AgdaPkt 2004-07-12 - Laserfiche WebLink

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i.A-~ FINAL REDEVELOPMENT AGENCY BUDGET FOR FY 2004/05 State redevelopment law requires the adoption of an annual budget for the Redevelopment Agency ("Agency") containing the proposed expenditures of the Agency, anticipated revenues, proposed indebtedness to be incurred, work program and goals for the coming year, as well as an examination of the previous year's achievements and a comparison of the achievements with the goals of the previous year's work program. The budget must include all activities to be funded by the low and moderate income housing fund established pursuant to the law. The information required for compliance with state redevelopment law and the adoption of an annual budget for both the Agency "general fund" and the Agency "housing fund" follows. REDEVELOPMENT GENERAL FUND The proposed operational and capital budgets for the Agency's "general" fund continue to reflect Council/Agency Board priorities related to downtown revitalization; specifically (1) compliance with the Agency's responsibilities pursuant to the Amended Disposition and Development Agreement ("DDA") with BHV Innisfree Ventures for the development of the retail/cinema project; (2) development of an implementation plan for the downtown area plan; and (3) implementation of the courthouse restoration and plaza project. The work program for FY 2003/04 outlined a number of goals that related to these priorities. The following goals were accomplished: 1. Completion of the land assembly process, relocation of the boxed culvert, and relocation of all necessary utilities in order to allow the commencement of construction of the underground public parking structure for downtown. 2. The sale of tax allocation bonds secured by Agency tax increment revenues that netted approximately $33 million for capital improvements related to downtown revitalization. 3. Finalization of the concept design for the streetscape improvements related to the retail/cinema project and award of a contract for the development of the construction drawings. 4. Commencement of the public process for the design of the courthouse plaza. Three community meetings were held, as well as a joint study session with the Council, Planning Commission, and Architectural Review Committee to identify a preferred design concept. 5. Completion of the design for the courthouse façade restoration. 6. Initiation of the environmental review process for the courthouse restoration and plaza project. 7. Award of a contract for the development of the downtown precise plan, which will become the specific land use document guiding development and 07/12/04 "Final Redevelopment Agency Budget For FY 2004105" Page1of5