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Home My WebLink About6/6/2007 - STAFF REPORTS - RA.2. p ALMS iy V u+ 'k:0104 P COMMUNITY REDEVELOPMENT AGENCY STAFF REPORT DATE: June 6, 2007 Public Hearing SUBJECT: ADOPTION OF FISCAL YEAR 2007-2008 BUDGET FROM: David H. Ready, Executive Director BY: Department of Finance and Treasury and Department of Community and Economic Development SUMMARY Adoption of the Fiscal Year 2007-2008 Budget RECOMMENDATION: 1. Adopt Resolution No. "A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, CALIFORNIA, APPROVING A BUDGET FOR THE FISCAL YEAR 2007- 2008." 2. Direct the Executive Director and Director of Finance and Agency Treasurer to take the necessary action to execute the adoption of the budget and prepare the necessary final documents. STAFF ANALYSIS: The proposed budget for the Community Redevelopment Agency is $19,093,733. Included in this amount is $3,088,963 for Low and Moderate Housing. This budget includes the increased payment of $1,300,000 towards the Convention Center Debt Service, as well as $1,375,000 for new capital projects in Merged Areas 1 and 2. 2 ITEM NO. Community Redevelopment Agency Staff Report Adoption of Fiscal Year 2007/08 Budget Page 2 Staff is recommending an additional $50,000 be appropriated for a pilot Home Improvement Program, FISCAL IMPACT: The CRA proposed budget is $19,093,733 for Fiscal Year 2007-2008. There is sufficient new tax increment to fund this budget. Crai . Graves, 6irector of Finance Jon mo Director o Community A Agency Treasurer an onomi evelopment David H. Ready �y Executive Director Attachments: 1. Budget Resolution O 2 RESOLUTION NO. A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, CALIFORNIA, APPROVING A BUDGET FOR THE FISCAL YEAR 2007-2008. WHEREAS, a budget for the fiscal year 2007-2008 has been prepared by the Community Redevelopment Agency, Director of Community & Economic Development, and the Agency Treasurer; and WHEREAS, the Community Redevelopment Agency has examined said budgets and conferred with the Community Redevelopment Agency Executive Director; and WHEREAS, the Community Redevelopment Agency, after due deliberation and consideration, agrees with the budget recommended; and WHEREAS, pursuant to Health & Safety Code Section 33334.3 (d), the Agency hereby finds and determines that the planning and administrative expenses to be paid from the Low and Moderate Income Housing Fund for each redevelopment project are necessary for the production, improvement or preservation of low and moderate income housing and are not disproportionate to the amounts budgeted for the costs of production, improvement or preservation of that housing; and WHEREAS, the Agency's planning and administrative expenses paid from the Low and Moderate Income Housing Fund for the production, improvement or preservation of low and moderate income housing pay for a portion of staff and legal costs necessary to facilitate new construction projects and administer individual rehabilitation and purchase programs, land and property acquisition and disposition, multi-government agreements, and bond issues related to low and moderate income housing. NOW THEREFORE BE IT RESOLVED by the Community Redevelopment Agency of the City of Palm Springs as follows: Section 1. That the budget in the amount of $19,093,733 be approved for the following purposes: Capital & Admin. Debt Service Merged Area No. 1 $ 1,578,274 $ 8,776,929 Merged Area No. 2 980,658 4,561,429 Low & Mod. Income Housing 3,088,963 0 Plaza Theatre 107,480 0 $ 5,755,375 $ 13,338,358 0003 Resolution No. Page 2 Section 2. That the Finance Director of the City of Palm Springs is authorized to record the budget and such other accounting entries as may be necessary for proper accounting treatment in accordance with rules and regulations applicable to other City of Palm Springs funds. Section 3. That the Work Program for Low and Moderate Income Program in Fiscal Year 2007-2008 is as follows, including total Agency assistance committed: CVHC Rosa Parks Blvd. Project $ 610,000 Indian/San Rafael Multi-Family For-Sale Project $ 500,000 Unscheduled Capital Projects S 200,000 Tahquitz Court Apartments $ 225,000 Desert Highland Infill Program (Phase II) $ 200,000 Vista Sunrise Street Improvements $ 125,000 Blighted Future Housing Site Abatement $ 125,000 Energy Efficiency Program $ 100,000 Home Improvement Program (HIP) $ 50,000 Riverside County Admin Fee $ 25,000 Section 4. That the accomplishments of the Low and Moderate Income Program in Fiscal Year 2006-2007 are as follows: • Vista Sunrise Special Needs Apartments. The project was completed in 2006-07 and has begun leasing. Riverside County has also commenced construction of the adjacent Family Care Center. • Desert Highland Infill Program. Century Crowell Communities has completed and sold the first five homes in the program; the second developer will commence construction in July, 2007 on four more homes. • Coyote Run Apartments Expansion. The project was completed in 2006- 07 and has begun leasing. • Tahquitz Court Apartments. The Agency made a preliminary commitment of the rehabilitation of this 108-unit apartment complex with a multiyear commitment of $2.8 million. The project is applying for bond funds and 4% Low Income Housing Tax Credits. The project is expected to receive its funding in the 2007-08 year. ADOPTED THIS 6th day of June, 2007. Resolution No. Page 3 COMMUNITY REDEVELOPMENT AGENCY CITY OF PALM SPRINGS, CALIFORNIA Chair ATTEST: Assistant Secretary CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF PALM SPRINGS ) I, JAMES THOMPSON, Assistant Secretary of the Community Redevelopment Agency of the City of Palm Springs, hereby certify that Resolution No. is a full, true and correct copy, and was duly adopted at a regular meeting of the Community Redevelopment Agency of the City of Palm Springs on June 6, 2007 by the following vote: AYES: NOES: ABSENT: ABSTAIN: James Thompson, Assistant Secretary Community Redevelopment Agency City of Palm Springs, California PROOF OF PUBLICATION This is space for County Clerk's Filing Stamp (2015.5.C.C.P) STATE OF CALIFORNIA County of Riverside I am a citizen of the United States and a resident of Proof of Publication of the County aforesaid;I am over the age of eighteen years,and not a party to or interested in the above-entitled matter. 1 am the principal cleric of a printer of tile,DESERT SUN PUBLISHING No. 267a COMPANY a newspaper of general circulation, COMMl1Nlri_pEDEVELOPMENT AGENCY printed and published in the city of Palm Springs, N CITY of PAlLMIS NAGS INC County of Riverside,and which newspaper has been PRGposeD BUDGET'FISCAL YEAR adjudged a newspaper of general circulation by the R 2007-08 NOTICE IS HEREHY GIVEN that iho yCommunay Superior Court of the County of Riverside,State of Rsdevolwllj hoiq ue hYic I testing at of Hap, California under the date of March 24, 1988.Case canyan1 wIl�aympor. located at a2O0 Esy•rahgpis Number 191236;that the notice,of which the .m., WednvadSprings CA 922g2 beginning at 8 p y Jung 6,2G07,to con'Ji Gr annexed is a printed copy(set in type not smaller the Proposed rscal YCar 2G07.Gd g I el, than non pariel,has been published in each regular Below 1?the Prpposod Fiscal Yppppar 20g007.Oa god. and entire issue of said newspaper and not in any rile prop seilld budget is oveglndlo arnCl cl,all for supplement thereof on the following dates,to wit: the fticc of the Ally Clork and the Library Cegn May 26"i,2007 PROJECT CAPITAL PROJECTS SEq EBB '----------"' --"""-"—"�-- Mergod Area MT" $1,57e,274 LoiCE wgv Area A2 98 ,G58 34.561,429 FlousinggN'oderaty Igcome llloatto 3.080 ge3 0 All in the year 2007 IOr,480 0 TOTAL ' 8 5,755,375 - S 73,338,358 I certify(or declare)under penalty of perjury that the Ra public hearinn send/cru7 by made verbally at hearing. Wrinen comments mawr6e writing beforeade to the the foregoing is true and correct. Cl Council b y�'. _ y lager(mall or hand deliver)to; Dated at Palm Springs,California this----290',--day James EastpT,hq�6a�'yo �ettry - ny -Paim'SprinrJs, CA 9 92 " Of--,-- May _ ------,2007 court, Itduelduf311 etlgmay 6e limdodstthe acction�n Issues ralice or in at riftile n co heunng deacrbed in / = are i0 rile mavtlnwrieen conespongenco at or prl- / be directed to Creq A"Gravese Fln�nco tDcpertY moot(760) 32G-8221 p------ ----" ----\----' ")"'""' i ceslta syudA con esta carte,Po vor Ilamv s SI ne Si afore la Ciugad do Palm Shoo s y puede hablsr con Nadine Rene,(60)3 P_In,% PuOict-8758, CZ) • " JAMES,fF7 l h-•�Islani ecu�roiary Published:5/26/2067 I , .NEIGH'BORH66&,COP.LITI6N REPS'- MS APRIL HILDNER Budget Hearing-,06=06'-D7.,; � (TAHQUITZ RIVERS ESTATES) MR JIM LUNDIN PHN.forCity�Council•M_eeting.. ",', 241 EAST MESQUITE AVENUE (DEEPWELL ESTATES) PALM SPRINGS CA 92264 1243 SO, SAGEBRUSH PALM SPRINGS CA 92264 MS ROXANN PLOSS MR JOHN HANSEN MS MALLIKA ALBERT (BEL DESIERTO NEIGHBORHOOD) (WARM SANDS NEIGHBORHOOD) (CHINO CANYON ORGANIZATION) 930 CHIA ROAD PO BOX 252 2241 NORTH LEONARD ROAD PALM SPRINGS CA 92262 PALM SPRINGS CA 92263 PALM SPRINGS CA 92262 MS DIANE AHLSTROM MR BOB MAHLOWITZ MS PAULA AUBURN (MOVIE COLONY NEIGHBORHOOD) (SUNMOR NEIGHBORHOOD GROUP) (SUNRISE/VISTA CHINO AREA) 475 VALMONTE SUR 246 NORTH SYBIL ROAD 1369 CAMPEON CIRCLE PALM SPRINGS CA 92262 PALM SPRINGS CA 92262 PALM SPRINGS CA 92262 MS SHEILA COBRIN MR BILL SCOTT MR SEIMA MOLOI VISTA LAS PALMAS HOMEOWNERS (OLD LAS PALMAS NEIGHBORHOOD) (DESERT HIGHLAND GATEWAY EST) 1701 N. PALM CANYON DRIVE, STE, 1 540 VIA LOLA 359 WEST SUNVIEW AVENUE PALM SPRINGS, CA 92262 PALM SPRINGS CA 92262 PALM SPRINGS CA 92262-2459 MS LAURI AYLAIAN MR PETE MORUZZI HISTORIC TENNIS CLUB ORG MOpCOMAND; -, PALM SPRINGS MODERN COMMITTEE 377 WEST BARISTO ROAD HI,ST.ORICuSITE�R;EP•b; J,' }; ., PO BOX 4738 PALM SPRINGS CA 92262 PALM SPRINGS CA 92263-4738 CITY OF PALM SPRINGS CASE PLANNING SERVICES DEPARTMENT MRS.JOANNE BRUGGEMANS ._.,_,�,� „ ,,,;,;.:,.,•,�._ „ , -�.„., ATTN SECRETARY 506 W. SANTA CATALINA ROAD r' PO BOX 2743 PALM SPRINGS, CA 92262 VCRIFICgTIO N�T(CE"•-,Ji, ,,;,•' ,,,^;.. PALM SPRINGS, CA 92263-2743 01 41,6 MS MARGARCT PARK AGUA:CALIENTE,BANO OF CAHU,ILLA: AGUA CALIENTE BAND OF CAHUILLA INDIANS•DArJ�J, z� ' ' '. INDIANS 777 E TAHOUITZ CANYON WAY, STE. 3 PALM SPRINGS CA 92262 Tt"ll- S"„I?,C1NS0�51�'��,;"`�;X•��.'��;.., ','im,"�,:..�