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Item 18 Staff Report Adopt Resolution Approving Redevelopment Agency Budget for 2001-2006DATE: TO: ,...,kVIEETING DATE: 6/18/01 .''TEM NO. / / U COUNCIL/ AGENCY AGENDA REPORT JUNE 15, 2001 MAYOR AND TOWN COUNCIL/ CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY FROM: TOWN MANAGER/EXECUTIVE DIRECTOR SUBJECT: ADOPT RESOLUTION APPROVING REDEVELOPMENT AGENCY BUDGET FOR 2001-2006 RECOMMENDATION: Adopt resolution approving Redevelopment Agency budget for 2001-2006 BACKGROUND: The 2001-2006 Redevelopment Agency (RDA) budget is presented to the Redevelopment Agency Chairman and Agency Members for adoption. The Proposed RDA budget was presented to Redevelopment Agency Chairman and Agency Members on May 21, 2001. DISCUSSION: On May 21, 2001, the Chair and Members of the Redevelopment Agency reviewed the proposed operating and capital budget for FY 2001-02. Schedules One through Five (attached) have been corrected and revised based upon the most recent information from Santa Clara County. These revisions change the year-end estimates for FY 2000-01 from a potential negative $637,049 to a potential negative $1,504,064 for the Central District project area. It should be emphasized that the negative balance is a temporary cash -flow problem that resolves itself by FY 2004-05, when the fund balance is conservatively projected to be a positive balance of $379,999 (Please refer to Schedule Two -Central Los Gatos Redevelopment Agency -Source and Use of Funds). During the projected period of deficit, gap -financing mechanisms are in place to ensure that there are no negative funding impacts to the projects as proposed. The revisions discussed above are the result of 3 adjustments to the Agency's tax increment projections. The three adjustments are as follows: 1. Over -distribution of tax increment payments - This over -distribution results from the County sending to the Agency certain funds that should be sent by the County to other governmental agencies as part of their "election amounts". Before the Redevelopment Plan was ado each effecing agency had an opp�p ityo .prove a resolution PREPARED BY: / NAMES W. PIP Assistant Town Manager N:\MGRUWP12001-OW) report-Adoption.wpd Reviewed by: VV Attorney AY Finance & Admin Ser! Director Revised: 6/15/01 2:48 pm Reformatted: 7/14/99 PAGE 2 • MAYOR AND TOWN COUNC' SUBJECT: ADOPT RESOLUTION APPROVING REDEVELOPMENT AGENCY BUDGET FOR 2000-2005 June 16, 2000 requesting receipt of increases in property taxes related to Proposition 13. Five agencies "elected" to pass such a resolution, and Santa Clara County is to distribute these election amounts directly to the appropriated agency. Although the Agency has brought this matter to the County's attention in the past, the County continues to send these distributions to the Agency which then must be recorded as a liability (obligation) of the Agency. When the tax increment projections were prepared for the Proposed 2001-06 RDA Budget, these over - distributions of the election amounts were not excluded from the net available tax increment revenue estimates as should have occurred. This reduces the net available tax increment for 2000-01 by $339,100 and 2001-02 by $385,000. 2. Re -calculation of Pass -through payments - The amount contractually required for the "pass through payments" made by the Agency under agreements entered into with other taxing jurisdictions at the time the Agency was formed, has been re -calculated based upon updated assessed valuation numbers from Santa Clara County. This results in a $168,175 reduction of available tax increment revenues for 2001-02. 3. Revised 20% Housing Set Aside calculation - Based upon the adjustment related to the over -distribution of election amounts discussed in paragraph number 1 above, the amount needed for the 20% Housing Set Aside requirement has been re -calculated resulting in an increase of net available tax increment revenues of $25,260 for the Central District and an off -setting decrease of revenue for the Housing Set Aside fund. As discussed during the presentation of the 2001-06 Proposed RDA budget at the Agency meeting on May 21, 2001, there is an existing cooperation agreement (Resolution 1990-23 - Exhibit A) between the Town and the Agency that allows the Town to advance funds to the Agency for the implementation of the redevelopment plan. The agreement states that the Agency will reimburse the Town and pay 10% per annum on any such advances. The potential need for an advance under this cooperation agreement will be driven by the final implementation schedule of the projects listed for 2001-02. As is the case with the Town's Capital Improvement Program, the implementation of RDA projects shown for 2001-02 is expected to occur during the next two fiscal years rather than being fully completed by the end of the 2001-02 fiscal year. Staff will monitor the progress of the 2001-02 RDA projects and will advise the Agency if use of the cooperation agreement is needed. Projects - The following is a brief recap of the 2001-02 RDA projects that were recommended in the Proposed 2001-06 RDA Budget. More detailed information on each project is provided in Section 6 of the Proposed 2001-06 RDA budget. Downtown Beautification Improvements - $1,560,000 is budgeted for several downtown beautification improvements consistent with the approved Streetscape Master Plan for Santa Cruz Avene. Streets/Signals - $1,110,000 is budgeted to provide funds for the continuation of the Town's annual Street Resurfacing Program of preventive and deferred maintenance. Project will be coordinated with all utility companies having responsibility for the maintenance of subsurface infrastructure. Parking Structure - $475,000 is budgeted for the design and construction of a second downtown PAGE 3 MAYOR AND TOWN COUNd. SUBJECT: ADOPT RESOLUTION APPROVING REDEVELOPMENT AGENCY BUDGET FOR 2000-2005 June 16, 2000 parking structure. This project is on -hold pending completion of the Parking Management Study and subsequent Council/Agency action. Town Plaza Improvements - $ 728,000 is budgeted for the renovation of the Town Plaza and Santa Cruz Avenue/Broadway/Montebello Way intersection in accordance with the approved Plaza and Downtown Streetscape Master Plans. ENVIRONMENTAL ASSESSMENT: Adoption of the 2001-2006 RDA budget is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: The FY 2001-06 adopted budget for the Redevelopment Agency provides a spending plan based on funding assumptions of a projected revenue stream of $25,000,000 (present value) available for Agency projects during its approximate 30-year remaining life. Attachment: Schedule One - Los Gatos Redevelopment Agency FY 2001-06 Schedule Two - Central Los Gatos Redevelopment Project Area FY 2001-06 Schedule Three - Central Los Gatos Redevelopment Project Area - Project Summary Schedule Four - Redevelopment Agency Housing Fund FY 2001-06 Schedule Five - Redevelopment Agency Housing Fund - Project Summary Attachment 1 - Resolution 1990-23 (Cooperation Agreement) Resolution approving the 2001-2006 Redevelopment Agency (RDA) Budget SCHEDULE ONE LO;. ,ATOS REDEVELOPMENT AGENCY FY 2001 06 - Sources and Use of Funds- — -r Budgeted Estimated SOURCE 2000-01 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 Fund Balance July 1 $1,153,800 $1,557,841 $2,462,966 ($182,004) $904,582 $1,999,267 $3,265,146 Interest Income $57,700 $230,000 $75,000 $92,700 $136,000 $198,000 $244,500 Tax Increment Revenue 1,879,500 2,493,200 2,681,600 2,878,400 3,084,000 3,298,200 3,523,100 SB813 - 5% Growth 304,500 415,000 435,750 457,538 478,000 504,000 529,000 Contribution 0 63,000 0 0 0 0 0 TOTAL SOURCE $3,395,500 $4,759,041 $5,655,316 $3,246,634 $4,602,582 $5,999,467 $7,561,746 USE Los Gatos Central Project Area 2,850,000 1,935,075 5,332,920 2,135,700 2,384,795 2,503,360 2,619,690 Housing Set Aside Program 475,500 361,000 504,400 206,352 218,520 230,961 243,693 TOTAL USE $3,325,500 $2,296,075 $5,837,320 $2,342,052 $2,603,315 $2,734,321 $2,863,383 FUND BALANCE JUNE 30 j $70,000 $2,462,966 ($182,004) $904,582 $1,999,267 $3,265,146 $4,698,363 n:/bud01-02/RDA 2006version 3 Workbooks.xls SCHEDULE TWO CENTRAL LOS GATOS REDEVELOPMENT PROJECT AREA FY 2001-2006 Fund 930 - Central District -Schedule of Sources and Use of Funds - SOURCE Budgeted Estimated 2001-02 2002-03 2003-04 2004-05 2005-06 2000-01 2000-01 Fund Balance July 1 $146,300 $550,341 $1,247,826 ($1,504,064) ($879,506) ($304,101) $379,999 Interest Income 7,300 160,000 15,000 45,000 56,500 Tax Increment Revenue 1,879,500 2,493,200 2,681,600 2,878,400 3,084,000 3,298,200 3,523,100 SB813 - 5% Growth 304,500 415,000 435,750 457,538 478,000 504,000 529,000 Less Housing Set Aside @ 20% (436,800) (498,640) (536,320) (575,680) (616,800) (659,740) (704,620) Contribution (Toll House) 63,000 TOTAL SOURCE $1,900,800 $3,182,901 $3,828,856 $1,256,194 $2,080,694 $2,883,359 $3,783,979 USE Administration & Debt Service 625,400 683,200 642,800 725,500 751,595 782,990 808,820 Pass Through - Agreements 583,700 751,875 816,220 960,200 1,183,200 1,270,370 1,360,870 Capital Projects: Street and Signal Program 2,670,000 450,000 450,000 450,000 450,000 Public Facilities Program 475,000 475,000 Parks Program 665,900 728,900 Storm Drainage Program 500,000 500,000 TOTAL USE $2,850,000 $1,935,075 $5,332,920 $2,135,700 $2,384,795 $2,503,360 $2,619,690 FUND BALANCE JUNE 30 ($949,200) $1,247,826 ($1,504,064) ($879,506)! ($304,101) $379,999 $1,164,289 n:/bud01-02/RDA 2006version 3 Workbooks.xls SCHEDULE THREE CENTRAL LOS GATOS REDEVELOPMENT PROJECT AREA FY 2001-2006 Fund 930 - Central District -Project SuOmary- Budgeted Estimated PROJECTS 2000-01 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 PROJECT ADMINISTRATION Business Services 327,600 432,000 313,700 395,100 414,795 440,790 466,320 Administration 76,500 80,400 85,000 89,200 94,000 Agreements w/Taxing Entities 583,700 751,875 816,220 960,200 1,183,200 1,270,370 1,360,870 Debt Service -Principal 135,000 135,000 145,000 150,000 160,000 170,000 175,000 Interest Expense 162,800 116,200 107,600 100,000 91,800 83,000 73,500 STREET & SIGNAL PROJECTS Street/Sidewalk SC/&Bachmn 1,560,000 Street Improvement 1,110,000 450,000 450,000 450,000 450,000 PUBLIC FACILITIES Parking Structure 475,000 475,000 PARKS PROGRAM Town Plaza 665,900 728,900 STORM DRAINAGE PROJECTS Hernandez Avenue & Massol/Tait 500,000 500,000 TOTAL USE OF FUNDS $2,850,000 $1,935,075 _$5,332,920 $2,135,700 $2,384,795 $2,503,360 $2,619,690 n:/bud01-02/RDA 2006version 3 Workbooks.xls SCHEDULE FOUR REDEVELOPMENT AGENCY HOUSING FUND 2001-2006 Fund 960 - Housing Set Aside -Schedule of Sources and Use of Funds - Budgeted Estimated SOURCE 2000-01 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 Fund Balance July 1 $1,007,500 $1,007,500 $1,215,140 $1,322,060 $1,784,088 $2,303,368 $2,885,147 Interest Income 50,400 70,000 75,000 92,700 121,000 153,000 188,000 Tax Increment Revenue 436,800 498,640 536,320 575,680 616,800 659,740 704,620 TOTAL SOURCE $1,494,700 $1,576,140 $1,826,460 $1,990,440 $2,521,888 $3,116,108 $3,777,767 USE Business Services © 9-15% 65,500 79,000 79,400 86,352 92,520 98,961 105,693 Administration -Planning 100,000 32,000 115,000 120,000 126,000 132,000 138,000 Affordable Housing Grants 310,000 250,000 310,000 TOTAL USE $475,500 $361,000 $504,400 $206,352 $218,520 $230,961 $243,693 FUND BALANCE JUNE 30 $1,019,200 $1,215,140 $1,322,060 $1,784088 $2,303,368 $2,885,147 $3,534,074 n:/bud01-02/RDA 2006version 3 Workbooks.xls SCHEDULE FIVE REDEVELOPMENT AGENCY HOUSING FUND 2001-2006 Fund 960 - Housinq Set Aside -Project Sumi{nary- Budgeted Estimated)) PROJECTS 2000-01 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 Business Services @ 9-15% 65,500 79,000 79,400 99,300 106,905 114,810 123,030 Administration -Planning 100,000 32,000 115,000 120,000 126,000 132,000 138,000 Affordable Housing Grants 310,000 250,000 310,000 TOTAL USE $475,500 _ $361,000 $504,400 $219,300 $232,905 $246,810 $261,030 n:/bud01-02/RDA 2006version 3 Workbooks.xls RESOLUTION 1990 - 23 RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS AUTHORIZING THE EXECUTION OF A COOPERATION AGREEMENT BETWEEN THE TOWN AND THE REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS WHEREAS, the Town Council of the Town of Los Gatos, acting pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq. has activated the Redevelopment Agency of the Town of Los Gatos (the "Agency") and has declared itself to constitute the Agency by Ordinance No. 1806, adopted on December 4, 1989; and WHEREAS, pursuant to the Community Redevelopment Law, the Agency is performing a public function of the Town and may have access to services and facilities of the Town; and WHEREAS, the Town and the Agency desire to enter into an agreement in order to: (1) Set forth activities, services and facilities which the Town will render for and make available to the Agency in furtherance of the activities and functions of the Agency under the Community Redevelopment Law; and (2) Provide that the Agency will reimburse the Town for actions undertaken and costs and expenses incurred by it, for and on behalf of the Agency; ATTACHMENT 1 NOW, THEREFORE, THE TOWN COUNCIL OF THE TOWN OF LOS GATOS DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The "Cooperation Agreement" between the Town of Los Gatos and the Redevelopment Agency of the Town of Los Gatos, in the form attached to this resolution and incorporated herein by reference, is hereby approved, and the Mayor and Town Clerk are hereby directed and authorized to execute said Cooperation Agreement on behalf of the Town. Section 2. The Town Council hereby appropriates, and directs and authorizes the Town Finance Manager to establish a budget encumbrance for the Town's obligations under the Cooperation Agreement in the amount of $200,000.00. PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los Gatos, California, held on the 22nd day of January, 1990, by the following vote: COUNCIL MEMBERS AYES: NAYES: ABSENT: ABSTAIN: Joanne Benjamin, Eric D. Carlson, Robert L. Hamilton, Brent N. Ventura Mayor Thomas J. Ferrito None None None SIGNED CLERK OF THE TOWN OF LOS ' TOS LOS GATOS, CALIFORNIA clk:d5:012290.23 1,,,Y MAYOR OVTHE TOWN OF LOS GATOS LOS GATOS, CALIFORNIA COOPERATION AGREEMENT THIS AGREEMENT is entered into as of the 22nd day of January, 1990, by and between the TOWN OF LOS GATOS (herein the "Town") and the REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS (herein the "Agency"). Recitals A. The Town Council of the Town of Los Gatos, acting pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code Section 33000 et se .), has activated the Agency and has declared itself to constitute the Agency, by Ordinance No. 1806, adopted on December 4, 1989. B . Pursuant to the Community Redevelopment Law, the Agency is performing a public function of the Town and may have access to services and facilities of the Town. C. The Town and the Agency desire to enter into this Agreement: (1) To set forth activities, services and facilities which the Town will render for and make available to the Agency in furtherance of the activities and functions of the Agency under the Community Redevelopment Law; and (2) To provide that the Agency will reimburse the Town for actions undertaken and costs and expenses incurred by it for and on behalf of the Agency. Agreements 1. The Town agrees to provide for the Agency such staff assistance, supplies, technical services and other services and facilities of the Town as the Agency may require in carrying out its functions under the Community Redevelopment Law. Such assistance and services may include the services of officers and employees and special consultants. 2. The Town may, but is not required to, advance necessary funds to the Agency or to expend funds on behalf of the Agency for the preparation and implementation of a redevelopment plan, including, but not limited to, the costs of LGA/CoopAgnt/CDC 1/9/90 surveys, planning, studies and environmental assessments for the adoption of a redevelopment plan, the costs of acquisition of property within the project area, demolition and clearance of properties acquired, building and site preparation, public improvements and relocation assistance to displaced residential and nonresidential occupants as required by law. 3. The Town will keep records of activities and services undertaken pursuant to this Agreement and the costs thereof in order that an accurate record of the Agency's liability to the Town can be ascertained. The Town shall periodically, but not less than annually, submit to the Agency a statement of the costs incurred by the Town in rendering activities and services of the Town to the Agency pursuant to this Agreement. Such statement of costs may include a proration of the Town's administrative and salary expense attributable to services of Town officials, employees and departments rendered for the Agency. 4. The Agency agrees to reimburse the Town for all costs incurred for services by the Town pursuant to this Agreement from and to the extent that funds are available to the Agency for such purpose pursuant to Section 33670 of the Health and Safety Code or from other sources; provided, however, that the Agency shall have the sole and exclusive right to pledge any such source of funds to the repayment of other indebtedness incurred by the Agency in carrying out the redevelopment project. The costs of the Town under this Agreement will be shown on statements submitted to the Agency pursuant to Section 3 above. Although the parties recognize that payment may not occur for a few years and that repayment may also occur over a period of time, it is the express intent of the parties that the Town shall be entitled to repayment of the expenses incurred by the Town under this Agreement, consistent with the Agency's financial ability, in order to make the Town whole as soon as practically possible. 5. The Town agrees to include the Agency within the terms of the Town's insurance policy. The Agency shall pay to the Town its pro rata share of the costs of insurance applicable to its activities resulting from the Agency's inclusion in the Town's policy. 6. The obligations of the Agency under this Agreement shall constitute an indebtedness of the Agency within the meaning of Section 33670 et se . of the Community Redevelopment Law, to be repaid to the Town by the Agency with interest at ten percent (10%) per annum. LGA/CoopAgnt/CDC 2 1/9/90 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. Town Clerk LGA/CoopAgmt/CDC TOWN OF LOS ATOS By „TOWN„ REDEVELOPMENT AGENCY OF THE TOWN O 0 GATOS By "AGENCY" 3 1/9/90 RESOLUTION RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS APPROVING 2001-2006 BUDGET WHEREAS, Section 2.30.295 of the Los Gatos town code requires the Town Director to annually prepare and submit a budget to the Redevelopment Agency and be responsible for its administration; and WHEREAS, the Executive Director did submit a proposed budget for 2001-2006 fiscal years to the Redevelopment Agency; and WHEREAS, the Planning Commission has reviewed the proposed program and found it is consistent with the Town's General Plan; and WHEREAS, the Redevelopment Agency has considered and reviewed said proposed budget during a public hearing on May 21, 2001 NOW, THEREFORE, BE IT RESOLVED, AND IT IS HEREBY RESOLVED, by the Redevelopment Agency of the Town of Los Gatos, County of Santa Clara, State of California, that he Redevelopment Agency hereby adopts as the budget for the Agency for Fiscal Years 2001-2006 the entitled Central Los Gatos District Source and Use of Funds and the Housing Set Aside Source and Use of Funds, attached hereto as Exhibit A and Exhibit B. PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los Gatos, California, held on the 18th day of June, 2001 by the following vote: MGR 186 a:\Budget Reso RDA.wpd Page 1 of 2 REDEVELOPMENT AGENCY MEMBERS: AYES: NAYS: AB SENT: ABSTAIN: SIGNED:/s/ Steve Blanton MAYOR OF THE TOWN OF LOS GATOS LOS GATOS, CALIFORNIA ATTEST: CLERK OF THE TOWN OF LOS GATOS LOS GATOS, CALIFORNIA MGR 186 a:\Budget Reso RDA.wpd Page 2 of 2 CENTRAL LOS GATOS DISTRICT Source and Use of Funds - Budgeted I Estimated SOURCE 2000-01 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 I Fund Balance July 1 $146,300 $550,341 $1,247,826 ($1,504,064) ($879,506) ($304,101)$379,999 45,000 Interest Income 7,300 160,000 15,000 56,500 Tax Increment Revenue 1,879,500 2,493,200 2,681,600 2,878,400 3,084,000 3,298,200 3,523,100 SB813 - 5% Growth 304,500 415,000 435,750 457,538 478,000 504,000 529,000 Less Housing Set Aside @ 20% (436,800) (498,640) (536,320) (575,680) (616,800) (659,740) (704,620) Contribution (Toll House) 63,000 TOTAL SOURCE $1,900,800 $3,182,901 $3,828,856 $1,256,194 $2,080,694 $2,883,359 $3,783,979 ---- - USE - Administration & Debt Service 625,400 683,200 642,800 725,500 751,595 782,990 808,820 Pass Through - Agreements 583,700 751,875 816,220 960,200 1,183,200 1,270,370 1,360,870 Capital Projects: Street and Signal Program 2,670,000 450,000 450,000 450,000 450,000 Public Facilities Program 475,000 475,000 Parks Program 665,900 728,900 Storm Drainage Program 500,000 500,000 TOTAL USE $2,850,000 $1,935,075 $5,332,920 $2,135,700 $2,384,795 $2,503,360 $2,619,690 FUND BALANCE JUNE 30 ($949,200) $1,247,826 ($1,504,064)_ ($879,506) ($304,101) $379,999 $1,164,289 EXHIBIT A HOUSING SET ASIDE Source and Use of Funds L Budgeted Estimated SOURCE 2000-01 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 Fund Balance July 1 $1,007,500 $1,007,500 $1,215,140 $1,322,060 $1,784,088 $2,303,368 $2,885147 Interest Income 50,400 70,000 75,000 92,700 121,000 153,000 188,000 Tax Increment Revenue 436,800 498,640 536,320 575,680 616,800 659,740 704,620 TOTAL SOURCE $1,494,700 $1,576,140 $1,826,460 $1,990,440 $2,521,888 $3,116,108 $3,777,767 USE Business Services © 9-15% 65,500 79,000 79,400 86,352 92,520 98,961 105,693 Administration -Planning 100,000 _ 32,000 115,000 120,000 126,000 132,000 138,000 Affordable Housing Grants 310,000 250,000 310,000 TOTAL USE 5475,500 $361,000 5504,400 $206,352 $218,520 $230,961 $243,693 } FUND BALANCE JUNE 30 $1,019,200 $1,215,140 $1,322,060 $1,784,088 _ $2,303,368 $2,885,147 $3,534,074 EXHIBIT B RESOLUTION 2001 - 5RD RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS APPROVING 2001-2006 BUDGET WHEREAS, Section 2.30.295 of the Los Gatos town code requires the Town Director to annually prepare and submit a budget to the Redevelopment Agency and be responsible for its administration; and WHEREAS, the Executive Director did submit a proposed budget for 2001-2006 fiscal years to the Redevelopment Agency; and WHEREAS, the Planning Commission has reviewed the proposed program and found it is consistent with the Town's General Plan; and WHEREAS, the Redevelopment Agency has considered and reviewed said proposed budget during a public hearing on May 21, 2001 NOW, THEREFORE, BE IT RESOLVED, AND IT IS HEREBY RESOLVED, by the Redevelopment Agency of the Town of Los Gatos, County of Santa Clara, State of California, that he Redevelopment Agency hereby adopts as the budget for the Agency for Fiscal Years 2001-2006 the entitled Central Los Gatos District Source and Use of Funds and the Housing Set Aside Source and Use of Funds, attached hereto as Exhibit A and Exhibit B. PASSED AND ADOPTED at a regular meeting of the Redevelopment Agency of the Town of Los Gatos, California, held on the 18th day of June, 2001 by the following vote: AGENCY MEMBERS: AYES: Randy Attaway, Sandy Decker, Steve Glickman, Mayor Joe Pirzynski. NAYS: None ABSENT: Steven Blanton ABSTAIN: None SIGNED:/s/ Joe Pirzynski CHAIR OF THE REDEVELOPMENT AGENCY LOS GATOS, CALIFORNIA ATTEST: /s/ Marian V. Cosgrove SECRETARY OF THE REDEVELOPMENT AGENCY. LOS GATOS, CALIFORNIA Town Council Minutes June 18, 2001 Redevelopment Agency Los Gatos, California Jim Piper, Assistant Manager, gave the following brief update: Adjustments to PERS rates for Safety Employees rose rom 9.48% to 12.154% causing an increase to the budget of $83,000; Booking Fees are now shown in the Police Department budget more accurately reflecting the total cost of Public Safety; Carry Forward of funds are noted for Council's approval of projects currently in progress; Schedule of Fund Balance from the Proposed Budget of $430,000 in the Unallocated Fund Balance is now reflected in Reserve for Future Capital Improvements which is consistent with Town's Fiscal Policies. REDEVELOPMENT AGENCY BUDGET 2001-2006/RESOLUTION 2001-5RD (18.09 & 27) Motion by Mrs. Decker, seconded by Mr. Attaway, that the Agency adopt Resolution 2001-5RD entitled, RESOLUTION OF REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS APPROVING FISCAL YEAR 2001-2006 REDEVELOPMENT AGENCY BUDGET. (Joint Action) Carried by a vote of 4 ayes. Mr. Blanton absent. CAPITAL IMPROVEMENT PROGRAM FY 2001-2006/RESOLUTION 2001-75 (19.09) Motion by Mr. Attaway, seconded by Mr. Glickman, that Council adopt Resolution 2001-75 entitled, RESOLUTION OF THE TOWN OF LOS GATOS APPROVING 2001-2006 CAPITAL IMPROVEMENT PROGRAM. (Joint Action) Carried by a vote of 4 ayes. Mr. Blanton absent. Sandy Decker, spoke of under grounding utility projects along Los Gatos Boulevard and asked that Council/Agency use appropriate monies when there are opportunities to do so such as partnering with developers along the Boulevard. COUNCIL COMMITTEE REPORTS (20.28) Steve Glickman spoke of the letter from the League of California Cities as to support of the draft ballot measure they are working on involved with the Grassroots Network. Their request is for full support of the ballot measure. TOWN MANAGER REPORTS (21.28) Ms Figone alerted Council that there are four or five additional study sessions anticipated over the next few months. Staff will be working on those agendas and will be discussing them with the Mayor who sets the agendas. Staff will be sensitive to Council members' schedules. ADJOURNMENT Motion by Mr. Glickman, seconded by Mrs. Decker, to adjourn this evening's meeting at 10:48 p.m. Carried by a vote of 4 ayes. Mr. Blanton absent. ATTEST: Marian V. Cosgrove Town Clerk 10