A Resolution of the City of Sunrise, Florida, Amending Resolution No. 11-122, as Amended; Committing Additional Fund Balance in the General Fund for Economic Development; and providing an effective date. City Manager Mark Lubelski. Susan Nabors, Director of Finance and Administrative Services.

On August 9, 2011, the Sunrise City Commission adopted Resolution No. 11-122 establishing the Economic Development Fund Balance in the amount of $10 million. Since that time, the City has utilized a portion of those funds on strategic economic development initiatives and incentives to support development and redevelopment goals within the City.  On March 27, 2018, the Sunrise City Commission adopted Resolution No. 11-122-18-A amending and restating the Economic Development Fund Balance resolution to include redevelopment related activities in support of the East Sunrise Improvements Master Plan.  

The September 30, 2025 committed Economic Development Fund Balance was $5,701,268. As part of the FY 2025/2026 Budget, we expect to spend approximately $350,000 on economic development related initiatives leaving a balance of approximately $5,351,268. City staff is continuing efforts to attract new development and redevelopment in the City and thus anticipates the need for additional funds for future economic development incentives. In support of the City's two current economic development Agreements, the American Express Regional Headquarters Incentive Agreement and the Affiliated Development Incentive Agreement, I am recommending an additional $10 million commitment at this time.

City staff recommends approval of the attached Resolution to increase the committed Economic Development Fund Balance in the General Fund for anticipated economic development requirements by $10 million to approximately $15,351,268.