Community Redevelopment Agency FY2025 Annual Report
Table of Contents
About the CRA
Total Taxable Property Value
CRA Board CRA Advisory Board (CRAAB)
Goals of the CRA
Project Highlights
Private Investments in the CRA
CRA FY2025 Budget
Financial Statements
This Annual Report provides a summary of the work undertaken by the Naples Community Redevelopment Agency (CRA) during FY2025 as required by Chapter 163.387 (8), Florida Statute. This report sets forth FY2025 CRA organization, the priorities, CRA projects and capital improvements, along with private investment in the redevelopment area. In addition, it includes the CRA FY2025 budget and unaudited financial statements of investments, liabilities, income, and operating expenses. Audited financials will be posted to the CRA webpage when complete.
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CHARACTER ON DISPLAY Public art turns everyday spaces into delightful, shared experiences. It sparks connection, supports local artists, and evokes the City's vibrant character. Pictured: acrylic art installation outside of the parking garage on 8th St S and 6th Ave S.
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about the
Community Redevelopment Agency It is the mission of the Naples Community Redevelopment Agency (CRA) to guide public and private initiatives in the redevelopment area to facilitate economic development, improve physical characteristics, and encourage investment, thus improving the quality of life for residents of the redevelopment area and the City of Naples. Since the creation of the Naples CRA, the CRA Board over the past 30 years has invested approximately $50,000,000 in public improvements within the Redevelopment Area. Additionally, the tax base has increased over 1,400-percent from $183,809,274 in 1994 to $2,780,137,215 in 2025. The Naples CRA is a dependent special district created by the Naples City Council in 1994 for the purpose of eliminating and preventing slum and blight, and the preservation or enhancement of the tax base in the redevelopment area. The redevelopment area is comprised of approximately 550 acres with a wide range of residential and commercial properties. Approximately 25 percent of the existing acreage is residential and approximately 75 percent of the existing acreage is non-residential.
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The original Community Redevelopment Plan (the Plan) was adopted by the City Council in 1994. The Plan was subsequently amended in 2014 and 2021. The Plan is designed to provide a workable program for using public resources to fund redevelopment initiatives and provide a broad vision of those initiatives. The CRA may decide to complete any activity in the Plan; however, the CRA may not undertake any activity that is not in the Plan. The Naples CRA is funded through the Tax Increment Financing (TIF) methodology. Incremental revenue is calculated based on the increase in taxable property values between the “base year” when the Plan was originally adopted, and the current taxable value. The incremental increase is deposited into the Community Redevelopment Trust fund for a steady source of funds to be used to finance the projects and programs identified in the Plan. The tax base for the Naples CRA area when the Plan was originally adopted was $183,809,274. The taxable value for FY2025 was $2,780,137,215. The tax value increased from $2,526,740,694 in FY2024 to $2,780,137,215 in FY2025, a taxable value increase of 10.14-percent. This demonstrates the workable initiatives the CRA has managed to continually protect and increase property values within the CRA area. With thoughtful stewardship of the incremental revenue and the implementation of the Plan, the Naples CRA has achieved significant accomplishments in capital improvements. These improvements encourage investment and facilitate economic development.
t o ta l ta x a b l e p r o p e r t y va l u e
Naples Redevelopment Area FY1994 - FY2025 $3.0 B
$2.78 B $2.53 B
$2.5 B $2.06 B
$2.0 B $1.70 B
$1.5 B
$1.31 B
$1.39 B
$1.10 B
$1.0 B
$0.94 B
$0.56 B
$0.5 B $0
$0.69 B
$0.80 B
$183.8 M
FY 1994
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
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COMMUNITY REDEVELOPMENT AGENCY BOARD The City Council sits as the CRA Board. The board meets quarterly with additional meetings scheduled on an as-needed basis. In 2025, the CRA Board included (L to R): Vice Mayor Terry Hutchison, Chair Raymond Christman, Council Member Beth Petrunoff, Council Member Bill “Coach” Kramer, Mayor Teresa Heitmann, Council Member Berne Barton, and Vice Chair Linda Penniman. November 24, 2024
April 3, 2025
January 9, 2025
May 21, 2025
January 30, 2025
June 12, 2025
August 28, 2025
FY2025 CRA BOARD MEETINGS
(Left) Links to FY2025 CRA Board Meetings
COMMUNITY REDEVELOPMENT AGENCY ADVISORY BOARD (CRAAB) The CRAAB was established to assist City Council in its role as the CRA by providing public input, technical advice, and making recommendations including, but not limited to, land use, economic and cultural vitality and diversity, acquisition/ condemnation/demolition of properties, funding alternatives, and staffing needs for the CRA. CRAAB members serving in 2025 (L to R): Vice Chair Anthony Matonti, Liset Zelaya, Natalia Hester, Chair Mary Waller, Keith Choff, and Christopher Shucart.
FY2025 CRAAB MEETINGS
(Right) Links to FY2025 CRAAB Meetings
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October 28, 2024
March 24, 2025
June 23, 2025
December 5, 2024
April 28, 2025
August 25, 2025
January 27, 2025
June 9, 2025
THE START OF SOMETHING NEW Neighbors like the Gulfshore Playhouse attract visitors and businesses alike, generating new possibilities for City districts. Pictured: the view around 1090 1st Ave S from the top floor of the 1st Ave S parking garage.
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goals of the
Community Redevelopment Agency Communication and Engagement
• Hold regular CRA Board and CRAAB meetings to conduct related business. These meetings will be open to the public, and agendas will be published with time to provide public comments.
Transparency and Accountability
• Per statutory requirements: • Prepare and approve the annual proposed CRA budget. • Conduct an annual independent financial audit. • Complete the Annual Financial Report. • Ensure the CRA website is current and compliant. • Publish the CRA Annual Report by March 31. • Provide updates to the Office of Special District Accountability. • Complete annual goals and Performance Measures Report.
Redevelopment Plan Initiatives
• Explore opportunities to preserve and increase the availability of affordable workforce housing, transportation, and parking within the CRA area. • Complete capital improvements outlined in the CRA Capital Improvement Program (CIP). • Maintain sufficient staffing to ensure the success of the CRA.
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Project Highlights Affordable Workforce Housing In early 2025, the CRA held Special Meetings to explore purchasing Stillwater Cove, a multi-family apartment complex known for providing affordable rents in Naples. A full property evaluation assessed current conditions and redevelopment potential. Over multiple meetings, the CRA reviewed four purchase options and gathered public input. After careful consideration, the CRA chose not to proceed with the purchase due to costs exceeding CRA revenues.
1st Ave S Public Parking Garage In 2025, construction of the 1st Ave S Public Parking Garage was completed, and the facility opened to the public. Located in the Naples Design District, the garage provides convenient parking for patrons of the new Gulfshore Playhouse, nearby businesses, and local parks. The CRA’s investment in this project reflects its ongoing commitment to improving infrastructure within the Redevelopment Area. By enhancing parking availability, the CRA continues to encourage property owners to reinvest and redevelop aging properties, supporting economic growth and revitalization throughout the district.
1st Ave S, 12th Ave S, & 10th St Corridor Design In 2025, the CRA advanced efforts to improve drainage, infrastructure, safety, and aesthetics along 1st Ave S, 12th Ave S, and 10th St in the Naples Design District. As part of this work, the CRA directed the addition of significant stormwater improvements to the project. The design phase for these improvements is expected to be completed in 2026, marking another step toward providing infrastructure to shape future redevelopment.
10 TH ST N LIGHTING & LANDSCAPING
CORRIDOR DESIGN MAP KEY Project Area Proposed Drainage Outfall Goodlette-Frank Road Proposed *Complete Streets, Irrigation, Landscaping, Stormwater & Utility Improvements Proposed *Complete Streets, Parking, Lighting, Irrigation, Landscaping, Stormwater & Utility Improvements Proposed Stormwater & Utility Improvements
*Complete Streets provide safe & accessible options for all travel modes, ages, & disabilities.
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Design Walk Pilot Project The Design Walk Pilot Project final design, along with the CRAAB recommendations, were presented to the CRA Board on January 30, 2025. The CRA Board, by unanimous motion, approved accepting the final design with the request for additional cost information and construction timing to be brought back at a future meeting. Given the need to coordinate any alleyway improvements with the reconstruction of the 1st Ave S, this project will be scheduled for further consideration by the CRA Board during the same meeting of the 1st Ave S, 10th St S, and 12th St S 60% Design presentation.
3rd Ave N On-Street Parking The design for 24 new on-street parking spaces along 3rd Ave N was completed in 2025. On August 28, 2025, the CRA Board approved a budget expenditure for site improvements and the construction of the parking spaces. Construction was completed in December 2025, and the parking spaces are available to the public.
Residential Improvement Program Residential improvements related to four FY2024 applications were under construction in FY2025. With the resident’s successful use of the Residential Improvement Program, the CRA renewed the Program for FY2025. A significant change to the Program included an increase in the maximum amount per application from $20,000 to $40,000. An additional grant was added to the Program in the amount of $25,000 to support the completion of the first home elevation in River Park East sponsored by the Collier Community Foundation. Pictured: Collier Community Foundation-funded raised home in River Park East.
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4th Ave S and 8th St S Public Parking Garage Improvements The 4th Ave S/8th St S Public Parking Garage was built in 1999. The parking garage regularly goes through evaluations and when necessary, repairs. The most recent evaluation recommended sealing joints and other repairs. That work was completed along with the final phase, painting. This project was well managed over the course of a few weeks with minimal disruption to the public and 5th Ave S business owners. BEFORE
AFTER
170 10th St S Property In FY2025 the CRA Board issued a Task Order to CBRE, Inc. to seek short term leases for the subject property until such time redevelopment of the parcel occurs. On June 12, 2025, CBRE brought forward a short-term lease of 170 10th St N, Unit B for the CRA Board’s consideration. Following discussion, the CRA Board reached consensus to not lease the property. After further discussion, the CRA Board directed staff to ascertain the current value of the 170 10th Street North property both with and without the building and expand on short-term use and longterm use of the property, including considerations for open space, parking, and stormwater improvements. On August 28, 2025, CBRE presented estimated current values of the property using the two different approaches requested by the CRA Board. Following discussion, the CRA Board reached consensus not to sell the property at this time. The CRA Board then discussed short-term and long-term uses of the property including public parking, open space, stormwater and affordable workforce housing. The CRA Board directed staff to bring back conceptual uses of the site for public parking, open space and stormwater management.
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CRA BOUNDARY COMPLETED PROJECTS ON-GOING PROJECTS PROJECTS UNDER REVIEW
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Legend
Private Investment in the CRA The CRA district continues to draw interest and private investment for redevelopment. This is evident from the number of new redevelopment projects brought to completion in FY2025, projects beginning construction, and projects in the planning and review stages. The projects are distributed throughout the CRA district and involve a wide range of uses including commercial, mixeduse and residential development. This is a representation of private redevelopment activity within the CRA district and all projects may not be listed.
CONSTRUCTION COMPLETED
COMPLETED 1 ST AVE S PARKING GARAGE
1. 1090 1st Ave S • Public Parking Garage 2. 1024 7th Ave N • Single Family 3. 629 10th St N • Single Family 4. 1034 7th Ave N • Single Family 5. 180 9th St S • Mixed-Use
CONSTRUCTION ON-GOING 6. 350 7th St N • NCH Heart Institute 7. 936 5th Ave S • Mixed-Use 8. 1010 5th Ave S • Mixed-Use 9. 1075 6th Ave S • Mixed-Use 10. 849 7th Ave S • Church 11. 1054 7th Ave N • Single Family 12. 1174 Broad Ave N • Single Family 13. 633 4th Ave S • Single Family 14. 192 Goodlette-Frank Rd • Commercial 15. 325 12th St S • Commercial 16. 210 9th St S • Commercial 17. 1090 1st Ave S • Mixed-Use
ON-GOING CONSTRUCTION AT NCH HEART INSTITUTE
PROJECTS UNDER REVIEW 18. 975 6th Ave S • Mixed-Use 19. 599 River Point Dr • Commercial 20. 500 Goodlette-Frank Rd • Mixed-Use 21. 20 10th St N • Mixed-Use 22. 590 9th St N • Transient Lodging 23. 1080 1st Ave S • Multi-Family 24. 502 13th St N • Single Family 25. 1149 6th Ln N • Single Family 26. 140 6th St N • Single Family 27. 675 4th Ave S • Transient Lodging 28. 472 5th Ave S • Mixed-Use
ON-GOING CONSTRUCTION AT 325 12 TH ST S
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CRA Budget On August 23, 2024, the CRA Board unanimously approved the FY2024-25 CRA budget. The City Council adopted the budget on September 18, 2024. At the end of FY2025, the City Council reappropriated uncommitted project funds from FY2024 into FY2025 adjusted budget. The CRA FY2025 revenue budget includes estimates for incremental revenue of $10,500,085, and interest income of $300,000. The CRA reserves the right to entertain any project, funding, and supplemental appropriation throughout the year to accommodate its objectives. The tables below summarize the FY2025 CRA Budget. At time of publication, the full audit of the CRA Financial Statements were not yet available. Unaudited Financial Statements are attached as Appendix A. When the CRA Audited Financial Statements are completed, they will be posted to the CRA website.
CRA FY2025 TOTAL BUDGET Personnel Services
$1,037,630
Operating Services
$937,855
Capital Improvement Projects
$13,932,500
Bond Sinking Fund
$1,444,971
TOTAL
$17,352,956
CRA FY2025 CAPITAL IMPROVEMENT PROJECTS 1st Ave S, 12th St S, 10th St N Improvements
$3,300,000
Affordable Housing Projects
$4,085,000
Naples Design District (41-10) Improvements
$3,000,000
6th Ave N Landscape
$225,000
5th Ave S & Sugden Plaza Design (related photo on next page)
$400,000
Land Acquisition
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$2,000,000
Community Police Vehicles
$277,500
Baker Park Paver Improvements
$150,000
River Park Pool Improvements
$100,000
Charlie C. Anthony Park Shade Structure Improvements
$50,000
4th Ave S Garage Painting and Landscape
$345,000
IMPROVEMENTS IN MOTION Spotted: CRAAB members and City staff assessing the scope of improvements recommended for the 5th Ave S & Sugden Plaza Design Project— exploring enhancements and infrastructure reinforcements to present to the CRA Board.
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appendix a
Financial Statements
A
NAPLES COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Naples, Florida) FINANCIAL STATEMENTS (unaudited) FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025
A
NAPLIES COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Naples, Florida) STATEMENT OF NET POSITION (unaudited) September 30, 2025
Governmental Activities ASSETS Cash and cash equivalents Accrued interest receivable Total Assets
$
20,366,007 96,690 20,462,697
LIABILITIES Current Liabilities Accounts Payable and accrued liabilities Total Liabilities
133,608 133,608 NET POSITION
Restricted Total net position
A
20,329,089
NAPLIES COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Naples, Florida) STATEMENT OF ACTIVITIES (unaudited) FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025
Functions/Programs Governmental activities Economic environment Interrest and other fiscal charges Total governmental activities
Expenses $ $
Net (Expense) Revenue and Changes in Net Position Governmental Activities
Program Revenues Operating Charges for Grants and Service Contribution
10,658,719 0
-
0
10,658,719
(10,658,719) -
0 $
(10,658,719)
General revenues Property Taxes Intergovernmental revenue (not restricted to specific programs) Unrestricted investment earnings Transfers
7,226,895 804,542 3,023,932
Total general revenues and transfers
14,007,866
Changes in net position Net position, beginning
3,349,147 16,979,939
Net position, ending
2,952,497
$
20,329,086
A
NAPLIES COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Naples, Florida) BALANCE SHEET GENERAL FUND (unaudited) September 30, 2025
Governmental Activities ASSETS Cash and cash equivalents Accrued interest receivable Total Assets
LIABILITIES Accounts Payable Accrued payroll Total Liabilities FUND BALANCE Restricted for: Community redevelopment Total fund balance Total liabilities and fund balance
A
$
20,366,007 96,690 20,462,697
LIABILITIES AND FUND BALANCE 108,986 24,623 133,609
20,329,088 20,329,088 20,462,697
NAPLIES COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Naples, Florida) STATEMENT OF REVENEUES, EXPENDITURES AND CHANGES IN FUND BALANCE GENERAL FUND (unaudited) September 30, 2025
REVENUES Property taxes Intergovenemental - tax increment financing Investment gain Total revenues
$
EXPENDITURES Current Economic environment Debt Service Principal Interest Capital Outlay Total Expenditures
2,952,497 7,226,895 804,542 10,983,934
1,780,684 8,878,035 10,658,719
Excess of revenues over expenditures
325,215
Other financing sources Transfer in Transfer out Total other financing sources Net change in fund balance
4,409,351 (1,385,419) 3,023,932 3,349,147
Fund balance, beginning
16,979,939
Fund balance, ending
$
20,329,086
A
NAPLIES COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Naples, Florida) STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET (GAAP BASIS) AND ACTUAL-GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025
Original Budget Revenues Property taxes Intergovenemental Investment gain Total revenues
$
Expenditures Current Economic environment Debt Service Principal Interest Capital Outlay Total Expenditures Excess (deficiency) of revenues over (under expenditures
$
2,952,497 7,691,613 300,000 10,944,110
Variance with Final Budget Positive/(Negative)
Actual Amount $
2,952,497 7,226,895 804,542 10,983,934
$
(464,718) 504,542 39,824
2,252,985
2,578,840
1,780,684
798,156
13,655,000 15,907,985
22,906,486 25,485,326
8,878,035 10,658,719
14,028,451 14,826,607
(4,963,875)
(14,541,216)
325,215
14,866,431
Other financing sources Transfer in Transfer out Debt proceeds Total other financing sources
(1,444,971) (1,444,971)
(1,444,971) (1,444,971)
4,409,351 (1,385,419) 3,023,932
4,409,351 59,552 4,468,903
Change in fund balances
(6,408,846)
(15,986,187)
3,349,147
19,335,334
Fund balance, beginning
16,979,939
16,979,939
16,979,939
Fund balance, ending
A
2,952,497 7,691,613 300,000 10,944,110
Final Budget
$
10,571,093
$
993,752
$
20,329,086
$
19,335,334
A UNIQUE PLACE TO CROW HOME The River Park West area of the CRA is home to a flock of colorful roosters and chickens—a beloved and quirky facet of the neighborhood's identity. Pictured: a candid photo of a rooster outside of the River Park Community Center.
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735 8 TH ST S, NAPLES, FL 34102 WWW.NAPLESGOV.COM