AgdaPkt 2010-04-26 - Laserfiche WebLink

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6.3C Page 3 entertainment, renting equipment, set up/tear down, clean up, purchasing supplies, administering, marketing, and managing the Target Family Days. This year, Target proposes to provide a grant of $30,000 to the Agency for three events this summer in the downtown. The proposed event dates are July 11, August 8, and September 12. The Agency has contributed and will continue to provide up to $7,500 to fund the remaining cost of the Target events. This amount is already in the FY 2009/10 budget. Proposed Appropriations 1. Appropriate $95,000 of unappropriated proceeds from the 2003 Tax Allocation Bond issue (Fund 809) into an account called Courthouse Square Improvements. The $95,000 would be used to purchase a quality sound system for City and Agency sponsored events as well as other public events in the redevelopment area. (809-71794) 2. Appropriate the remaining unappropriated proceeds in the amount of $111,798 from the 2003 Tax Allocation Bond issue (Fund 809) and consolidate the remaining $54,993 in the existing projects that are not encumbered (Fund 809- 71843 through 809-71893) into a new project called Downtown Streetscape Improvements. The overall total amount in this new project would be $166,791. (809-71795) 3. Transfer and appropriate a total of $300,000 from three existing capital projects into a new program called Economic Development Stimulus Plan. The $100,000 will be taken from Critical Pioneering Project (803-71263), $100,000 from Hoover Mobility Project (803-72034), and $100,000 from Contingency (803-76000). If the Board approves the appropriation, a plan describing the implementation of the Economic Development Stimulus Plan would be presented to the Board at a future date for approval. (807-71796) 4. Transfer $200,000 from an existing project called Transit Connectivity Project (803-72023) into the existing Downtown Development Programs (807-66429) to fund the 2010 Salsa Festival and Zoppe Circus as well as Bruce Labadie's contract to assist with the programming of Agency sponsored events in the downtown. 5. Accept and appropriate a $30,000 grant from Target Corporation to the Agency for the Target Family Days. The Agency will use the funds to host three themed family concerts in the downtown. ALTERNATIVES The Agency Board may choose to modify or take no action on any. and all of the proposed budget appropriations. Moreover, the Board may elect not to accept the $30,000 grant from Target Corporation to organize the Target Family Day events. FISCAL IMPACT The proposed budget amendments would reduce the budgets in a number of existing projects while creating new projects and adding funds to existing programs in FY 2009/10 Agency budget. The Agency would receive a grant of $30,000 from Target Corporation to fund the Target Family Day events.