CC Min 1998-07-06 Bdgt - Laserfiche WebLink

Browse Search

Director Nelson said they were proud of the Department's new reorganization, being all under one roof, and they were looking forward to a very busy year, "as we respond to citizen's requests, developer's requests, all the permit activity, and implementing the Capital improvement Program." 2) REDEVELOPMENT AGENCY PROJECTS AND BUDGET; REPORT: Redevelopment Agency Executive Director Church, July 6, 1998 Redevelopment Agency Executive Director Church said, "this was the first year that the Redevelopment Agency and the Planning and the Community Development Block Grants function are all in one envelope and you have already taken action on the CDBG." Director Church said that under Redevelopment Law the Agency could only submit a one-year Budget and it had to contain a review of previous year's objectives, proposed work programs for the next year, projected revenues and expenditure estimates, and any proposed indebtedness of the Agency. Director Church said. "The 1998/99 basic theme, as it has been for the last two or three years, is that we have more projects than we do dollars." He described the purchase of property from the Redwood City School District for a cash outlay of $2 million with annual payments over fifteen years. Director Church said that Staff had advised the Council in February that this transaction would use up the Agency's reserves. He said that did not leave much money for other projects, and "there are not a lot of new project initiatives contemplated in the next year." Director Church said the Agency was required to place at least 20% of its revenues in low and moderate income housing fund, and in 1998/99 that would amount to approximately $1.1 million. He said the remainder of the revenues is available for economic development activity or for housing. Those revenues are estimated at $2.7 million. He said most of the developments in the Budget have developed mid-year, after the Budget was prepared. Director Church said that was true of Franklin Street and the Downtown Theater Project, "neither of those were included in the Budget in the year they became serious projects." Director Church said, "The Agency's Budget is very speculative. We don't know at the beginning of the year what the Projects are going to be." He said that required a large number of amendments during the Budget year. BUDGET STUDY SESSION MINUTE BOOK NO. 57 JULY 6, 1998 MINUTES Page No. 046 PAGE 3