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Central Urban Renewal District to repay $400,000 to city next fiscal year
Summary
Committee heard that Central Urban Renewal will make a $400,000 repayment to the city in FY 2026-27 to reimburse prior street-reserve borrowing; audit costs of about $20,000 are budgeted and will be shared across districts.
Agency presenter described the Central Urban Renewal District's recent street projects and said the district will make a $400,000 repayment to the city in FY 2026-27 to reimburse prior borrowing from the city's street reserve.
The presenter also said the district will share professional audit fees estimated at $20,000 with the other districts because two years of audits need to be completed. "The transfer of 400,000, that is because these street projects that we just completed in the last 4 years, the money was borrowed from the city," the presenter explained.
