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Perry City Redevelopment Agency adopts FY2026–27 budget, returns $209,969 to city for bond payments
Summary
The Perry City Redevelopment Agency approved Resolution 2026-01 adopting the FY2026–2027 budget. The plan relies on tax-increment revenue and a beginning fund balance and includes a $209,969 contribution to Perry City to cover bond payments after a developer default; the tax-increment agreement expires in FY2029.
RDA Secretary Shanna Johnson presented the proposed Fiscal Year 2026–2027 budget to the Perry City Redevelopment Agency on June 25, 2026. The budget lists $54,060 in property tax increment, $167,009.75 in sales tax increment and a beginning fund balance of $268,878, for total revenues of $490,913. Planned expenditures total $214,861, including a $4,392 allocation for CDA administration, a $500 RDA database usage fee and a $209,969 contribution back to Perry City to cover bond payments made following a developer default.
Board Member Nathan Tueller moved to approve Resolution 2026-01 Adopting a Fiscal Year 2026-2027 Budget; Board Member Toby Wright seconded. The roll call vote recorded Tueller, Ashley Young, Blake Ostler and Toby Wright as voting yes; Board Member Dave Walker was absent. The motion passed 4–0. Meeting minutes and the presentation note that remaining fund balance cannot be returned to the city under the current tax-increment agreement; RDA staff said a meeting with LRB is being arranged to discuss permissible uses going forward. The tax-increment agreement is confirmed to expire in fiscal year 2029.
The adopted budget keeps the RDA’s planned operating expenditures modest while prioritizing the one-time reimbursement to Perry City to address the previously mentioned bond payments. The board took no additional actions at the meeting. The agency adjourned at 6:42 PM.
