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<br />ATTACHMENT 2 (07/10/06) <br />88 <br />Page 3 <br /> <br />REPORT <br /> <br />To Redevelopment Agency Board <br />From the Executive Director <br /> <br />EXECUTIVE SUMMARY <br /> <br />June 26, 2006 <br /> <br />Subject <br />Review of Redevelopment Agency Budget for Fiscal Year 2006/07 <br /> <br />Recommendation <br />Staff recommends that the Agency Board consider adoption of the proposed budget for <br />FY 2006/07 on July 10, 2006. <br /> <br />Issues <br />The extremely high level of activity this past fiscal year warrants a more in-depth discussion <br />of the accomplishments pertaining to the work program for FY 2005/06 as welt as the <br />proposed work program for FY 2006/07. The attached staff report reflects that in-depth <br />summary for downtown parking issues, the retaiVcinema complex, streetscape <br />improvements, the Courthouse Square and Façade Restoration Projects, the Downtown <br />Precise Plan, and the efforts associated with improving way-finding and pedestrian <br />linkages in the downtown. <br /> <br />Major Findings <br />The proposed Agency operating budgets for FY 2006/07 for both the redevelopment <br />general fund and the housing fund are basically the same as FY 2005/06 with the <br />exception of additional funding for "Economic Development" and the restoration of funding <br />for the Storefront Irnprovement Program. In tenns of capital projects, $699,514 in funding <br />is proposed for contingency purposes and critical pioneering developrnent, and another <br />$175,000 for child care site acquisition to replace monies reallocated during the current <br />fiscal year for the Downtown Precise Plan environmental impact report. In tenns of <br />housing, $74,000 is recommended to fund the obligation of the Agency pursuant to the <br />Disposition and Development Agreement with Habitat for Humanity for the development of <br />eight new town home ownership units on Lincoln Ave. Another $1 million in housing set- <br />aside funds is recommended for general land assembly and gap financing purposes. Most <br />likely, this funding will ultimately be recommended for use on the Bradford Site if that <br />project moves ahead. <br /> <br />Deposits made to the housing fund pursuant to the 1990 agreement with the Legal Aid <br />Society are calculated using the same formula reflected in the budgets the past 3 years. <br />Staff will be meeting with legal Aid to discuss the strategy for accelerated and/or extended <br />payments beginning in FY 2008/09 to insure that the total original amount agreed to is <br />paid. <br /> <br />1:2006 STAFf REPORTS AND AGREEMENTSIO6-2OO6IExec S1Jmmary-Budget <br />