CRA to discuss budget proposal Wednesday
The South Cape Community Redevelopment Agency Governing Commission will discuss its proposed budget for Fiscal Year 2027 Wednesday.
As proposed, the budget is $7,711.956. The FY 2026 budget as amended is $7,734,056.
The proposed budget includes Lee County tax increment funding based on a millage rate of 3.7623 and a general fund transfer from the city of Cape Coral based on a millage rate of 5.1471.
The budget will support four full-time positions.
The operating budget as proposed includes TIF rebates to include Slipaway and Bimini Square of $1,882,292; Economic Development Incentives of $545,000, central services and enhanced services for policing and code enforcement of $647,343 and project management services of $180,000.
The CRA is funded through a type of tax-based funding specifically for development districts. CRA budgets are based largely on the taxable valuation between a base predevelopment value and a post-development value — district funding is the difference between the two. TIF funds, the difference between the taxable valuation of an undeveloped property and its taxable valuation once developed, can also be rebated to a developer for a period of time as a development incentive.
Transfers out of the proposed 2027 budget include loan payment for The Cove parking garage of $1,377,292, annual debt payments for Southeast 4th streetscape and Bimini East of $2,658,354 and the proposed capital project of installing a sidewalk at Vincennes Street for an estimated $80,000.
The meeting also will include a code compliance update, CRA maintenance report and CRA project report.
The meeting, which is open to the public, begins at 9 a.m. Wednesday, May 13, in City Council chambers, 1015 Cultural Park Blvd.
Cape Coral City Council sits as the CRA Governing Commission.
To reach MEGHAN BRADBURY, please email news@breezenewspapers.com