Oldsmar considers CRA extension as 1996 trust fund nears 2026 sunset; feasibility study complete

Cindy Nenno, director of administrative services, told the council that Oldsmar’s Community Redevelopment Agency (CRA) trust fund — established in 1996 — is scheduled to sunset in 2026 and that the city is exploring whether to seek an extension.

Nenno reviewed statutory basics drawn from Florida Statutes chapter 163, explaining that CRA tax increment (TIF) revenues within the CRA boundary are restricted and must be used for redevelopment activities identified in a community redevelopment plan. She said the city’s 1996 base year taxable value is $16,876,400 and that the 2024 taxable valuation in the CRA is nearly $133,000,000.

Nenno said the city is completing a feasibility study (findings of necessity) and noted that the county must approve any extension; she said the study work was done by GAI and will be presented to council in July. Tatiana Childress summarized CRA‑funded projects in the CIP, including $1.77 million budgeted for the North Side of Saint Petersburg Drive and $1.0 million for the roundabout portion within the CRA boundary.

Why it matters: if the CRA is extended, the tax increment that currently flows to the CRA would continue to be used for redevelopment within the CRA boundary; if it sunsets without extension the increment would revert to general fund distributions and county allocations. Nenno said revenues already received remain restricted to CRA purposes and would not automatically be transferred to the county.

Next steps: staff will present GAI’s findings of necessity in July and council will decide whether to proceed with steps required under statute to seek an extension and a modernized CRA plan.