HomeMy WebLinkAboutMINUTES - 05102005 - C69 i
L
Contra
• ;• Costa
County
TO: REDEVELOPMENT AGENCY co
FROM: John Sweeten
Executive Director
DATE: May 10, 2005
SUBJECT: FY 2004/2005 Redevelopment Agency Budget Amendment
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
ADOPT First Amendment to the Redevelopment Agency's FY 2004-05 budget for the Pleasant
Hill BART, North Richmond, Bay Point and Rodeo project areas.
FISCAL IMPACT
No General Fund revenues involved.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Redevelopment Agency adopted its FY 2004-05 budget December 14, 2004. Since that
time additional project and financial requirements have been identified,therefore budget changes are
recommended. The recommended changes are specified on the attach d B dget Amendment
Specifications.
?0
CONTINUED ON ATTACHMENT: _X YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR R COMME DATION OF AGENCY
COMMITTEE APPROVE OTHER
SIGNATURE{S ,
ACTION O GENCYON APPROVED AS RECOMMENDED OTHER
VOTE OF COMMISSIONERS
1 HEREBY CERTIFY THAT THIS IS A
UNANIMOUS {ABSENT � r"��.} TRUE AND CORRECT COPY OF AN
,AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
Contact: Jim Kennedy
335-1255 ATTESTED
cc: Community Development JOHN SWEETEN GENCY SECRETARY
Redevelopment Agency
County Counsel
CAO BY . 64"o...DEPUTY
Auditor-Controller
G:\CDBG-REDEV\redev\LNoble\Personal\Board Orders and Greenies\BOS.RDA.FY2003.04.rda.amendment.5.05.doc
FY 2004/05 BUDGET AMENDMENT SPECIFICATIONS
1. PLEASANT HILL BART
Description: Increase Debt Service Requirement to Actual, and appropriate revenues previously not reflected.
Amendment to Budget:
A. Revenues/Expenses - FY 2004/05: Sources and Uses of Funds are:
---------USES---- ----------------------- ----MSOURCESm-------
Tax Increments Bond Proceeds Other
Capital Funds Housing Funds Capital Funds Housing Funds Revenues TOTAL
MMMl MM-MM- ---mmmmmmmm
Bonded $2,7669965a 738,035 $3,505,000
Indebtedness
Unallocated $1,293,419' 33,270d $1,326,689
Capital Funds
a) reflects $44,035 reduction in requirement
b) transfer of fund reduction from footnote a)
c) capitalized interest from funds held by trustee Bank on behalf of the agency
d) No change
2. NORTH RICHMOND
Description: a) Increase debt service requirement to actual; and
b) Reduces unallocated and unencumbered funds to offset budgetary increases.
Amendment to Budget:
A. Revenues/Expenses - FY 2003/04: Sources and Uses of Funds are:
------m----SOURCES----m-mm---m---m----
Tax Increments Bond Proceeds Other
Capital Funds Housing Funds Capital Funds Housing Funds Revenues TOTAL
--Mm _-M---MMM---
Bonded
-M---
Bonded $5503000a $78,000' $20,000c $ 648,000
Indebtedness
Unallocated $207,448d $762,030f $ 969,478
Capital Funds
Housing $247,8030 $11197,016f $1,4449819
Development
Fund
a) reflects $235,000 increase in budgeted funds
b) reflects$3,000 increase in budgeted funds
c) $20,000 in revenue from loan payoff
d) transfer of fund requirement-footnote a
e) transfer of fund requirement -footnote b
f) no change
G:\CDBG-RED►EV\redev\LNoble\Personal\Board Orders and Greenies\BOS.RDA.FY2003.04.rda.amendment.5.05.doc
•
3. BAY POINT
Description: a) Increase debt service requirement to actual
b) Add transaction costs associated with homebuyer assistance program
c) Reduces unallocated and unencumbered funds to offset increased budgetary requirements.
d) Adds revenue from sale of surplus asset acquired as part of Phase 3 North Broadway improvements.
Amendment to Budget:
A.
Revenues/Expenses - FY 2004/05: Sources and Uses of Funds are:
--w-SOURCES--m-m--m---
Tax Increments Bond Proceeds Other
Capital Funds Housing Funds Capital Funds Housing Funds Revenues TOTAL
Bonded $820,000a $221,000 $1,041,000
Indebtedness
No Broadway- $543,250 $150,000' $ 693,250
Phase 3
Homebuyer $20,000f $ 20,000
Resale
Agreement
Transaction
Costs
Housing $20,2849 $ 20,284
Development
Fund
Unallocated $440,000 $969,45ge $12409,459
Capital Funds
BART Area $139,0004 $400,000e $ 539,000
Housing
Development
a) reflects $210,000 increase in requirement
b) reflects $61,000 increase in requirement
c) transfer of fund requirement—footnote a
d) transfer of fund requirement -footnote b
e) no change
f) net transaction costs related to the sale of price restricted housing units
g) transfer of fund requirement—footnote f
h) sale of Phase 3 acquired house at net increase of$150,000
G:\CDBG-REDEV\redev\LNoble\Personal\Board Orders and Greenies\BOS.RDA.FY2003.04.rda.amendment.5.05.doc
4. RODEO
Description: a) Increases debt service requirement to actual
b) Reduces unallocated and currently unencumbered funds to offset increased budgetary requirements
Amendment to Budget:
A. Revenues/Expenses - FY 2004/05: Sources and Uses of Funds are:
---—----m---SOURCES--m----M---------------M-
Tax Increments Bond Proceeds Other
Capital Funds Housing Funds Capital Funds Housing Funds Revenues TOTAL
Bonded $395,000a $136,000' $531,000
Indebtedness
Unallocated $13,274" $521,723e $534,997
Capital Funds
Housing $725,805d $725,805
Rehabilitation
a) reflects$20,000 increase in requirement
b) reflects $2,000 increase in requirement
c) transfer of fund requirement -footnote a
d) transfer of fund requirement -footnote b
e) no change
G:\CDBG-REDEV\redev\LNoble\Personal\Board Orders and Greenies\BOS.RDA.FY2003.04.rda.amendment.5.05.doc