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<br /> - <br /> 1,A-rt <br /> 5. Development and adoption of a new five-year implementation plan required <br /> pursuant to State redevelopment law. <br /> 6. Completion of an affordable housing strategy. <br /> 7. Continue discussions with the housing developers regarding development of <br /> mixed-use, market-rate and affordable housing products in the downtown. <br /> HousinQ Capital BudQet <br /> The capital budget for Redevelopment housing funds proposes two new allocations <br /> (see Exhibit B). An additional $680,867 in funding is recommended for the EI <br /> CaminoNera Street site pursuant to the proposal received from First Community <br /> Housing and Habitat. The proposed capital budget also recommends the allocation of <br /> $1,127,438 as general support for project opportunities that may arise during the course <br /> of the fiscal year. <br /> HousinQ Operatina BudQet <br /> The proposed operating budget for housing for FY 2004/05 provides the funding for the <br /> administrative and program support required to implement the work program described <br /> above, including the continuation of the residential loan program. (The Agency currently <br /> has a portfolio of 39 outstanding loans totaling $2,698,257. All of these loans are <br /> current and in good standing.) The budget for employee services reflects an increase of <br /> $188,795 for staff cost in Redevelopment as well as Planning and the City Attorney's <br /> office. This increase is in anticipation of the increased staff time to be allocated to <br /> housing issues and housing development opportunities. It is anticipated that most if not <br /> all of the opportunity sites identified in the downtown area plan will be developed with <br /> housing. This is reinforced by the housing element recently approved by the State, <br /> which accommodates the development of 2,600 to 3,400 housing units in or near the <br /> downtown at build-out. Additional funding for outside attorney fees is also proposed, in <br /> order to provide the technical support anticipated to be required for development <br /> agreements. <br /> Attachments: <br /> Exhibit A."807 General" <br /> Exhibit B. "806 Housing" <br /> 07/12/04 "Final Redevelopment Agency Budget For FY 2004105" Page5af5 <br />