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<br />B. Fiscal Year 2008/2009 Appropriation Revisions for Redevelopment Agency (RDA) <br />Operating and Capital Budgets - City Council/Redevelopment Aaency Board. <br /> <br />Staff contact: Pat J. Webb, Housing and Economic Development Manager 780-7293 <br />patwebb@redwoodcity.org <br /> <br />Recommendation: <br />I. RDA Board approve, by resolution, amendment to the RDA FY 2008/09 <br />Operating and Capital Budgets as follows and authorize the execution of the <br />MOU with Target Corporation: <br /> <br />1. Appropriate $136,291 from RDA General Fund Operating Budget "Working <br />Capital Balance" to the Educational Revenue Augmentation Funds ("ERAF") <br />payment required pursuant to AB 1389. <br /> <br />2. Appropriate $400,000 from the RDA General Capital Budget "Contingency" to <br />the ERAF payment required pursuant to AB 1389. <br /> <br />3. Appropriate $200,000 from the RDA General Capital Budget "Downtown <br />Garage Foundation Upgrade" to the ERAF payment required pursuant to AB <br />1389. <br /> <br />4. Appropriate the $30,500 grant from Target to the RDA General Fund Operating <br />budget ("Downtown Development Programs") for downtown summer programs <br />pursuant to the terms of the grant agreement. <br /> <br />5. Authorize the Executive Director and Agency Secretary to execute the MOU on <br />behalf of the Agency, and to take such actions as may be necessary to carry <br />out the obligations of the Agency under the MOU. <br /> <br />RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD <br />CITY AMENDING THE ANNUAL BUDGET FOR FISCAL YEAR 2008/09 FOR THE <br />REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY TO MAKE ERAF <br />PAYMENTS, AND APPROVING AND AUTHORIZING EXECUTION OF A <br />MEMORANDUM OF UNDERSTANDING REGARDING GRANT FROM TARGET <br />CORPORATION TO FUND DOWNTOWN FAMILY CONCERTS <br /> <br />II. City Council approve, by resolution, amendment to the RDA FY 2008/09 <br />Operating and Capital Budgets as described above in items A (1-4). <br /> <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY <br />AMENDING THE ANNUAL BUDGET FOR FISCAL YEAR 2008/09 FOR THE <br />REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY TO MAKE ERAF <br />PAYMENTS, AND APPROVING AND AUTHORIZING EXECUTION OF A <br />MEMORANDUM OF UNDERSTANDING REGARDING GRANT FROM TARGET <br />CORPORATION TO FUND DOWNTOWN FAMILY CONCERTS <br /> <br />JOINT CITY COUNCIL/REDEVELOPMENT AGENCY MEETING <br />AGENDA <br /> <br />APRIL 27,2009 <br />PAGE 4 <br />