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<br />7C <br />$1.2 million appropriated for several projects from prior years for liquidity. Page 4 <br />Although not mentioned in Scenario 4, the Board could also eliminate $500,000 <br />operating reserve to reduce the amount of housing set-aside borrowed. Staff <br />recommends this alternative to borrow the maximum housing set-aside and <br />deobligate several projects based on comments described above. <br /> <br />4. This alternative though not described in the scenarios, is to not make the SERAF <br />payment, which will result in the following consequences: 1) Agency may not <br />adopt a new redevelopment plan; 2) Agency may not further encumber funds or <br />expend any moneys derived from any source except to pay pre-existing <br />indebtedness, contractual obligations, and 75 percent of the amount expended <br />on agency administration for the preceding fiscal year. <br /> <br />5. This alternative, which is also not discussed in the scenarios, is to direct staff to <br />develop an option to reduce or eliminate administrative, project, or program <br />expenses. The options for Board consideration that are described above were <br />constructed to allow the Agency to provide the existing level of service; this <br />option would impede services, cut projects, and potentially reduce staffing. <br /> <br />SERAF Schedule <br />The Agency's $3.56 million SERAF payment is due May 10, 2010 with notification by <br />the Board of how it intends to fund the required payment to the County Auditor by March <br />1, 2010. If the Agency is unable to pay the SERAF because of existing obligations, the <br />Board must adopt a resolution after a public notice by December 31, 2009 finding that <br />the Agency does not have the funds to make the payment. A schedule of the deadline <br />dates is provided below. <br /> <br />November 15,2009 <br /> <br />December 31, 2009 <br /> <br />February 15, 2010 <br /> <br />March 1, 2010 <br />Ma 10,2010 <br />February 15, 2011 <br /> <br />Ma 10,2011 <br />June 15, 2015 <br /> <br />State Department of Finance releases actual amounts owed by <br />each redevelo ment a enc <br />After a noticed public hearing, Agency must adopt resolution if it <br />can't make SERAF a ment <br />Agency may enter into agreement with City or other entity to fund <br />the difference for FY 2009/10 SERAF take <br />Re ort to Coun Auditor how A enc intends to fund a ment <br />FY 2009/10 Housin Tax increment a ment due <br />Agency may enter into agreement with City to fund the difference <br />for FY 2010/11 SERAF take <br />FY 2010/11 Housin Tax increment a ment due <br />Housin fund borrowed for FY 2009/10 must be full re aid <br /> <br />Planned Budget Amendments <br />Several FY 2009/10 budget amendments for potential new projects will be presented on <br />December 14, 2009 for Board consideration, including the allocation of $120,000 to <br />subsidize businesses and new development that are required to pay the City's traffic <br />impact fees as an incentive to attract new businesses, commercial and residential <br />developments within the redevelopment area. These additional appropriations have not <br />been included in the revenue and expenditure projections shown in Attachment 2. <br /> <br />Five-Year Implementation Plan <br />On December 14, 2009, the Five-Year Implementation Plan (Plan) will be presented to <br />the Board for approval. State law requires each redevelopment agency to adopt a new <br />