One of the most discussions centered on the Enigma project, which has faced considerable delays due to multiple issues, including unauthorized construction activities. The project is currently under a full stop work order imposed by the building official. The resubmittal of the site plan is in its final stages, but there is no clear timeline for the completion of the interior works. The exterior facade of the building is nearly complete, but the interior remains unfinished with open studded walls. The parking lot improvements have also halted due to unauthorized light pole installations. The project must now resolve these issues and get the site plan approved by the city council before any further progress can be made.

In addition to the Enigma project discussions, the CRA approved the annual comprehensive financial report for the fiscal year ending September 30, 2023. The report, conducted by MSL CPAs and Advisors, was presented by Finance Director Jim Ingram. It was noted that the report was shorter than the city’s annual comprehensive report and recommended for adoption without any public comments or board member objections.

The meeting also featured a presentation of the fiscal year 2025 tax increment fund (TIF) budget proposal. Ingram highlighted an 8% increase in taxable value for the CRA, although this was a slowdown compared to a 29% increase in the previous year. The estimated year-end fund balance for 2024 is $81,943, down from around $122,000 in 2022. Contributions from Hillsborough County and the Port Authority are estimated at $729,750, while the city’s contribution from the general fund is $824,900. The TIF fund budget includes $400,000 for the Riverside Park project and $3,000 for the CRA audit.

The discussion on the TIF budget also touched on the nature of property value increases within the CRA, distinguishing between organic growth and new developments. There was a specific interest in understanding how these dynamics might influence future projections, particularly given the observed slowdown in property value increases.