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5 -, 131 <br />REPORT a <br />To the Redevelopment Agency Board of Directors <br />From the Executive Director <br />February 10, 2003 <br />Subject <br />Appropriate $2,030,000 in Redevelopment Housing Funds to Housing Projects. <br />Recommendation <br />The Redevelopment Board appropriate Redevelopment Housing Fund balance to Housing <br />projects. <br />Background <br />The Redevelopment Agency Housing Fund receives tax increment payments in April and <br />December of each year. Accordingly, as of June 30 of each year, there is an <br />unappropriated balance that includes funds received in December of the prior year, after <br />the Redevelopment Agency budget is adopted. The total amount of unappropriated <br />Redevelopment funds available for budgeting to projects is $2,030,000. Staff recommends <br />that these funds be budgeted to the following projects: <br />66455 <br />First Time Homebuyer Program $ <br />300,000 <br />66457 <br />Acquisition of Land for Housing <br />500,000 <br />66457 <br />Acquisition /Rehabilitation of <br />500,000 <br />Redwood Court Housing Development <br />66471 <br />Housing Rehabilitation <br />125,000 <br />71623 <br />El Camino Housing Project <br />605.000 <br />$2,030,000 <br />Alternative <br />Do not appropriate the recommended funds. <br />Fiscal Impact <br />This action will appropriate all the unappropriated funds in the Redevelopment Agency <br />Housing Fund. Due to the uncertainty of the State's budget, if these funds are not <br />appropriated there is a very real chance that they will be taken by the State. <br />f&ze i/ �_ ice., � <br />Michael Church Bruce Liedstrand �/ Ed Lv6rett <br />Executive Director Community Development Director City Manager <br />Attachment: Resolution <br />