Dunedin’s proposed downtown parking garage cleared a major hurdle April 21 when Pinellas County commissioners unanimously agreed to amend an agreement with the city governing the use of Community Redevelopment Agency tax increment financing funds.
The amendment raises the authorized indebtedness cap from $6.594 million to $7.35 million, enabling the city to take on additional debt to build the garage at Scotland Street and Douglas Avenue. It does not increase the county’s contribution.
Construction is estimated to cost $10.3 million. The city will contribute $7.064 million, leaving a $3.236 million funding gap to be covered by TIF revenues against indebtedness, according to a county staff report. Of that gap, $2.48 million will be redirected from funds originally earmarked for Skinner Boulevard improvements — a project since covered by American Rescue Plan Act dollars — leaving $756,000 still needed to fully fund construction.