AgdaPkt 2010-04-26 - Laserfiche WebLink

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6.3C Pa e 1 REPORT To the Honorable Mayor and City Council and The Redevelopment Agency Board From the Cit Mana er and Executive Director April 26, 2010 SUBJECT Redevelopment Agency Budget Appropriation Revisions for Fiscal Year 2009/10 RECOMMENDATION 1. Approve by resolutions (Attachments 1 and 2) the transfer and appropriation of certain funds in the Redevelopment Agency's FY 2009/10 budget. 2. By Motion, Approve a Memorandum of Understanding with Target Corporation to accept and appropriate a $30,000 grant from Target for the Target Family Day events and Authorize the Executive Director to Execute Said Agreement. BACKGROUND Redevelopment Agency Board (Board) approval is requested to revise the amounts appropriated from a number of existing projects and programs to create new projects and programs that meet the current needs of the redevelopment area as prescribed in the Redevelopment Agency's (Agency) Five-Year Implementation Plan 2010-14. The remaining balance of the proceeds of the 2003 Tax Allocation Bond issue (Fund 809) needs to be appropriated in order to draw down the fund to zero dollars. In addition, the Target Corporation is proposing to provide a grant of $30,000 for the Agency to host the Target Family Days again this summer. This grant is proposed to be memorialized in a form of a memorandum of understanding with the Agency. The descriptions of the proposed appropriation revisions are described in detail below and summarized in Attachment 3-A. A list of existing and proposed projects and programs in the Agency general fund is listed in Attachment 3-B as reference. Tax Allocation Bond In 2003, the Agency issued $34 million of Tax Allocation Bonds (TAB) to pay for capital improvements in the downtown to mitigate blight. The bond proceeds were used to construct Courthouse Square and the underground parking garage in the On Broadway development, new streetscape improvements, new gateway and directional signage, and the repayment of a $20 million loan from the City. A remaining balance of $206,798 is unappropriated. Staff is requesting Board approval to appropriate this amount to two projects Courthouse Square Improvements and Downtown Streetscape Improvements. Of the $206,798 in bond proceeds fund balance, staff recommends an appropriation of $95,000 for Courthouse Square Improvements. Specifically, the funds will be used to purchase a sound system for public events. Since the completion of Courthouse Square, the Agency and City have been funding events free to the community such as the Friday night concerts, Tuesday dancing, and Monday evening jazz on Main Street to spur civic pride and attract visitors and residents to support local businesses in the downtown. In 2008, the Agency spent $32,000 to rent a sound system while in 2009 the Agency increased the number of events and spent $42,000. The purchase of the