AgdaPkt 2005-07-25 - Laserfiche WebLink

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5. 4 ¿?~ /3 of the funding for the capital projects in that 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 required for the implementation of the original funding plan came from a $3 million 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 loan was approved by the City and the Agency in February, 2005. The work program for FY 2005/06 will continue to be funded from the original funding plan, $1 million in additional funding approved in FY 2004/05, and almost $2.9 million included in the FY 2005/06 capital budget. The FY 2005/06 capital budget reflects the necessary funding approved by the Agency Board for the public parking garage land assembly costs, additional construction costs for the parking garage, funding for the environmental impact analysis that will be required for the downtown precise plan, and additional funding for contingency needs. (See Exhibit A-"803/809 Capital Budget") Aqencv Operatinq Budqet The FY 2005/06 general operating budget (Exhibit B-"159/807 General") reflects the funding needed for the ongoing operations of the Agency and the implementation of the vision for downtown revitalization inherent in Council priorities and the Agency's work program. The proposed operating budget for FY 2005/06 differs from the FY 2004/05 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 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 activities and activities. Third, the Storefront Improvement Program has been eliminated pending a possible restructuring, REDEVELOPMENT HOUSING BUDGET The City CouncillAgency Board priorities for housing continue to be focused on increasing affordable housing opportunities in the community, especially for seniors and teachers. The challenge is finding sites as most of the community is built out. Education and information regarding density, design and pedestrian and transit linkages are important as well in improving the "livability" of residential neighborhoods, The work program of FY 2004/05 saw accomplishments in these areas, as follows: 1. A Development and Disposition Agreement ("ODA") was approved with First Community Housing ("FCH") and Peninsula Habitat for Humanity REDEVSHARED_2005 STAFF REPORTS_07-2005Jinal Redevelopment Agency Budget for FY 2005/06 3 --'11'""_.