Dear residents,
Today, I’d like to share some vital information about our city’s Development Services revenues in the fiscal year 2023.
The projections for this year show a decrease in revenues by approximately $123,500, marking a 12.6% decrease from the previous fiscal year. This reduction is a consequence of several factors, including the impact of hurricanes Ian and Nicole and subsequent changes to our city’s development regulations.
However, the city continues to prioritize diversifying our property tax base. Despite lower construction numbers compared to previous years, single-family residential construction remains steady. We have over 500 units under construction, which includes the 114-unit Winter Springs Townhome Subdivision.
Demand for retirement housing remains robust. Vertical construction has been completed on the Savoy Retirement Residence in the Town Center, and there are new project proposals currently under development review.
Commercial development is showing positive signs as well. There is increasing demand for new construction projects like the Winter Springs Marketplace Shopping Center and Chase Bank. We are also observing a positive trend in the occupancy of previously vacant tenant spaces.
A notable factor affecting the decrease in revenues this year is the development regulation review and assessment – also known as the building moratorium – conducted by the city. This step was taken in response to the devastating impact of hurricanes Ian and Nicole at the beginning of the current fiscal year. The moratorium has temporarily paused development as we work to amend the city code to enhance our stormwater design requirements.
Despite this, we anticipate several permit applications for both commercial and residential developments before the end of the fiscal year. This could potentially mitigate some of the projected decrease in Development Services revenues.
As always, I am committed to keeping you informed about the various aspects of our city’s development. If you have any queries or concerns, please feel free to reach out to me at victoria@mitigationbankinginc.com.
