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. In 2023, the City and Agency entered into an Amended and Restated Interlocal Agreement with SG CDD No. 1. Under the terms of the Amended Agreement, the City and CRA are required to transfer 90 % 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 2024 / 25, the transferred revenue amount was $ 4,164,425.
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 Sept. 30, 2025. 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 45 days.
2025 ANNUAL REPORT COMMUNITY REDEVELOPMENT AGENCY Page 20