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Cape Coral City Council, sitting as the South Cape Redevelopment Agency Commission, approved the CRA's Fiscal Year 2026 budget of $7,455,201 Wednesday.
The budget includes an updated tax increment revenue of $453,254 from the July 1 property values. The revenue comes from Lee County tax increment based on 3.7623 millage rate and the general fund transfer based on 5.2188 millage rate.
City Manager Mike Ilczyszyn, who also acts as the CRA's executive director, said the benefit of having a CRA, versus drawing a geographic square and setting aside revenue, is receiving $3.1 million from Lee County.
"The CRA is one of the only direct benefits we get from the county," he said. "The benefit is right there, $3.1 million directly coming from the county. A direct financial investment in our trust fund to reinvest in the community."
The budget includes four full-time positions, a code compliance officer removed and budgeted for the services in operating.
The operating budget includes Economic Development Incentives of $545,000, enhanced code enforcement and policing services and central services for $631,086 and project manager services of $150,000.
The transfers out include Palm Tree Median Beautification for $1,210,922, loan payment for The Cove parking garage for $1,122,294 and the annual debt for Southeast 47th Terrace Landscape for $460,741 and Bimini Basin for $2,600,000.
Budget Administrator Nicole Reitler said the existing capital project budget has $14.3 million allocated to CRA capital improvements with a $9.2 million available for existing projects.