AGENDA CAPTION:
Title
Consider approval of Ordinance 2026-11, on the first of two readings, amending the City’s 2025-2026 Fiscal Budget to adjust expenditure accounts for the Tax Increment Reinvestment Zone No. 5; including procedural provisions; and declaring an effective date.
Body
Meeting date: March 31, 2026
Department: Finance
Amount & Source of Funding
Funds Required: $200,000.00
Account or Project Number (C = CIP funds): FY198
Funds Available: Contingent upon approval of this budget amendment
Account Name: Downtown TIRZ
Fiscal Note:
Prior Council Action: November 15, 2011 - approved a preliminary project plan and reinvestment zone financing plan. December 14, 2011 - creation of Reinvestment Zone for Tax Increment Financing purposes. June 18, 2020 - adopted amended project plan and reinvestment zone financing plan. June 23, 2022 - adopted amended project plan and reinvestment zone financing plan. June 03, 2025 - adopted amended project plan and reinvestment zone financing plan. December 2, 2025 - adopted amended project plan and reinvestment zone financing plan.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Economic Vitality
Mobility & Connectivity
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
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☐ Core Services
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Background Information:
On February 12, 2026 TIRZ #5 Board approved an amendment to the project plan and
reinvestment zone financing plan. The amendment to increase the budget covers the
costs of the board approved Downtown Alley Lighting Project.
Council Committee, Board/Commission Action:
Tax Increment Reinvestment Zone #5 Board met on February 12, 2026, and approved the revised project plan and reinvestment zone financing plan which increased the budget by $200,000.
Alternatives:
1. Approve the budget amendment of $200,000 for the Downtown Alley Lighting Project.
2. Not approve the budget amendment of $200,000 for the Downtown Alley Lighting Project.
Recommendation:
City Council to approve the budget amendment of $200,000 as recommended by the TIRZ #5 Board.