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<br /> :¡'.A-~ <br /> 9. Complete asphalt overlay of Jefferson and Middlefield. <br /> 10. Install new signals at Jefferson/Broadway and VeteranslMiddlefield <br /> intersections. <br /> 11. Complete process for name change of Middlefield to Theater Way between <br /> Veterans and Winslow. <br /> 12. Complete design and begin installation of downtown gateway and directional <br /> signage program. <br /> 13. Complete downtown parking management plan; begin implementation of <br /> recommendations. <br /> 14. Continue work with downtown business group to implement a property based <br /> improvement district. <br /> 15. Continue work on the development of an annual calendar of signature events <br /> for downtown. <br /> Agency Capital Improvement Program <br /> The focus of the Agency's Capital Improvement Program (CIP) budget this year is on <br /> continuing the projects that the Agency Board approved last year that are important for <br /> the revitalization of downtown. Initial funding for these projects was included in last <br /> year's CIP and this year's CIP provides supplemental funding for two projects: cinema <br /> land assembly costs ($300,000) and streetscape-Theater Way ($700,000). <br /> Recent actions including the court ruling related to property acquisition, other property <br /> acquisition costs, and the need for additional money for some of the capital projects (Le. <br /> courthouse plaza) will require additional funding. There are several alternatives we will <br /> be looking into to provide the funding. Staff will develop some alternatives for funding <br /> these additional costs and bring them back to the council for your decision. <br /> Agency Operating Budget <br /> The Agency's general operating budget reflects the funding needed for the ongoing <br /> operations of the Agency and continues the Agency's focus on implementation of the <br /> vision for downtown that has been approved by the Agency Board. <br /> 1. The operating budget includes an increase of $117,131 in employee services to <br /> fund salaries of City staff that assist the Agency in implementing the $47 million <br /> in Agency capital projects. <br /> 2. Reductions were made in attorneys fees, supplies and services, and <br /> professional services. <br /> 3. Since the $20 million loan from the City was repaid with bond proceeds, the <br /> interest payment on the $20 million loan has been eliminated and the transfer <br /> for debt service has been increased to cover the increased cost of the new <br /> bonds. <br /> 4. The ERAF transfer payment is slightly higher than the previous year based on <br /> estimates available when the budget was prepared. Once the State budget has <br /> been adopted, this item may need to be amended. <br /> Page 2 of 4 <br />