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5. 4t!- // ATTACHMENT 3 FINAL REDEVELOPMENT AGENCY BUDGET FOR FISCAL YEAR 2005/06 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 CouncillAgency 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 (the "Downtown Precise Plan"); and (3) implementation of the courthouse restoration and plaza project. The work program for FY 2004/05 outlined a number of goals that related to these priorities, The following accomplishments were achieved: 1. The underground public parking facility is 75% complete; the retail/cinema project is 65% complete. 2. The streetscape improvements are designed and out to bid with construction scheduled to begin late summer, 3. The Broadway Annex has been demolished and work on the courthouse façade restoration will begin upon clearance of the debris. 4. The contract for the construction drawings for the Courthouse Plaza has been awarded. Construction is anticipated to begin in early 2006, 5. The downtown precise plan is still in the development phase. Two community workshops and a joint study session with the Council, Planning Commission and Architectural Review Committee have been held. 6. The design and installation of parking control equipment for Block 2 parking and the Marshall Street Garage is underway. REDEVSHARED_2005 STAFF REPORTS_07-2005Jinal Redevelopment Agency Budget for FY 2005/06 ,-_..',- -' "lr