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iREPORT To Redevelopme.n.t Agency Board <br />· From the Executive Director <br /> <br />July 29, 2002 <br /> <br />Subject <br />Review of Redevelopment Agency Budget for 2002-2003 <br /> <br />Recommendation <br />Staff recommends that the Agency Board review this document in study session on July <br />29, 2002 and then adopt the Agency budget by motion on August 5, 2002. <br /> <br /> Background <br />This budget meets the requirements of Section 33606 of the Health and Safety code with <br />regard to Redevelopment budgets including the following: <br /> <br /> · Proposed expenditures of the Agency <br /> · Proposed indebtedness to be incurred by the Agency <br /> · Anticipated revenues <br /> · Work program for the coming year, including goals <br /> · Examination of the previous year's achievements and a comparison of the <br /> achievements with the goals of the previous year's work program <br /> <br />The City is in the process of adopting the Downtown Area Plan and the Redevelopment <br />Agency will be a major tool to implement the Area Plan. This proposed budget reflects the <br />Downtown Area Plan in a number of significant ways, including: <br /> <br /> · Funding to begin planning and design for the Courthouse Plaza at Broadway <br /> and Middlefield Road. <br /> · Implementing the city Council's "nice places" policy by funding <br /> improvements to the Plaza between City Hall and City Center Plaza. <br /> · Creating a financing source to deal with downtown parking. <br /> · Funding for the Retail/Cinema project. <br /> <br /> Fiscal Impact <br /> The Agency's total revenue in 2062-03 is anticipated to be $7,200,913. $2,290,472 of this <br /> is allocated to the Agency Housing Fund and is reserved for affordable housing projects <br /> and programs. The balance of $4,910,441 goes to the Agency General Fund and funds <br /> the Agency's economic development and downtown activities. <br /> <br /> <br />