AgdaPkt 2010-04-26 - Laserfiche WebLink

Browse Search

6.3C Page 2 sound system will alleviate the need to rent and will provide better quality sound for both the artists and audience. The remaining $111,798 of bond proceeds is proposed to be appropriated for a new project called Downtown Streetscape Improvements which will pay for new trees, street furniture, crosswalk improvements, or sidewalk expansions on segments of Winslow, Theatre Way, Main Street, and/or Broadway in the downtown. Staff is also proposing that five existing projects funded by the bond proceeds totaling $54,943 be consolidated into this new project Downtown Streetscape Improvements. These five projects are essentially completed but have a remaining balance ranging from $1,630 to $31,316.1 This new project will therefore have a total budget of $166,641. Economic Development Stimulus Program Due to the downturn in the economy and the number of vacant retail spaces in the city, staff proposes to create a new program called Economic Development Stimulus Plan by reallocating $300,000 from existing projects. The initial $300,000 for this new program is intended to focus on the downtown by providing grants and/or loans to retain existing businesses and attract new retail businesses. Of the $300,000, $100,000 is proposed to be reallocated from the Critical Pioneering Development project. This funding source is intended to provide gap financing to a potential private project determined to be innovative, pioneering and/or critical to the success of the downtown revitalization should the opportunity arise. The next $100,000 is proposed to be reallocated from the Hoover Mobility Project. This project provides seed money for infrastructure and streetscape improvements in the Hoover neighborhood based on the Hoover Mobility Study prepared in spring 2009. The Agency received a Caltrans Environmental Justice Transportation Planning Grant to obtain participation from residents in the Hoover area on priority streets that need improvements to safely walk and bike. This project is not ready to become a capital project yet. The remaining $100,000 is proposed to be reallocated from Contingency. Downtown Development Programs In the past, the Zoppe Circus, Salsa Festival and Bruce Labadie. a consultant hired to organize some of the downtown events, were funded out of the Agency's administration budget. To better align program costs within the Agency budget, staff proposes that $200,000 be appropriated from an existing project called Transit Connectivity Project into the existing Downtown Development Programs. This $200,000 will pay for the return of Zoppe Circus and Salsa Festival in 2010 as well as Bruce Labadie's contract to manage some of the events sponsored by the Agency. The Transit Connectivity Project provides funding for the analysis, planning, design and engineering work that may be required for the initial steps for transit integration and connectivity to the Caltrain Station. Target Grant for Target Family Days For each of the past two years, Target Corporation has provided grants of $30,500 and $50,000 respectively to the Redevelopment Agency to fund Target Family Days, a series of free themed events for the community. In return for receiving the grant, the Agency was responsible for all aspects of production including the hiring of 1 The five existing projects proposed to be consolidated into a new project called Downtown Streetscape Improvements are Streetscape - Theatre Way ($3.564), Streetscape - Cinema Related Signals ($1,630), Streetscape - Broadway 2 ($6,603), Miscellaneous Downtown Project - Theatre Way 1\ ($1,887), and Miscellaneous Downtown Project - Gateway and Directional Signage ($41,309).