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7E partnerships that could stimulate desired private investment in terms of both tenants Page 5 and owners. This would decrease the funding available for the projects proposed above. FISCAL IMPACT The proposed budget amendments will reduce the "Working Capital Balance" in the RDA General Fund budget from $1,340,745 to approximately $30,245 and redirect the funds to important projects identified in the Redevelopment Plan and Amendment #2, the 2005-2009 IP, and the DPP. The Target grant provides funding for four additional Sunday concerts to be integrated with the 2008 "Summer In The City" Program funded out of the Agency's Operating Budget ("Economic Development Programs"). The grant revenue of $50,000 will be offset by an additional $50,000 in expenditures for the new concerts. The revised budget will therefore reflect a total of $410,196 in Economic Development Programs (#807-66429) as well as an additional $50,000 in revenues. The expenditure of the funds will be guided by the Memorandum of Understanding with Target and tracked separately. In terms of the RDA Housing Set-Aside budget, the 'Working Capital Balance" will be reduced from $2.175,591 to approximately $75,591. with the balance appropriated for the important Bradford Street Project (#806-71625) and for land assembly and gap financing (#806-71953) for affordable housing opportunities as they become available. The balance transfers will insure that monies are available for these important projects that h~Jp further the goals for the RDA and its legal mandates. ~~~ V .1(e4.t . Susan Moeller ' Peter Ingram, Executive Director Redevelopment Resources Consultant Redevelopment Agency AnACHMENTS 1. Table of Recommended Appropriation Revisions FY 07/08 2. Target Memorandum of Understanding RELATED DOCUMENTS IN CITY CLERK'S OFFICE None