AgdaPkt 2007-06-25 - Laserfiche WebLink

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RE'~'Q:'RT ' ", ......" '-.-. . . . .,. ,. .... .. -' .. . .....,"' .: -'-'- "," ,".... . -"'.:" ':::, _~ .:_~) _ :,..::'~} .<::\:.A. '::"', ~\i.Y":,:,:.:::::';';/~:.:\,,", 7A-2 age 1 June 25, 2007 SUBJECT Redevelopment Agency Budget for Fiscal Year 2007/08 RECOMMENDATION Review the proposed Redevelopment Agency Budget for Fiscal Year (FY) 2007/08 and consider adoption by resolution on July 9, 2007. BACKGROUND In September, 2006 the community celebrated the completion of the new downtown Courthouse Square, the renovation of the fa9ade of the historic County Courthouse which now houses the San Mateo County History Museum, the cinema/retail project "On Broadway", the new 59O-Space public parking facility, as well as the completion of dramatic new streetscape improvements to Broadway, Jefferson and Middlefieldffheatre Way. State redevelopment law requires the adoption of an annual budget for the Redevelopment Agency (Agency) containing the proposed expenditures of the Agency, anticipated revenues, proposed indebtedness to be incurred, work program and goals for the coming year, as well as an examination 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 CounciVAgency meeting of July 9,2007. The information that follows summarizes the Agency's accomplishments in FY 2006/07 and the priorities for the upcoming fiscal year. Redevelopment General Fund In addition to the completion of Courthouse Square; the Courthouse Fa9Qde Restoration Project; the formal opening of the cinema and several new retail and restaurant businesses; and the streetscape improvements, milestones were achieved with several other projects completed or advanced during the fiscal year. These included: . The public approval process for the Downtown Precise Plan (DTPP), which was concluded with Council's approval of the Plan on March 26, 2007. . The installation of the new parking meters and implementation of the innovative Downtown Parking Management Plan, which is expected to become fully operational in earty summer with final adjustments to the system. . Award of the bid for the fabrication and installation of the new directional signage and way finding program, which should be completed by the end of September, 2007.