AgdaPkt 2005-07-25 - Laserfiche WebLink

Browse Search

5. 4e-~ 6A'IV- 3' In addition to the items discussed under the CIP, the FY 05/06 operating budget differs from the FY 04105 budget in three ways. First, there is a slight decrease in "Transfer for Debt Service" due to a deferral of the Agency loan payment to the City as provided for in the Loan Agreement approved by the Council and Agency Board in February, 2005. Second, there is an increase in "Administrative Costs. as a result of allocating a portion of the salaries for the Community Development Services ("CDS") Director and CDS Management Analyst to the Agency's general operating budget for staff support for Agency projects and activities. Third, the Storefront Improvement Program has been eliminated pending an analysis of recent State actions regarding eligible use of funds and possible restructuring, REDEVELOPMENT HOUSING BUDGET In Fiscal Year 2005/06 the Agency will continue previous years' efforts regarding the expansion of affordable housing opportunities. In addition to continuing the home improvement loan program, the work program will include the following: 1. Transfer of property and coordination with First Community Housing on construction of 58 low income rental units at EI Camino Real and Vera St. pursuant to the Disposition and Development Agreement ("DDA") approved by the Age~çy Board on January 24, 2005. Construction is expected to take 24 months: 2, Continuation of feasibility analysis regarding the development of -3 joint child care/senior housing project on' Bradford Street. 3. Continue the identification of suitable sites for affordable housing development. 4, Continue discussions with housing developers regarding development of nixed- use, market-rate and affordable housing projects in the downtown. Housing Operating and Capital Budgets The FY 05/06 operating budget for housing set-aside funds is basically the same as FY 04105, Additional capital funding is recommended as follows: 1, $360,089 in Agency assistance for the First Community Housing Project at EI Camino Real and Vera Ave. This allocation, combined with monies allocated in the FY 04/05 budget, FY05/06 CDBG funding and grants obtained provides the funding required pursuant to the DDA. 2. $820,000 to be made available for the Bradford Street Project if determined feasible. FY 05/06 CDBG ($100,000) and HOME funds ($333,215) have also been recommended for this site. REDEVSHARED/200S STAFF REPORTSIO6-2005IReview of Redevelopment Agency Budget fa FV 2005106 SMce 3 -.-- --"-'---w---