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Douglas Street <br />This property will be rehabilitated in 2002-03 and then used for teacher housing. <br /> <br />Economic Development Strategy <br />This describes the funds available to operate the Agency's economic development <br />initiatives in 2002-2003. During this year the Economic Development Coordinator will be <br />updating the Economic Development Strategy and working with the Downtown Manager to <br />promote Downtown. <br /> <br />Storefront Improvement Program <br />Continued for a further year at $60,000. <br /> <br />Cinema <br />These funds will be used to assist the Agency in it's planning for and implementation of the <br />Cinema project. <br /> <br />Childcare Project Costs <br />Funds to implement the Agency's plans for a 100 child center in the Downtown. <br /> <br />City Hall Plaza <br />Funds to install the planned fountain and other modifications tothe plaza between City Hall <br />and City Center Plaza. <br /> <br />Parking <br />Funds to assist the City to provide additional parking in the downtown. <br /> <br />III. PROPOSED INDEBTEDNESS FOR 2002-2003 <br /> <br />Health and Safety Code Section 33606 requires the Agency's annual budget to contain <br />information about any proposed indebtedness to be incurred by the Agency. <br />Redevelopment Agency's are required by the State Constitution to only be able to receive <br />tax increment if they have first generated debt. The Agency can only make a claim on tax <br />increment from the County to the extent that it has debt that equals or exceeds the amount <br />requested. <br /> <br /> One of the principal methods of establishing debt is a bond issue. Most agencies in the <br /> state use this approach. Redwood City issued tax allocatior~ bonds in 1991 (refunded in <br /> 1997). Most of the improvements in downtown already completed (Climate Best signs, <br /> Broadway Sidewalks, Main Street Improvements, Marshall Street Parking Garage) were <br /> funded from this bond issue. <br /> <br /> This budget contains initial planning funds for some major projects such as the Courthouse <br /> Plaza and downtown parking, but the Agency alone does not have cash on hand to fund all <br /> these projects. Assuming the Agency Board wishes to actively pursue these projects, staff <br /> will make a recommendation on the practicality and possible sizing of a bond issue during <br /> this budget year. . <br /> <br /> 9 <br /> <br /> <br />