TERS 3 board approves FY2026–27 budget, including new transfers to utility fund

The TERS 3 board voted to approve the FY2026–27 proposed budget for the tax increment reinvestment zone known as TERS 3, passing the motion 3–0. The approved FY27 plan shows estimated revenues of about $491,230 for fund 96 and creates a new business personal property fund (fund 38) with projected assessment revenue of $42,004.27.

Presenter Amberly Kolar summarized the revenue and expenditure picture during the meeting, saying the board was “basing this all on preliminaries at this time” and reporting that the FY27 proposed revenues were “a total of 491,230.” Kolar also explained the budget would include a $246,002.50 transfer to debt service for principal payments on the Series 23 GOs related to the East–West Spine Road and a new $225,000 transfer to the utility fund to cover a portion of the principal and interest tied to Mega Site water and wastewater projects.

Board discussion emphasized the provisional nature of the numbers because certified property values were still pending. A board member asked about the EDC’s interest liability; the presenter confirmed that EDC is covering the interest portion of the Series 23 borrowing while TERS 3 covers principal. Following discussion, Commissioner Kolar moved to approve the budget and Commissioner Morris seconded; the clerk recorded the vote as “Motion passes 3 0.”

The board directed staff to follow up with their legal contact (Dottie) on outstanding technical questions and to circulate the answers to board members. The packet and the presenter’s slides will be made available to board members after the meeting, and staff noted that the certified values due on the 25th could prompt future budget amendments or updates.