AgdaPkt 2006-06-26 - Laserfiche WebLink

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68 Page 3 RE.P. .OR. T . . ~ . . , . . . ." . .. ... .... .... ....... . .....ToR~.v.I."Plllent...AQency...I3oPtlrd From the Executive Director EXECUTIVE SUMMARY June 26, 2006 Subject Review of Redevelopment Agency Budget for Fiscal Year 2006/07 Recommendation Staff recommends that the Agency Board consider adoption of the proposed budget for FY 2006/07 on July 10, 2006. Issues The extremely high level of activity this past fiscal year warrants a more in-depth discussion of the accomplishments pertaining to the work program for FY 2005/06 as well as the proposed work program for FY 2006/07. The attached staff report reflects that in-depth summary for downtown parking issues, the retail/cinema complex, streetscape improvements, the Courthouse Square and Fa93de Restoration Projects, the Downtown Precise Plan, and the efforts associated with improving way-finding and pedestrian linkages in the downtown. Major Findings The proposed Agency operating budgets for FY 2006/07 for both the redevelopment general fund and the housing fund are basically the same as FY 2005/06 with the exception of additional funding for "Economic Development" and the restoration of funding for the Storefront Improvement Program. In terms of capital projects, $699,514 in funding is proposed for contingency purposes and critical pioneering development, and another $175,000 for child care site acquisition to replace monies reallocated during the current fiscal year for the Downtown Precise Plan environmental impact report. In terms of housing, $74,000 is recommended to fund the obligation of the Agency pursuant to the Disposition and Development Agreement with Habitat for Humanity for the development of eight new town home ownership units on Lincoln Ave. Another $1 million in housing set- aside funds is recommended for general land assembly and gap financing purposes. Most likely, this funding will ultimately be recommended for use on the Bradford Site if that project moves ahead. Deposits made to the housing fund pursuant to the 1990 agreement with the Legal Aid Society are calculated using the same formula reflected in the budgets the past 3 years. Staff will be meeting with Legal Aid to discuss the strategy for reinstituting higher payment levels beginning in FY 2008/09 to insure that the total original amount agreed to ($11.9 million) is paid. 1:2006 STAFF REPORTS AND AGREEMENTS/06-20061Exec Summary-B\ldget ,....".",.,','-,.<_.,~,~_~,..,....., ~._.'............"4""_'_,~..<O'..~",..",....______,.._........~._,,,._..___...~~-..............~_.,"