CC Min 1996-06-17 - Laserfiche WebLink

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Director Church described the Agency's 1996-97 objectives: . Assist the developer to complete the City Center Plaza Project on schedule (12/3 I/97); . Select a developer for the Rolison Road Project by 6/30/97; . Develop a redevelopment plan for the Franklin Street area; . 101 Corridor Redevelopment Plan; . Auto MalVCIuster; . Implement the Economic Development Strategy; . Mezes Plaza. Director Church showed slides of the Agency's projected revenues and expenditures, including Fund 806, the Housing fund with projected expenditures of $692,167. Director Church described the expenditures from the Agency's General Fund including the Sequoia Station subsidy payment and debt service as well as the following expenditures totaling $2,225,550: Tax apportionment $190,000 County Parking Structure 218,000 Economic Development Strategy 50,000 Mezes Plaza 500,000 Storeuont Improvement Program 100,000 Retail Anchor Program 200,000 Auto Mall 250,000 IOI Corridor Plan 60,000 Wetland enhancement 55,000 Administration 602,550 Total $2,225,550 Director Church provided a summary of the Agency's revenues and expenditures over the two-year budget cycle, and explained that the Agency would be spending more than it would be taking in in tax increment and would be spending down the fund balances over the next two years. Director Church described the proposed 11th Amendment to the 199 I Series B Bond Issue to create two new projects, the $300,000 towards the cost of the County Museum, and $30,000 towards the continuation of the Canada Small Business Center. The amendment would move $160,000 from the commercial development to the contingency fund. It would also "import the interest into the bond budget and create an appropriated amount within the contingency fund." MINUTE BOOK NO.54 Page No. 300 MINUTES JUNE 17, 1996 SPECIAL COUNCIL MEETING PAGE 11