AgdaPkt 2012-01-23 - Laserfiche WebLink

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8.B.-Page5 ALTERNATIVES If the Council does not want Redwood City to take on the Agency's housing functions and assets, all housing assets will go to the San Mateo County Housing Authority. These actions are not recommended because they would place both non-housing and housing projects and programs sponsored by and developed within Redwood City under control of other entities that likely may not have the same goals and expectations as the City. Moreover, if emergency legislation passes, any existing fund balance in the housing fund will be transferred to the Housing Successor Agency. The Housing Successor Agency will have funds to then develop affordable housing for low- to moderate- income families. FISCAL IMPACT The Successor Agency's annual administrative costs will be an amount up to 5% of the property tax for FY 2011/12 and up to 3% of the property tax allocated each succeeding fiscal year. The amount shall not be less than $250,000 for any fiscal year. AB1X26 provides no funds to administer the housing functions and assets of the Agency but staff currently funded by the City's CDBG and Home programs can continue to administer the Agency's housing functions and activities. On occasions, legal services and assistance from City management may be required. The annual impact of the elimination of redevelopment to the City will be evaluated and presented to the City Council on February 6, 2012. ENVIRONMENTAL REVIEW The actions proposed by this staff report are exempt from the California Environmental Quality Act pursuant to CEQA Guidelines section 15378(b)(4), as they are not considered a project subject to CEQA review because they do not involve a new commitment to any specific project which may result in a potentially significant environmental impact. J � �, ,� � � C�!-�..,eti�_� f' � _ _ _ _ -- -- / ��'l � � ` ___-/ �EANNIE YOUNG, STAFF ORIGINATOR � � �` �� � WILLIAM EKERN DIRECTOR COMMUNITY DEVELOPMENT