HomeMy WebLinkAbout2009-12-08 Redevelopment Item 4 CITY OF
LAKE irILSINOU
`_ DREAM EXTREME„.
REPORT TO REDEVELOPMENT AGENCY
TO: HONORABLE CHAIRMAN
AND MEMBERS OF THE REDEVELOPMENT AGENCY
FROM: ROBERT A. BRADY
EXECUTIVE DIRECTOR
DATE: DECEMBER 8, 2009
SUBJECT: REDEVELOPMENT AND HOUSING IMPLEMENTATION PLAN
2009 -2014
Background
The Redevelopment Agency of the City of Lake Elsinore is vested with the responsibility
to carry out the functions and requirements of the California Community Redevelopment
Law ( "CRL ") and to implement the Redevelopment Plans for each of the City's three (3)
Redevelopment Project Areas.
The CRL requires every redevelopment agency to prepare and adopt a Five -Year
Implementation Plan outlining (1) the agency's goals and objectives for the project area,
(2) proposed programs, projects and estimated expenditures over the next five years,
and (3) the agency's affordable housing goals and objectives, status of the Low and
Moderate Income Housing Fund and the agency's inclusionary housing requirements.
In accordance with these requirements, the Redevelopment Agency of the City of Lake
Elsinore adopted a Housing and Redevelopment Implementation Plan in December
1994 and again in January 2000. The current 2005 -2009 Implementation Plan was
adopted in November 2005 and amended and restated in March 2009.
Discussion
The current recession has stalled development within the Redevelopment Project Areas
which, together with a Toss of funds to the State of California, will negatively impact the
Agency's projected tax increment revenues. The status of the Agency's budget is being
presented to the Agency Board in the First Quarter Budget Report this evening.
In order to adequately incorporate the most recent tax increment projections and other
budgetary figures into the financial provisions of the proposed Implementation Plan,
staff is requesting the public hearing for consideration of the 2010 -2014 Housing and
Redevelopment Implementation Plan be continued to December 22, 2009.
RDA December 8, 2009 Item No. 4
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Redevelopment and Housing Implementation Plan 2009 -2014
December 8, 2009
Page 2
As required by law, notice of the public hearing has been given by publication and
posting. If the public hearing is continued to a date certain, no additional notice will be
required.
Fiscal Impact
None.
Recommendation
Continue the public hearing for consideration of the Agency's 2010 -2014 Housing and
Redevelopment Implementation Plan to December 22, 2009.
Prepared by: Justin Carlson / Steve Soto
Associate Planner / Redevelopment Agency Consultant
Reviewed by: Barbara Leibold
City Attorney
Approved by: Robert A. Brady
Executive Director
RDA December 8, 2009 Item No. 4
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