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7E Sundays" will occur on June 8. July 13, August 10 and September 14. The grant Page 3 covers the cost of each of the uniquely themed concerts and will be supported by the marketing and promotional activities to be undertaken by the City as part of the agreement. (See Attachment 2, "Memorandum of Understanding"). The funding required to develop and implement an ongoing program of special events and activities is an eligible use of RDA funds, especially given the number of retail store front vacancies remaining in the downtown and the goal to make downtown Redwood City the entertainment destination of the peninsula. Downtown special events and programs are directly related to the alleviation of blight conditions detailed in the Redevelopment Plans, including the prevalence of impaired investments; social and economic maladjustment; and, abnormally high business vacancies. Downtown programming is also consistent with the goals and strategies outlined in the Downtown Precise Plan (DPP) adopted in May, 2007, as well as with the activities outlined in the 2005-2009 Implementation Plan (IP). It is assumed that as the downtown continues to redevelop, vacancies are filled and housing is built, the need for continued redevelopment funding will diminish. Funding to continue the activities could then come from a combination of private sector sponsorships, grants andlor the general fund. Capital Proiects The RDA currently has a "Total Working Capital Balance" of $1,340,745 in its general fund, and $2,175,591 in its housing fund. These funds are needed for the staff services related to summer programming as well as for important capital projects to further the goals of the Redevelopment Plan, the 2005-2009 IP, and the DPP; and, to meet Agency and City affordable housing goals. It is recommended that these balances be allocated to fund these important priorities and projects. The projects can then move forward in a timely manner as circumstances and opportunities warrant. In addition, the allocation of these fund balances now to these important projects will protect them from State consideration as the State looks for ways to solve an estimated $14-$16 billion budget deficit. $600,000 is recommended for appropriation to the "Transit Connectivity Projecft (#803-72023) in order to proceed with work related to the Depot CirclelTrain Station improvements identified in the DPP. $75,000 was allocated for this project in FY 2006/07. The DPP places high priority on the realization of Depot Circle as a way to realize the maximum benefits (and avoid the potential pitfalls) of enhanced Caltrain service for Downtown, and of integrating Sequoia Station and the residential neighborhoods west of EI Camino Real into the Downtown. The project as delineated in the DPP includes a direct pedestrian crossing across the Caltrain railroad tracks; street realignment and block reconfiguration; and the construction of a traffic roundabout with public open space in the center of new right-of-way where Middlefield, Hamilton and Winslow converge. These improvements can move forward without final resolution of the issues related to the elevation of the tracks. The proposed additional appropriation of $600,000 will insure funding availability for the analysis, planning, design and engineering work required for the project to move forward. $650,000 is recommended for the Downtown Garage Foundation Upgrade Project. This project will allow the City to enhance the basement walls and slab of the garage so the structure can withstand additional hydrostatic pressure. This enhancement (roughly