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Downtown City Center CRA budget prioritizes infrastructure, affordable housing and mobility projects
Summary
Staff presented a downtown CRA fund with significant new-construction value and large target-area allocations, including $29M for Historic Northwest, $16.6M for the Fern Street extension in Clear Lake, and funding directed to Tamarind Avenue phase 3, Flagler Banyan Square and mobility initiatives tied to FDOT solicitations.
The downtown City Center CRA fund drew extensive discussion after staff reported large recent construction valuations and a robust revenue base. Chris Ruge said new-construction values in the downtown totaled $271 million and that the Elizabetha site has reached a revenue-sharing breakpoint, generating a forecasted uplift tied to tenant sales at 185 Banyan Boulevard.
Ira Gonzales provided the downtown revenue and expense totals and target-area breakdowns. The downtown fund shows major target-area allocations: Historic Northwest ($29M, including $18.6M toward neighborhood stabilization and $6.4M for infrastructure), Clear Lake/Fern Street crossing ($16.6M), Okeechobee Corridor ($13.1M for streetscape), and other allocations for transit operations, Flagler Banyan Square and reserves funded in part by 2019 bond proceeds.
Ruge highlighted mobility projects that will coordinate with the Florida Department of Transportation (FDOT) on solicitations for Okeechobee Boulevard and noted active streetscape and affordable housing efforts in the historic Northwest tied to developer partnerships. Board members emphasized the need for communications support to help businesses remain open during construction and for additional coordination on parking and mobility as multiple infrastructure projects advance.
