Crystal River city officials are considering financing options to complete the Kings Bay Riverwalk, a long-discussed waterfront project. On Monday, May 14, 2026, municipal advisers with Ford & Associates presented three ways to finance the roughly $17.2 million still needed to complete the remaining phases.
The city council appears to be leaning toward a covenant to budget and appropriate debt, or CB&A, structure, which would issue debt backed by a pledge to annually budget legally available non-ad valorem revenues. This option does not require a new property tax. The council quickly dismissed a general obligation bond that would create a new dedicated property tax.
The CB&A arrangement would combine community redevelopment revenues and general fund revenues to support the project. According to Ford’s analysis, Crystal River could leverage these revenues to close the estimated $9.5 million funding gap. The city council did not take a formal vote, but discussion centered on the viability of the CB&A structure.
The Kings Bay Riverwalk is nearing the beginning of its final phase of construction. The project has been discussed for years, and officials are eager to bring it to completion. The city is exploring ways to finance the remaining phases without burdening taxpayers with a new property tax.
The council’s decision is expected to be made in the coming weeks. Residents can stay informed about the project’s progress through the city’s website and public meetings.
Originally reported by Citrus County Chronicle – Crystal River
