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Home My WebLink About2002-06-17 City Council (7)City of Palo Alto City Manager’s Report TO:. FROM: DATE: HONORABLE REDEVELOPMENT AGENCY BOARD CITY MANAGER DEPARTMENT: CiTY MANAGER ADMINISTRATIVE SERVICES JUNE 17, 2002 CMR: 295:02, SUBJECT:PALO ALTO REDEVELOPMENT AGENCY ANNUAL FISCAL YEAR 2001-02 AND 2002~03 BUDGET ADOPTION ¢ RECOMMENDATION " ’" Staff.recommerids that the redevelopment agency adopt ~the 2001-02 and 2002-03 budgets fo~ the Pale Alto Rede.vel0Pment Agency BACKGROUND OnJuly 9, 2001, the Pale Alto City Cguncil adopted an ordinance declaring the need for a redevelopment agency to function in Pale Alto. City Council also declared the. City C0uncil. . to . be the redevelopment agency and made the finding that the formation, of a .redevelopment agency "will. serve the public interest and promote the publie..~afety and welfare in an effective manner" in accordance with the Health and Safety C6de section 33200. Staff..then returned to City Council with the documents and actions necessary to organize and operate the agency: On September 19, 2001, the Edgewo0d Redevelopment Project Area Was. ¯ designated as a Survey Area and the procedures for. adoption of the Redevelopment Plan. were initiated. An informal Neighborhood Advisory Committee (NAC), appointed, by the City Manager, was also formed. The NAC is composed of retail tenants, property owners and neighborhoodrepresentatives in or near the Project Area who will prov!d~ input to the City Manager on the Preliminary.Plan, Draf~ E!I~, Preliminary Report and Kede.velopment Plan for the. Edgew6od Redevelopment Projeet Area-. On September 19, 2001, the-Edgewood Plaza.was designated as a Survey .Area - and the procedures for adoptionof the Redevelopment Plan were initiate~d. -DISCUSSION R. edevelopment Law requires that each agency-ado.pts an annual bhdget that contains activities to be financed by the Low and Moderate Income.Housing Fundi proposed expenditures and CIVI~ 295:02 .Page 1 of 2 indebtednes.s, an.ticip.ated r.e~..ent~es, ~a. work prOgram and a comparison between the previous year’s achie#ements " and .-g0ati Since .thi..’s the first ’year of operation of. the Palo Alto Redevelopment Agency (Agency), only .the first four requirements apply to the. Budget for the Palo Air0 Redevelopment Agen.cy. (Attachment 1) The expenditures .and indebtedness of the Agency must be in .conformance with the proposed budget. The City Council .acting asthe RedevelOpment Agency must appro~ce the annual budget and any subsequentimprovements to the budget. RESOURCE IMPACT. . " .. Advances fromthe City of Palo Alto are considered ioans from the Cityto the Agency to cover agency expens.es ¯related to staffthg costs, .development activities and agency administrati6n. The loans ate to be re-pald with tax-increment revenues ’that will be collected in future years. Per audit standards, a loan.agreement, will_be established bet-~den the City.. an.d the Agency. Expenses incurred on behalf of the R,edevelopment Agency will be incorporated in~0 the lban agreement for both fiscalyears 2001-02 and 2002-03. Work .¯plans. for fiscal year 2002-03 include completion.of the redevelopment plan and certification of the EIR: PoLIcY IMPLICATIONS This recommendation does not represent any change to existing ;City poIicies. ENVIRONMENTAL ASSESSMENT. " Thi~ is nota project under the California enx~ironmental review is not required... Environmental Quality .Act and therefore ATTACHMENTS Attachment. 1 - Resolution¯ for 2001-02 Attachment 2 - Resolution for 2002-03. BY:PREPARED . Sus~Manager, Economic Resources P1 .arming cITY MANAGER APPROVAL.: ~ Frmn.k Behest, City Manager ~ CMR 295:02 Page 2 of 2 AGENCY RESOLUTION NO. RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF PALO ALTO ADOPTING A BUDGET FOR THE FISCAL YEAR 2001-02 AND ESTABLISHING THE PROCESS FOR ADOPTING A BUDGET AND .FOR AMENDING THE ADOPTED BUDGET WHEREAS, Section 33606 of the California Health ¯and Safety Code requires that a redevelopment agency .shall adopt an ¯ annual, budget,¯ Which may be amended from time to time as determined by the agency; and ~WHEREAS, the Agency desires to adopt an annual budget for the fiscal year 2001-02 and to estabiish a procedure for amending this and future adopted budgets. NOW, THEREFORE, THE.REDEVELOPMENT AGENCY OF THE CITY OF PALO ALTO DOES HEREBY RESOLVE AS FOLLOWS: SECTION i The Agency does hereby adopt¯an annual budget for the fiscal year-2001-02, in the.form set forth in Exhibit Which is attached hereto and incorporated herein by. reference. SECTION 2. The Redevelopment Agency shall .annually adopt a budget by. resolution of a majority of the members of the Agency voting on the resolution. SECTION 3. The annual .budget hereby adopted, and future adopted budge%s~ may b4 amended from time to time by-resolution adopted by a majority of the members of the Agency voting on the¯ resolution. /I II¯ II // I/ // ~9.0612 .~m 0053059 SECTION 4. The Agency finds that this Resolution is not a project under the Californla Environmental Quality Act ("CEQA"). Therefore, no environmental assessment is required. INTRODUCED AND PASSED: AYES: NOES: ABSENT: ABSTENTIONS: ATTEST:APPROVED : Secretary APPROVED AS TO FORM: Chairperson General Counsel 020612 sm 0053059 ’ PALO ALTO REDEVELOPMENTAGENCY -’U-ND SUMMARY REVENUES Interest Income Loan Interest Othe~ Jncome Subtotal ¯ 2000-01 Actual 2001-02 Adjusted Budget 14,254 $14,254 OPERATING TRANSFERS Advances from City. " Sul~total $0 285,08, $285,084 EXPENSES ’Adminstrative Cost Professional Services Cos! ¯ Interest ]~xpense. 45,084 24O 2002.03 .Budget.- Change (5,454) $(5,454) (lO9,O84) $(zo9,o84) 105,916 (215,000) (5,454) AGENCY RESOLUTION NO. RESOLUTION OF THE REDEVELOPMENT AGENCY OF:THE CITY OF PALO ALTO A, DOPTING A BUDGET FOR THE FISCAL YEAR2.002-03 AND. ESTABLI.SHING..THE PROCESS .FOR ADOPTING. A BUDGET .AND FOR AMENDING ’THE. ADOPTED BUDGET WHEREAS, Section 33606 Qf the California Health andSafety Code requires that. a redevelopment agency shall-adoPt’ an annual budget, which may. be .amended from time to time as determined bythe, agency; and. .WHEREAS, ~he Agency.desires to adopt an annual budget for the fisca~ year 2002-03 and to establish a procedure for amending this and future adopted budgets. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE cITY OF PALO ALTO DOES HEREBY RESOLVE AS FOLLOWS: SECTION I. The Agency does hereby adopt an annual budget for the fisca! year 2002-03, in the form set forth in Exhibit "A", wh.ich is attached hereto and. incorporated herein by reference. SECTION 2. The Redevelopment Agency s~all annually adopt a budget by.resoluti0n 0f a majority of the members of the AgeDcy voting .on the resolution. SECTI-ON 3.-The annual budget hereby adopted, and future adopted budgets, may be amended from time to time by resoluti~on adopted by a majority of the members of the Agency voting on the resolution. // // // // // // 020612 sm 0653058 SECTION 4. The Agency finds that this Resolution is non a project under the¯ California Environmental Quality Ac~ .("CEQA"). Therefore, no environmental assessment is required. .INTRODUCED-AND PASSED: NOES: ABSENT: ABSTENTIONS: ATTEST:¯APPROVED: Secretary ~ APPROVED AS TO.FORM: Chairperson General Counsel 020612 sm 0053058 2 PALO.ALTO REDEVELOPMENT AGENCY FUNDSUMMARY REVENUES ,Interest Income Loan Interest Other Income " . OPERATING TRANSFERS Advances from City Subtotal EXPENSES Adminstrative Cost Professional Services Cost Interest Expense 2000~01 A{~tual 2001.02 .Adjusted Budget *0 $14,254 285,084 2002-03 BUdget Change $(5,454) (1.09,084) $285,084 45,084 240,000 14,254 $(109,084) 105,916 (215,000) (5,454) 2002-03 Budget .EXHIBIT "A"City of Palo Alto 1