Oviedo CRA Proposes $1.774 Million Budget with Focus on Franklin Street Extension
- Meeting Overview:
The Oviedo Community Redevelopment Agency (CRA) meeting focused on the proposed budget for the fiscal year 2025-2026, with a emphasis on funding the Franklin Street Extension project. The proposed budget totals $1.774 million, with substantial allocations directed toward infrastructure improvements.
03:52During the meeting, the assistant finance director presented the proposed fiscal budget, highlighting the projected 7.78% increase in the CRA’s taxable value, which forms the basis for the revenue projections. The budget outlines anticipated revenues of $954,000 from the city’s tax increment financing (TIF) and $780,000 from Seminole County. Interest revenues are conservatively estimated at $40,000, due to uncertainties in future interest rates.
07:59A point of discussion was the Franklin Street Extension project, which is allocated $1.4 million in the proposed budget. This allocation is acknowledged as insufficient for the project’s completion. The board members requested an engineer’s estimate of the total expected cost for Franklin Street to better understand the financial commitment required. The project is currently in the design phase, with a goal to reach 90% design completion this year.
Additionally, the budget includes $50,000 for replacing trees along Franklin Street and allocations for public art programming, administrative support, and public works. The budget will proceed to the city council for approval in July, with final CRA approval anticipated in September.
Megan Sladek
Community Redevelopment Agency Officials:
Keith Britton, Bob Pollack, Jeff Boddiford, Natalie Teuchert, Dave Axel, Tim Slattery, Elianne Rivera (City Clerk)
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Meeting Type:
Community Redevelopment Agency
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Committee:
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Meeting Date:
06/16/2025
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Recording Published:
06/16/2025
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Duration:
10 Minutes
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Notability Score:
Routine
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State:
Florida
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County:
Seminole County
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Towns:
Oviedo
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