AgdaPkt 2003-07-14 - Laserfiche WebLink

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M MV gateways, directional signage, enhancement of "Theater Way" between Broadway and Veteran's Blvd. • Development Incentives /Contingency. This project funds Agency obligations for the reimbursement of off -sites for the Franklin St. Apartments, financial assistance for catalyst projects which implement the downtown precise plan, and a ,ontingency for unforeseen opportunities and expenses. This is an ambitious program and Redevelopment Bond Financing will be needed in order to fund the projects. The Finance Director has developed a financing approach that will provide the necessary funds without jeopardizing the funding for other important City projects and programs. The Redevelopment Agency Capital Improvement Program Budget follows, along with a general description of the bond - financing program. When the details of the bond - financing program have been worked out with the Agency's financial advisors, the program will come back to the Agency Board for consideration of approval. Agency Operating Budget The Agency's Operating Budget continues, in general, the programs of prior years, with the following major changes: • An allowance of $650,000 "E RAF transfer from the Agency to the State of Californ ia proposed by the State as part of its budget deliberations. The actual amount of the transfer is not known at this time as the State has not yet adopted a budget, but it is prudent to budget a reasonable amount to allow for that State action. • A modification of the Administrative Budget for an anticipated increase in attorney's fees and to cover staffing modifications to focus on implementation of the downtown plan. Higher interest payment to the City due to the $20 million loan approved in January 2003. These higher interest payments will be partially offset by higher interest earnings on that money and the City loan will be repaid in total with bond proceeds. The Operating Budget is presented in more detail in the attached budget report. Housing Budget The Housing Budget, Operating and Capital, propose funding for the development of affordable housing opportunities for both seniors and teachers, pursuant to Council priorities; as well as continue programs already in place. These are described in detail in the attached report. Conclusion State Redevelopment Law requires the Agency to file with the State an annual Review of Goals and a Work Program and the Goals for the coming year, as well as a review of the previous year's work program and accomplishments. These documents are part of the attached budget report.