Laserfiche WebLink
CITY OF SAN LEANDRO/ <br /> REDEVELOPMENT AGENCY OF THE CITY OF SAN APPROVED AND <br /> LEANDRO FORWARDED <br /> TO CITY COUNCIU <br /> STAFF REPORT REDEVELOPMENT <br /> AGENCY <br /> tep en L. Hollister <br /> DATE: March 7, 2011 City Manager /Executive <br /> Director <br /> TO: Stephen L. Hollister, City Manager /Executive <br /> Director <br /> FROM: Luke Sims, Community Development Director <br /> VIA: Cynthia Battenberg, Business Development Manager <br /> I3Y: Jeff Kay, Business Development Analyst <br /> SUI3JEC1' PROJECT/PROJECT DESCRIPTION: <br /> MATTER OF A PUBLIC IMPROVEMENT AGREEMENT BETWEEN THE CITY AND <br /> REDEVELOPMENT AGENCY, AUTHORIZING THE EXPENDITURE OF TAX <br /> INCREMENT FUNDS FOR SPECIFIED PROJECTS <br /> SUMMARY AND RECOMMENDATION <br /> Draft legislation, related to the proposed elimination of redevelopment agencies, released by the <br /> California Department of Finance on February 23, 2011 would strictly limit the ability of <br /> redevelopment agencies to expend funds as of the effective date of the bill. The bill also states <br /> that any available redevelopment fund balances as of July 1, 2011 must be remitted to the <br /> County Auditor Controller for redistribution to various taxing entities. Although this legislation <br /> is subject to negotiation between the Governor's office, the State Senate and the State Assembly, <br /> there is reason to believe that a bill substantially similar to the draft version may be voted on by <br /> the Governor's deadline of March 10. <br /> The specified project, Eden Road construction, was already identified for Redevelopment <br /> Agency funding in a Cooperative Agreement between the City and the Agency executed on <br /> January 17, 2011. This Public Improvement Agreement is intended to supplement and not <br /> supplant that Cooperative Agreement. The new agreement does not change the amount of <br /> redevelopment funding; rather it obligates the transfer of some of those funds more quickly. The <br /> Agency's fund balances are derived from tax increment revenues which are designated by the <br /> State Constitution for projects to eliminate blight. The intent of the Redevelopment Agency is to <br /> commit those fund balances to identified redevelopment projects so that we can avoid, to the <br /> extent possible, losing those funds as a result of State actions. <br />