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the Cinema project begins construction.. <br /> <br />6, Retail/Cinema Project <br />The original Disposition and Development Agreement (DDA) approved in 2001 envisaged <br />the development of retail space and the cinema on block one (the block bounded by <br />Broadway, Jefferson and Middlefield) with an office building and an 800 space parking <br />garage on block two. In 2001 the office market crashed. The proposed office building on <br />block two became unfinanceable and with the loss of the revenue from the office, the <br />developer was no longer able to finance the construction of the parking garage. Staff and <br />the developers have been in intensive discussions over how to restructure the deal ever <br />since. <br /> <br />II, PROJECTED REVENUES AND EXPENDITURES AND WORK PROGRAM FOR <br />FISCAL YEAR 2002-2003 <br /> <br />The Agency receives revenue solely from the property tax increment on property within the <br />redevelopment area, and from interest on fund balances. Upon receipt, this revenue is <br />divided into two funds. These funds are identified as: Fund 806 - Housing General <br />Fund; and Fund 807 - Agency General Fund. <br /> <br />In 2002-2003, the Agency is projecting to receive $7,200,913 in revenue, divided as <br />follows: <br /> <br /> Housing Fund <br /> $2,290,472 <br /> <br /> S4,910,441 <br /> <br />The Agency work program for 2002-03 is shown following. As already noted some of the <br />following projects (Cinema, Parking, and City Hall Plaza) already reflect the Downtown <br />Area Plan. More project proposals will be made to the Agency Board in the coming months <br />that will require amendments to this budget: <br /> <br /> 5 <br /> <br /> <br />