Tech City EDC adopts $4.3 million FY2027 budget, keeps grant and demolition funds

The Tech City Economic Development Corporation board approved its fiscal year 2027 budget on July 29, adopting a $4.3 million spending plan that Director Kristen Edwards said is about $500,000 lower than the prior year.

Kristen Edwards, the EDC executive director, said the FY26 budget was "roughly $4.84900000" and that "what we are requesting for fiscal 27 is approximately 4.3," noting the draft includes new positions, promotions and a sales-tax rebate line. Edwards walked the board through priorities including professional services, maintenance of EDC-owned properties on 6th Street and a maintenance contract for the 6th Street Community Plaza that she said is "under $100,000." She also proposed a part-time plaza groundskeeper as a capped city position, with a salary estimate "around 35,000."

The budget keeps two grant programs created in 2024: a business-improvement grant (50% match, up to $15,000 per project, budgeted for 10 awards) and a chamber-membership reimbursement (up to $5,000 per recipient, budgeted $50,000 annually). Edwards said a $400,000 line is reserved for commercial demolition; residential demolition is funded from a different source.

Board members questioned a $700,000 professional-fees line; Edwards said a large portion went to Colliers Engineering for a 10–15% schematic design and preferred-route study for the Loop 197–Shoal Point roadway, "that was close to 500,000," and that additional geotechnical and design work will consume the remaining funds. She told the board the Colliers report deadline was July 31.

The board moved, seconded and voted unanimously to approve Resolution 2026-19 adopting the FY2027 budget.