Tax Increment Revenue Pledge / Financial Obligations
The following section provides a brief overview of the presently outstanding increment pledges and financial obligations of the City of Port St . Lucie Community Redevelopment Agency .
City of Port St . Lucie Community Redevelopment Agency Redevelopment Trust Fund Refunding Revenue Bonds , Series 2016 ($ 38,260,000 )
The Redevelopment Trust fund Revenue Bonds were issued to facilitate property acquisition , construction the parking garage , construct the civic center and plaza , as well as the reconstruction of certain roadways within the redevelopment area . These bonds are payable from and collateralized by a lien upon and pledge of the net tax increment revenues generated in the Community Redevelopment Area , due in annual principal installments ranging from $ 2,225,000 to $ 5,715,000 plus interest semiannually at a rate ranging from 2 % to 5 % through January 2026 . Proceeds were used to refund the remaining balances of the outstanding $ 11,870,000 CRA Bonds , Series 2004 , and the $ 46,450,000 CRA Bonds Series 2006 .
Revenue Transfer Southern Grove CDD No . 1
In 2014 , the City and Agency entered into an Interlocal Agreement with the Southern Grove Community Development District No . 1 ( SG CDD No . 1 ) that provides for SG CDD No . 1 to assist the City and CRA in the execution of the redevelopment plan for the Southern Grove CRA District . Under the terms of the Agreement , the City and CRA are required to transfer 95 % of the 50 % tax increment revenue generated in Southern Grove to SG CDD No . 1 , who will use it to help cover the costs of the special assessment payments on qualified properties . At the end of each fiscal year , SG CDD No . 1 is required to provide the City and Agency with a report that identifies the transferred revenue received , the annual credit amounts determined for each property , and the plan payments that were made . In FY 2020-21 , the transferred revenue amount was $ 724,471 .
Financial Statement
The City of Port St . Lucie Community Redevelopment Agency is considered a blended component unit of the City . As a blended component unit , the Agency ’ s operating fund and capital improvements funds are accounted for as major governmental funds of the City and included in the City ’ s Comprehensive Annual Financial Report ( the “ CAFR ”). An annual budget is also adopted by the CRA Board .
The following tables contain the Agency ’ s assets , liabilities , income and operating expenses for the fiscal year ending September 30 , 2021 . The tables presented are based on unaudited financial information as provided by the City of Port St . Lucie ’ s Finance Department . The CAFR , in its entirety , is expected to be available for inspection in the Office of the City Clerk and the Finance Department within 60 days .
2021 ANNUAL REPORT COMMUNITY REDEVELOPMENT AGENCY Page 21