting (board to fund the delta), allocate savings toward a Virginia Street triage/design study, and explore marketing the rail depot improvements as potential tenant‑improvement incentives to attract lessees.

Motions were carried by voice vote; the advisory board recommended that the Redevelopment Agency consider the advisory priorities at its March meeting. Staff noted that RDA funds may pay for capital improvements but not routine maintenance, and that further action on controversial items (for example any public‑safety spending) should show a clear nexus to redevelopment projects.

Next steps: staff will transmit the advisory board’s recommendations to the Redevelopment Agency on March 25, return with a block‑by‑block Virginia Street triage plan, and pursue design and procurement steps for river path Phase 1 if the RDA approves.