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:}.A-IO 13. Continue work with downtown business group to implement a property- based improvement district. 14. Continue work on the development of an annual calendar of signature events for downtown. Downtown Fundina Plan/CaDital Budaet The primary funding for the priorities and goals outlined above was incorporated into a multi-year capital budget known as the downtown funding plan that was conceptually approved as part of the FY 2003/04 budget process. The majority of the funding for the capital projects in the downtown funding plan was secured by the issuance of tax allocation bonds secured by the Agency's tax increment revenues. The bonds were sold in October, 2003 and netted $32,625,949. The remainder of the funding for the funding plan approved in 2003 is to come from a loan from the City to the Agency via the refunding of the 1991 PFA bonds that took advantage of low interest rates available in the market during the year. The work program for FY 2004/05 will continue to be funded from that capital budget with the exception of additional funding for two projects proposed as part of the FY 2004/05 capital budget. The FY 2004/05 budget proposes (1) an additional $300,000 for the land assembly of the site for the underground public parking structure; and (2) an additional $700,000 for the Agency's portion of Theater Way and the retail/cinema streetscape improvements (see Exhibit A- "Proposed 807 General Budget"). General ODeratinQ BudQet The FY2004/05 general operating budget is also shown as part of Exhibit A and reflects the funding needed for the ongoing operations of the Agency and the implementation of the vision for downtown inherent in the Council priorities and the Agency's work program. The proposed operating budget for FY 2004/05 reflects an increase of $117,131 in employee services for funding a portion of salaries in Finance, Planning, Engineering, and the City Attorney's office for support and assistance in the implementation of the some $47 million in capital projects contained in the downtown funding plan. The use of existing City staff to assist in the development and implementation of the Agency capital projects makes use of existing resources and reduces the investment in administrative services that would otherwise be required should the Agency have to hire additional new staff or consultants to implement the projects. However, it should be noted that the increase in employee services is partially offset by a proposed reduction in attorney fees as well as supplies and services. Litigation costs are expected to decrease as a result of settlement of the eminent domain lawsuits related to the assembly of land for the underground parking structure on Block 1. The budget for professional services was also reduced. The $20 million loan from the City was repaid with bond proceeds, so no interest payment to the City is required for FY 2004/05. The ERAF transfer payment shown in the proposed budget is slightly higher than FY 2003/04 based upon estimates available 07/12/04 "Final Redevelopment Agency Budget For FY 2004105" Page3of5