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REDEVELOPMENT AGENCY AGENDA ITEM NO. 2

Meeting Date: January 13, 2004

Subject/Title: Approve Resolution authorizing Agency Treasurer to use funds from the Redevelopment Agency of City of Brentwood Tax Allocation Bonds, Series 2001, to fund the purchase of portable stage as capital improvements to City Park for community events and activities.

Submitted by: Gina Rozenski, Redevelopment Manager

Approved by: John Stevenson, Executive Director

RECOMMENDATION
Approve Resolution authorizing Agency Treasurer to use funds from the Redevelopment Agency of City of Brentwood Tax Allocation Bonds, Series 2001, to fund the purchase of portable stage as capital improvements to City Park for community events and activities, in an amount not to exceed $124,879 plus 10% contingency.

PREVIOUS ACTION
At its priority setting workshop on February 11, 2003, the Redevelopment Agency consented to the reservation of $150,000 of Tax Allocation Bonds for the purchase of a portable stage as a capital improvement to the City Park for community events and functions.

The Redevelopment Agency approved its 2003/04 budget on June 10, 2003, by Resolution No. RA-69, that included $150,000 from Tax Allocation Bonds for the investment of a portable stage and sound system for the City Park.

BACKGROUND
Earlier this evening, the Council considered the purchase of a portable stage as capital improvements to the City Park, in an amount not to exceed $124,879 plus 10% contingency.

The investment in the portable stage is an allowable investment of redevelopment funds. By doing so, the Redevelopment Agency reinvests in the Downtown District, encourages increased pedestrian traffic, and promotes business retention and attraction in the Downtown. This proposed investment meets the goals and objectives of the Agency’s Five Year Implementation Plan, specifically, by creating recreational opportunities that are compatible to adjacent land uses, by improving public facilities, and by supporting commercial and economic programs to encourage and assist in the retention of existing businesses that are assets to the City.

FISCAL IMPACT
The purchase of a portable stage in an amount not to exceed $124,879 plus 10% contingency ($137,367) shall be funded entirely by the Redevelopment Agency’s Tax Allocation Bond proceeds, and has been accounted for in the 2003/04 Redevelopment Agency Budget.

Attachment: 1) Resolution

RESOLUTION NO. RA-

A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF BRENTWOOD AUTHORIZING THE AGENCY TREASURER TO USE A PORTION OF THE AGENCY’S 2001 TAX ALLOCATION BONDS PROCEEDS TO FUND THE PURCHASE OF A PORTABLE STAGE AS CAPITAL IMPROVEMENTS TO THE CITY PARK IN AN AMOUNT NOT TO EXCEED $137,367

WHEREAS, the Redevelopment Agency of the City of Brentwood (“Agency”) adopted its 2003-2004 Budget on June 10, 2003, by Resolution No. RA-69, wherein $150,000 was budgeted for capital improvements to the City Park, specifically for a portable stage for community programs, events and activities; and

WHEREAS, the Agency desires to memorialize its expenditure approvals for redevelopment programs and activities that are funded by the Agency’s 2001 Tax Allocation Bond Proceeds that promote, establish, develop and support economic development, public facilities, business and affordable housing opportunities within the Merged Redevelopment Project Areas; and

WHEREAS, the purchase of a portable stage meets the goals and objectives of the Agency’s Five Year Implementation Plan, specifically, by creating recreational opportunities that are compatible to adjacent land uses, by improving public facilities, and by supporting commercial and economic programs to encourage and assist in the retention of existing businesses and attraction of new business to the Downtown District that are assets to the City; and

WHEREAS, the Agency desires to fund the purchase of a portable stage as capital improvements in the City Park for community events and activities.

NOW, THEREFORE BE IT RESOLVED that the Redevelopment Agency of the City of Brentwood authorizes the Agency Treasurer to use a portion of the Agency’s 2001 Tax Allocation Bond Proceeds to fund the purchase of a portable stage as capital improvements to the City Park in the amount not to exceed $137,367.

PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of the City of Brentwood at a regular meeting held on the 13th day of January 2004, by the following vote:

AYES: Members
NOES:
ABSENT:
_____________________________
Brian Swisher Agency Chairman
ATTEST:

__________________________________
Karen Diaz, CMC
Agency Secretary

 

City Administration
City of Brentwood City Council
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Brentwood, CA 94513
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