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New Port Richey CRA adopts FY 2024–25 operating budget and five-year work program
Summary
The New Port Richey Community Redevelopment Agency approved Resolution 20207 adopting the FY 2024–25 operating budget and five-year work program after a staff presentation explaining tax-increment financing, revenue projections and priorities for redevelopment incentives and capital projects.
The New Port Richey Community Redevelopment Agency on Tuesday adopted Resolution 20207 approving its fiscal year 2024–25 operating budget and the agency's five-year work program after a staff presentation and brief board discussion.
Presenter Mr. Orvac framed the budget around tax-increment financing (TIF), saying the CRA's assessed value used for the FY24'25 budget was about $959 million (assessment as of 01/01/2024) and that the resulting increment was roughly $592 million, producing tax-increment revenue staff described as "close to $9,000,000," with approximately $4.67 million coming from the city and the remainder from the county. He cautioned that the headline revenue number in the budget also includes anticipated one-time bond proceeds for property acquisitions and that the "steady-state" recurring budget is closer to $9–10 million.
The operating budget includes a redevelopment incentives package that staff said totals about $1.24 million to cover grant and loan programs and tax-increment rebate programs; staff further noted a specific incentive line was increased to $250,000 after board discussion. Capital projects called out in the budget include continued work on Railroad Square, Main Street improvements and other downtown placemaking projects, along with anticipated debt financing for planned acquisitions.
Committee member (motion maker) moved to adopt the budget as presented; another committee member seconded the motion. The agency invited public comment and none stepped forward. The motion passed on a voice vote.
Staff said next steps include completing a findings-necessity study, updating the master redevelopment plan and continuing work on priority projects named in the five-year program. Mr. Orvac and other board members urged continued community-driven planning and collaboration with partners such as Pasco County and regional planning bodies as projects move from concept toward implementation.
What it means: the approved budget funds the CRA's core operations and dedicates staff and incentives toward downtown revitalization, neighborhood reinvestment and waterfront redevelopment; several large projects and an acquisition plan remain subject to due diligence, financing and subsequent approvals.
