AgdaPkt 2003-08-11 - Laserfiche WebLink

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y P-/ REPORT To the Redevelopment Agency Board From the Exenutive Director August 11, 2003 Subject Review of Redevelopment Agency Budget for 2003 -2004. Recommendation Staff recommends that the Agency Board adopt the Redevelopment Agency Budget for Fiscal Year 2003 -2004 by motion. Background Staff is pleased to present the recommended Capital Improvement Budget and Operating Budget for the Redevelopment Agency. The focus of these recommended budgets is on implementation of City Council and Agency Board priorities, primarily for the redevelopment of the downtown core. With the exception of the "ERAF Transfer", this is the budget reviewed by the Agency Board at the Study Session on July 14, 2003. This action implements that budget as modified to reflect the revised ERAF Transfer just approved as part of the recent adoption of the State Budget. Agency Capital Improvement Program Budget The focus of the Agency's Capital Improvement Program (CIP) Budget or "Downtown Funding Plan" this year is on a series of projects that are important for the revitalization of downtown. Jefferson Garage and Block 2 Surface Parking. This developer is includes a 596 space, 2- level, public parking cinema to be constructed under the Retail /Cinema project at the intersection of Broadway and Jefferson, as well as the expansion of the surface lot on Block 2 (corner of Jefferson and Middlefield) from some 200 spaces to 300 spaces. These public facilities will provide parking for customers of downtown businesses. Land Assembly for Parking. This will complete the funding necessary for the acquisition of the garage site (Block 1) and the expansion of the surface lot on Block 2. Air rights development over the garage will make the Retail /Cinema project a reality. The developer's purchase of air rights for the development of the cinema will reimburse the majority of these costs. • Historic Courthouse Restoration and Plaza. This includes removal of the Annex on the Broadway frontage, restoration of the historic fagade of the Courthouse, and the creation of a public plaza that will serve as the "Town Square" of Redwood City. • Downtown Streetscape Improvements. This includes "Theater Way' between Fox Theater and the new Retail /Cinema Project and necessary modifications to Broadway.