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<br />,~~~~i~~iT';:;;;;~;~~':~~~"";;;;;';~.jj.:;j~~~~~~~",,,,:.~r'~V""-~..~' <br /> <br />.. <br /> <br />( <br /> <br /> <br />June 23,2008 <br /> <br />SUBJECT <br />Redevelopment Agency Budget for Fiscal Years 2008/09 & 2009/10 <br /> <br />RECOMMENDATION <br />Review the proposed Redevelopment Agency Budget for Fiscal Year (FY) 2008/09 and <br />2009/10 and consider adoption by resolution on July 21, 2008. <br /> <br />BACKGROUND <br />State redevelopment law requires the adoption of an annual budget for the <br />Redevelopment Agency (RDA) containing the proposed expenditures of the Agency, <br />anticipated revenues, proposed indebtedness to be incurred, work program and goals <br />for the ,coming years, as well as an examination of the previous year's work program. <br />The budget must also include' all ,activities to be funded by the low and moderate <br />income housing fund established pursuant to law. An annual written, determination <br />explaining the necessity of charging planning Emd'general administrative expenditures <br />to the low and moderate income housing fund is also required and verified as part of the <br />audit process, <br /> <br />The mandated report for the State will be prepared with all of the detail required for <br />compliance with State law after Council review of the budget in this study session. It will <br />include the information contained within this staff report' and any modifications <br />recommended by the Agency Board as part of their study session deliberations. It will, <br />be attached to the budget resolution scheduled for adoption in July. 2008 as "Final <br />Redevelopment Agency Budget for Fiscal Year 2008/09", <br /> <br />Pursuant' to requirements of State law, the information that follows summarizes the <br />Agency's accomplishments in FY 2007/08. priorities for the upcoming fiscal year, and <br />the recommendations for funding for the new fiscal year. <br /> <br />~ <br />~ <br />'I <br />,~ <br />(~ <br />1 ,;; <br />~ <br /> <br />II '~ <br />~ <br />f' <br />i~ <br />~i <br />I <br />~ <br />I <br />~ <br />i:\'~ <br />I <br />"'" <br /> <br />FY 2007/08 RDA General Fund Accomplishments <br />The past year has been one of acknowledgements and awards for the Downtown <br />revitalization activities undertaken by the RDA and City the past five years. Awards <br />from the Congress for New Urbanism. the California Redevelopment Association, the <br />American Planning Association (California Chapter Northern) and the Grand Boulevard <br />Initiative recognized Courthouse Square, Theatre Way and the Broadway Streetscape <br />Improvements, the Historic Courthouse Fa<;ade Restoration, the Downtown Precise <br />Plan and the Villa Montgomery affordable housing project as outstanding examples of <br />good public spaces, responsible, sustainable planning, and the creation of good <br />affordable,livable. pedestrian-friendly places and projects. <br /> <br />The 'Summer in the City' program that premiered in the summer of 2007 also brought <br />regional recognition to the City and Agency. .,TheCity was,honored by tb~ San Mateo <br />,County Arts Council as.recipient of the Diamond "Government Support"Award for2007 <br />