AgdaPkt 2007-07-09 - Laserfiche WebLink

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80 . Initiation of construction of the Post Office Paseo, scheduled for completion in Page 6 early summer of 2007. . Installation of one-of-a..kind lanterns and new banners on Middlefield between Veteran's and Broadway, celebrating the entrance to the Theatre District and connecting the free parking available in the County garage on weekends and weekdays after 6pm.to the cinema. museum and the Fox and Little Fox venues. . The funding and programming of downtown events and activities during the summer with free concerts, dance venues, movies, street performers such as magicians and puppeteers, festivals, Shakespeare, and other events; as well as the funding of promotional and marketing efforts to support downtown businesses by heightening public awareness of the unique businesses downtown and encouraging first-time and reoccurring visits from both residents and the broader Peninsula community. . Participation.in the EI Camino Real (ECR) "Grand Boulevard Initiative" (GBI) via the commitment of extensive staff time as well as financial resources for the funding of a capital project to enhance the pedestrian experience between the new Villa Montgomery Apartments, the Franklin Street Apartments and the train station and downtown. . Participation in the County-wide Transit Oriented Development (TOO) Opportunity Study to support the principal of both pedestrian and vehicular linkages between the downtown, Sequoia Station and ECR so prominent in the DTPP with its vision of elevated train tracks in Downtown, as well as the development of high density housing adjacent to transit. . Support of business retention and attraction efforts city wide to support the economically viable "place making" efforts Downtown and brand Redwood City as a great place to invest as well as live, work and play. Priorities for FY 2007/08 include completion of the above projects; continuation of the involvement in the GBI; working with Cal Trans to obtain design exceptions for the budgeted El Camino Real improvements; continuation of the dialogue with regional transit agencies regarding elevation of the train tracks; expanded programs and activities in the downtown, including the implementation of a "Phantom Gallery" program in to fill vacant store windows until such time as leases are signed with retail tenants and construction of tenant improvements begin; revision of the Storefront Improvement Program for Council consideration; continued "branding" of Downtown with ongoing marketing and promotional efforts, including a seasonal banner program. General Operating Budget The proposed operating budget for the Agency's General Fund in FY 2007/08 reflects several changes from the 2006/07 budget. Approximately $800,000 in additional tax increment revenue is projected in FY 07/08, while interest revenue is lower by some $165,893 due to the drawdown of funds for capital projects completed over the last four years. Employee costs are $120,643 higher than the amended FY 06/07 budget. As you recall, the mid-year budget adjustment in May, 2006 shifted $402,344 in "Employee Services" funding from housing set-aside funds to the Agency's general fund. This shift reduces the administrative costs for affordable housing programs and preserves more funding for direct project support and assistance.