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REPORT 88 F lage 4 To the Redevelopment Agency Board From the Executive Director 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. Background Staff is pleased to present the recornrnended operating and capital budgets for the Redevelopment Agency ("Agency") general and housing set-aside funds (Exhibits 1 thru 4 attached). 2006 is a milestone year for Downtown Redwood City with the completion of several multi-year construction projects including the new multiplex cinema, 85,000 square feet of new retail/restaurant uses, and a fully operational 590-car public parking garage. Concurrent with the opening of the cinema and new restaurants and retail uses is the completion of "Theatre Way" between Broadway and Middlefield and the streetscape improvements surrounding the cinema/retail complex on Jefferson, Middlefield and Broadway (between Jefferson and Hamîlton). The annex in front of the historic courthouse has been demolished and the Courthouse Façade Restoration Project and Courthouse Square are scheduled for completion the end of September. State redevelopment law requires the adoption of an annual budget for the Agency containing the proposed expenditures of the Agency, anticipated revenues, proposed indebtedness to be incurred, work prograrn and goals for the coming year, as well as an exarnination of the previous year's work program. The budget must also include all activities to be funded by the low and moderate income housing fund established pursuant to law. The mandated report for the State will be prepared with all of the detail required for compliance with State law after Council review of the budget in this study session. It will be attached to the budget resolution, which is scheduled for Council adoption at the Council/Agency meeting of July 10, 2006. ~VELOPMENTGENERALFUND As noted above, Redevelopment agencies are required by law to include in their budget an examination of the previous year's work prograrn as well as the work program for the coming year. The status of these work programs is summarized below: 1. Parking. The Jefferson St. 590-space public parking facility opened in May. Pay stations will be installed and operational by the end of June. New parking equipment is installed and operational in the Marshall St. Garage. The Middlefield 1:2006 STAFF REPORTS AND AGREEMENTS_O6-2006_Budget 1