The URL can be used to link to this page

Home My WebLink About06-23-09 RDA Item 05CITY OF LSI110 DREAM EXTREME. REPORT TO REDEVELOPMENT AGENCY TO: HONORABLE CHAIRMAN AND REDEVELOPMENT AGENCY FROM: ROBERT A. BRADY EXECUTIVE DIRECTOR DATE: JUNE 23, 2009 SUBJECT: REDEVELOPMENT AGENCY OPERATING BUDGET FOR FISCAL YEAR 2009-10 Backaround Staff is pleased to present the proposed Redevelopment Agency ("Agency") 2009-10 operating budgets for your adoption. The budget presentation is in a different format than previous years, with expenditures grouped by function and in greater detail. Expenditure items are also presented, generally, by order of priority of payment (in the legal sense rather than policy). This change in presentation came after several meetings with the Redevelopment Agency's finance team and is intended to provide better clarity and understanding of the Agency's financial position. Discussion Redevelopment Plan Update During fiscal year 2008-09, the Redevelopment Plan was updated for Project Areas I, II, and III. Each of the amended and restated Redevelopment Plans (i) incorporated all prior amendments, (ii) reflected changes in the California Community Redevelopment Law that imposed additional requirements and restrictions not reflected in the original text, (iii) updated the land use provisions to mirror the land uses established by the City's current General Plan, (iv) clarified and restated the time limits and financial limits, and (v) improved the format and presentation of the text and the Project Area Maps. Tax Increment Decrease The Agency's tax increment revenue decreased significantly during fiscal year 2008-09. This was primarily the result of Proposition 8 reductions in assessed property values. In 1978, California voters passed Proposition 8, a constitutional amendment to Proposition 13 that allows a temporary reduction in assessed value when property suffers a decline in value. A decline in value occurs when the current market value of a property drops below the current assessed value. This resulted in a net 16% decrease in tax increment RDA June 23, 2009 Item No. 5 Page 1 of 17 Redevelopment Agency Operating Budgets for FY 2009-10 June 23, 2009 Page 2 revenue during fiscal year 2008-09. The budget was amended for this decrease in the third quarter budget report. An additional net 16% decrease is reflected in the fiscal year 2009-10 proposed budget. State Shift of Redevelopment Funds Blocked After adoption of the Agency's budget for fiscal year 2008-09, the State of California required redevelopment agencies to shift $350 million in property tax revenue to K-12 schools and community colleges during the fiscal year 2008-09. This is not the first time the State has "raided" redevelopment funds to help close their budget deficit. The amount of the Agency's payment to be transferred to the State's "Education Revenue Augmentation Fund" (ERAF) was determined to be in excess of $1.4 million. The California Redevelopment Association (CRA) along with a few cities filed a lawsuit against the State of California to block the State from taking the redevelopment funds. The lawsuit was successful and the Sacramento Superior Court found the ERAF provisions requiring payments from redevelopment agencies unconstitutional. An appeal is expected from the State, therefore, the amount for the ERAF payments have been reserved as a contingency in the third quarter budget report. A discussion of each Agency Fund follows: Low and Moderate Income Housing Fund Under State Law, redevelopment agencies must use 20% of their revenues to improve, protect or expand the supply of affordable housing in the community. The Agency sets aside this revenue in the Low and Moderate Income Housing Fund. As Agency tax increment revenue is down 16% as a result of the Proposition 8 reductions in property values, so is the revenue set aside for the Low and Moderate Income Housing Fund. Cash balance in the Housing Fund is projected to be $23 million at the end of fiscal year 2009-10. The Staff is currently working with BRIDGE housing on an affordable housing project in named "Pottery Court". The proposed site is approximately 4.3 acres generally bounded by Pottery Street and Sumner Avenue between the outflow channel and Langstaff Street. As currently proposed, the project will consist of 111 units restricted to occupancy by eligible very low income households at an affordable rent and two resident manager units. The Agency has purchased land for the project in the amount of $2.6 million and is budgeted to expend an additional $1.4 million in project cost in fiscal year 2009-10. The total cost of the projects is anticipated to be between $26 and $27 million. The Agency's cost of the project is the $4 million noted above, which will be paid back over the life of the project. The addition financing of $23 million is anticipated to come from low income housing tax credits (approximately $20 to $21 million), County HOME funds ($440,000) and a $1 million HUD grant, which has been awarded to the Agency. These 111 units will assist the Agency in fulfilling its inclusionary housing obligations for very low income households. The agency will require that appropriate RDA June 23, 2009 Item No. 5 Page 2 of 17 Redevelopment Agency Operating Budgets for FY 2009-10 June 23, 2009 Page 3 restrictions on occupancy, rents and operations and maintenance be recorded against the Pottery Court pursuant to Redevelopment Law requirements and to protect the Agency's investment. The Agency is also considering participating in a Foreclosure Acquisition Rehabilitation Program with the Riverside Housing Development Corporation. Approximately $898,000 has been proposed in this budget for the program. The Housing Fund is due a loan receivable from project areas I, II, and III. The balance of the loan is $11,852,396 as of June 30, 2009. A repayment plan is currently being discussed by the Redevelopment Agency finance team and once a plan is developed, it will be presented to the Agency board. Project Area I The projected tax increment revenue in Project Area I is budgeted at $6.9 million, a reduction of 3.8% or $274,000 from fiscal year 2008-09. No significant change is noted in budgeted expenditures. In the project budget, the amount set aside is to be used for the Agency's match of the EDA grant for the Business Incubator project. Most of the $998,000 will be used toward construction of the facility. Cash balance in Project Area I is projected to be $6.5 million at the end of fiscal year 2009-10. Project Area H The projected tax increment revenue in Project Area II is budgeted at $10.1 million, a reduction of $2.2 million or 17.8% from fiscal year 2008-09. This corresponds to a related reduction in pass through payments to other agencies of $931,000 or 17.7%. No other significant changes are noted. Cash balance in Project Area If is projected to be $14 million at the end of fiscal year 2009-10. Project Area Ill The projected tax increment revenue in Project Area III is budgeted at $2.9 million, a 23.6% or $892,000 reduction compared to fiscal year 2008-09. A decrease in pass through payments to other agencies of $458,000 or 23.6% is related to this reduction. No other significant changes are noted. Cash balance in Project Area III is projected to be $2.3 million at the end of fiscal year 2009-10. Fiscal Impact The fiscal impact of the Redevelopment Agency Operating Budget is as follows: FY 2009-10 Revenue Expenditures Redevelopment Agency $20,712,178 19,557,808 RDA June 23, 2009 Item No. 5 Page 3 of 17 Redevelopment Agency Operating Budgets for FY 2009-10 June 23, 2009 Page 4 Recommendation Adopt a resolution adopting the Redevelopment Agency Operating Budget for the Fiscal Year 2009-10. Prepared by: James R. Riley Acting Director Administrative Services Approved by: Robert A. Brady Executive Directo RDA June 23, 2009 Item No. 5 Page 4 of 17 LAKE ELSINORE REDEVELOPMENT AGENCY FY 2009-10 Proposed Budget Low/Mod Housing Project Area No. Project Area No. Project Area Fund 1 2 No.3 Total REVENUES Gross Revenues Unitary Tax Revenue Total Tax Revenues Less Housing Fund Tax Increment Revenue, Net $4,030,800 $6,918,000 $10,158,000 $2,886,000 $23,992,800 113,000 70,000 9,000 192,000 7,031,000 10,228,000 2,895,000 24,184,800 (1,406,200) (2,045,600) (579,000) (4,030,800) 5,624,800 8,182,400 2,316,000 20,154,000 - 49,000 - 49,000 28,646 27.978 2.554 509.178 Repayment of Advances Investment Earnings Total Revenue EXPENDITURES Payments to Other Agencies Pass Through Agreements Statutory Tax Sharing ERAF (Contingency Reserve) County Admin Charges Total to other Agencies Bond Debt Service 1999 Series A 1999 Series B 1999 Series C Consultant Fees Fiscal Agent & Bond Disclosure Total Debt Service 4,030,800 4,030,800 - 1,843,000 4,339,000 1,487,000 7,669,000 - 309,000 - - 309,000 - 487638 746,508 - 1,234,146 - 63,000 89,000 25,000 177,000 2,702,638 5,174,508 1,512,000 9,389,146 1,241,080 1,058,228 2,299,308 227,664 358,997 148,912 735,573 4,000 12,000 8,000 24,000 9,300 9,300 9,300 27,900 1,482,044 1,438,525 166,212 3,086,781 Payments pursuant to DDA's MG/Chelsea (Outlet OPA) - 108,200 - 108,200 EVMWD-Amber Ridge - - 60,740 60,740 Oak Grove Equities - 85,000 - 85,000 Walmart OPA - 275,000 - 275,000 Laing/Liberty Founders DDA - 72,000 61,000 133,000 Extraordinary Infrastructure Fund - 232,000 106,000 338,000 Total DDA Payments - 108,200 664,000 227,740 999,940 City Reimbursement LERA City Reimbursement LERA -Debt Svcs - 272,785 300,108 64,009 636,902 Letter of Credit Fees - 94,654 104,135 22,211 221,000 Confirming Letter of Credit Fees - 25,185 27,708 5,910 58,803 Trustee Fees 1,700 6,425 7,069 1,508 16,702 Remarketing Fees 600 10,708 11,780 2,513 25,601 Total LERA 2,300 409,757 450,800 96,151 959,008 Repayment of Housing Obligations Repayment of Housing Loan - - - - - Deferred Payments on Housing Loan Total Housing Repayments Transfers to City RDA June 23, 2009 Item No. 5 Page 5 of 17 P?Budgel09-101200940 RDA BudgeA2009-010 RDA BUDGETR43 6-23-09.3ds,611712009jv Page 1 LAKE ELSINORE REDEVELOPMENT AGENCY FY 2009-10 Proposed Budget Low/Mod Housing Project Area No. Project Area No. Project Area Fund 1 2 No.3 Total LCIV1 r,wmuuai r UVv 11~s _ _ _ _ Repayment of City Advances 191,279 327,907 100,442 619,628 Stadium Assistance - 146,870 251,370 76,998 475,238 City Staff Support (Priority) 80,000 80,000 80,000 80,000 320,000 Additional City Staff Support 43,150 43,150 43,150 43,150 172,600 Total Transfers 123,150 461,299 702.427 300.590 1.587.466 Agency Administrative Expenses Accounting Service Legal Publications & Membership Travel & Meetings Training & Education Office Supplies Redevelopment Plan Ammendment Total Administrative Expense Total Expenditures (Prior to Projects) Project Budget Total Expenditures (Including Projects) Fiscal Year Balance Beginning Balance Ending Balance 1,000 3,500 3,500 3,500 11,500 50,000 70,000 20,000 20,000 160,000 - 3,300 3,300 3,300 9,900 - 100 100 100 300 - 200 200 200 600 - 100 100 100 300 51,000 77,200 27,200 27,200 182,600 176,450 5,241,138 8,457,460 2,329,893 16,204,941 2,305,250 998,617 - 49,000 3,352,867 2,481,700 6,239,755 8,457,460 2,378,893 19,557,808 1,999,100 (586,309) (198,082) (60,339) 1,154,370 2,261,950 586,309 198,082 94,185 3,140,526 4,261,050 33,846 4,294,896 RDA June 23, 2009 Item No. 5 Page 6 of 17 P98udgel09-101200940 RDA Budge02009-010 RDA BUDGET RG 6.23-09.x1s,61172009jm Page 2 LAKE ELSINORE REDEVELOPMENT AGENCY FY 2009-10 Proposed Budget Low/Mod Housing Fund FY 2008-09 FY 2009-10 Amended Proposed Budget Budget REVENUES Gross Revenues $ 4,702,400 4,030,800 Unitary Tax Revenue - - Total Tax Revenues 4,702,400 4,030,800 Less Housing Fund - Tax Increment Revenue, Net 4,702,400 4,030,800 Repayment of Advances Investment Earnings 450,000 450,000 Total Revenue 5,152,400 4,480,800 EXPENDITURES Payments to Other Agencies Pass Through Agreements - - Statutory Tax Sharing ERAF (Contingency Reserve) County Admin Charges Total to other Agencies - Bond Debt Service 1999 Series A - 1999 Series B - 1999 Series C - Consultant Fees - Fiscal Agent & Bond. Disclosure - Total Debt Service - Payments pursuant to DDA's MG/Chelsea (Outlet OPA) EVMWD - Amber Ridge - - Oak Grove Equities - - Walmart OPA - - Laing/Liberty Founders DDA - - Extraordinary Infrastructure Fund Total DDA Payments City Reimbursement LERA City Reimbursement LERA -Debt Svcs - Letter of Credit Fees Confirming Letter of Credit Fees - Trustee Fees 1,700 1,700 Remarketing Fees 600 600 Total LERA 2,300 2,300 RDA June 23, 2009 Item No. 5 Page 7 of 17 PABUdget 09-1012009-10 RDABud9082009-010 RDA BUDGETRG 6-23-09.xis,611712009,jrc Page 3 LAKE ELSINORE REDEVELOPMENT AGENCY FY 2009-10 Proposed Budget Low/Mod Housing Fund Repayment of Housing Obligations Repayment of Housing Loan Deferred Payments on Housing Loan Total Housing Repayments Transfers to City LERA Additional Advances Repayment of City Advances Stadium Assistance City Staff Support (Priority) Additional City Staff Support Total Transfers Agency Administrative Expenses Accounting Service Legal Publications & Membership Travel & Meetings Training & Education Office Supplies Redevelopment Plan Ammendment Total Administrative Expense Total Expenditures (Prior to Projects) FY 2008-09 FY 2009-10 Amended Proposed Budget Budget 80,000 80,000 43,150 43,150 123,150 123,150 1,000 50,000 1,000 50,000 51,000 51,000 176,450 176,450 Project Budget 2,714,000 2,305,250 Total Expenditures (Including Projects) 2,890,450 2,481,700 Fiscal Year Balance 2,261,950 1,999,100 Beginning Balance - 2,261,950 Ending Balance 2,261,950 4,261,050 RDA June 23, 2009 Item No. 5 Page 8 of 17 P98udget 09-1012009-10 RDA Budget12009-010 RDA BUDGET RG 6-23-09.x1s,61172009,jv Page 4 LAKE ELSINORE REDEVELOPMENT AGENCY FY 2009-10 Proposed Budget Project Area No. 1 FY 2008-09 FY 2009-10 Amended Proposed Budget Budget REVENUES Gross Revenues Unitary Tax Revenue Total Tax Revenues Less Housing Fund Tax Increment Revenue, Net Repayment of Advances Investment Earnings Total Revenue EXPENDITURES Payments to Other Agencies Pass Through Agreements Statutory Tax Sharing ERAF (Contingency Reserve) County Admin Charges Total to other Agencies Bond Debt Service 1999 Series A 1999 Series B 1999 Series C Consultant Fees Fiscal Agent & Bond Disclosure Total Debt Service Payments pursuant to DDA's MG/Chelsea (Outlet OPA) EVM W D - Amber Ridge Oak Grove Equities Walmart OPA Laing/Liberty Founders DDA Extraordinary Infrastructure Fund Total DDA Payments City Reimbursement LERA City Reimbursement LERA -Debt Svcs Letter of Credit Fees Confirming Letter of Credit Fees Trustee Fees Remarketing Fees Total LERA $7,192,000 $6,918,000 113,000 113,000 7,305,000 7,031,000 (1,461,000) (1,406,200) 5,844,000 5,624,800 28,646 28,646 5,872,646 5;653,446 1,916,000 1,843,000 341,000 309,000 443,001 487,638 63,000 63,000 2,763,001 2,702,638 1,240,580 1,241,080 227,127 227,664 - 4,000 9,300 9,300 1,477,007 1,482,044 108,200 108,200 108,200 108,200 207,023 272,785 94,654 25,185 6,425 10,708 207,023 409,757 RDA June 23, 2009 Item No. 5 Page 9 of 17 PABudgel 09-1012009-10 RDA Budge112009-010 RDA BUDGETRG 6.23-09.XIS,611712009,jm Page 5 LAKE ELSINORE REDEVELOPMENT AGENCY FY 2009-10 Proposed Budget Project Area No. 1 Repayment of Housing Obligations Repayment of Housing Loan Deferred Payments on Housing Loan Total Housing Repayments Transfers to City LERA Additional Advances Repayment of City Advances Stadium Assistance City Staff Support (Priority) Additional City Staff Support Total Transfers Agency Administrative Expenses Accounting Service Legal Publications & Membership Travel & Meetings Training & Education Office Supplies Redevelopment Plan Ammendment Total Administrative Expense Total Expenditures (Prior to Projects) FY 2008-09 FY 2009-10 Amended Proposed Budget Budget 191,279 191,279 169,785 146,870 80,000 80,000 43,150 43,150 484,214 461,299 3,500 3,500 20,000 70,000 3,300 3,300 100 100 200 200 100 100 30,000 - 57,200 77,200 5,096,645 5,241,138 Project Budget 2,128,040 998,617 Total Expenditures (Including Projects) 7,224,685 6,239,755 Fiscal Year Balance Beginning Balance Ending Balance (1,352,039) (586,309) 1,938,348 586,309 586,309 RDA June 23, 2009 Item No. 5 Page 10 of 17 P.Oudgel 094012009-10 RDA BudgeA2009-010 RDA BUDGET RG 6-2309,Ws,611712009jrt Page 6 LAKE ELSINORE REDEVELOPMENT AGENCY FY 2009-10 Proposed Budget Project Area No. 2 REVENUES Gross Revenues Unitary Tax Revenue Total Tax Revenues Less Housing Fund Tax Increment Revenue, Net Repayment of Advances Investment Earnings Total Revenue EXPENDITURES Payments to Other Agencies Pass Through Agreements Statutory Tax Sharing ERAF (Contingency Reserve) County Admin Charges Total to other Agencies Bond Debt Service 1999 Series A 1999 Series B 1999 Series C Consultant Fees Fiscal Agent & Bond Disclosure Total Debt Service Payments pursuant to DDA's MG/Chelsea (Outlet OPA) EVMWD - Amber Ridge Oak Grove Equities Walmart OPA Laing/Liberty Founders DDA Extraordinary Infrastructure Fund Total DDA Payments City Reimbursement LERA City Reimbursement LERA -Debt Svcs Letter of Credit Fees Confirming Letter of Credit Fees Trustee Fees Remarketing Fees Total LERA FY 2008-09 FY 2009-10 Amended Proposed Budget Budget $12,350,000 $10,158,000 70,000 70,000 12,420,000 10,228,000 (2,484,000) (2,045,600) 9,936,000 8,182,400 - 49,000 27,978 27,978 9,963,978 8,259,378 5,270,000 4,339,000 992,053 746,508 107,000 89,000 6,369,053 5,174,508 970,728 1,058,228 82,900 - 358,720 358,997 - 12,000 9,300 9,300 1,421,648 1,438,525 75,000 85,000 260,000 275,000 89,000 72,000 309,000 232,000 733,000 664,000 353,751 300,108 104,135 27,708 7,069 11.780 353,751 450,800 RDA June 23, 2009 Item No. 5 Page 11 of 17 P9Budget 09-1012009-10 RDA Budget12009-010 RDA BUDGET RG 623-09.x1s,611 712 0 0 9jm Page 7 LAKE ELSINORE REDEVELOPMENT AGENCY FY 2009-10 Proposed Budget Project Area No. 2 Repayment of Housing Obligations Repayment of Housing Loan Deferred Payments on Housing Loan Total Housing Repayments, Transfers to City LERA Additional Advances Repayment of City Advances Stadium Assistance City Staff Support (Priority) Additional City Staff Support Total Transfers Agency Administrative Expenses Accounting Service Legal Publications & Membership Travel & Meetings Training & Education Office Supplies Redevelopment Plan Ammendment Total Administrative Expense FY 2008-09 FY 2009-10 Amended Proposed Budget Budget 327,907 327,907 291,060 251,370 80,000 80,000 43,150 43,150 742,117 702,427 3,500 3,500 20,000 20,000 3,300 3,300 100 100 200 200 100 100 30,000 - 57,200 27,200 Total Expenditures (Prior to Projects) 9,676,769 8,457,460 Project Budget 89,127 - Total Expenditures (Including Projects) 9,765,896 8,457,460 Fiscal Year Balance Beginning Balance Ending Balance 198,082 (198,082) 198,082 198,082 RDA June 23, 2009 Item No. 5 Page 12 of 17 PABUdgel 09-1012009-10 RDA BUd902009-010 RDA BUDGETRG 6-23-09.xIs,rx11712009jrc Page 8 LAKE ELSINORE REDEVELOPMENT AGENCY FY 2009-10 Proposed Budget Project Area No. 3 FY 2008-09 FY 2009-10 Amended Proposed Budget Budget REVENUES Gross Revenues $3,778,000 $2,886,000 Unitary Tax Revenue 9,000 9,000 Total Tax Revenues 3,787,000 2,895,000 Less Housing Fund (757,400) (579,000) Tax Increment Revenue, Net 3,029,600 2,316,000 Repayment of Advances Investment Earnings 2,554 2,554 Total Revenue 3,032,154 2,318,554 EXPENDITURES Payments to Other Agencies Pass Through Agreements 1,945,000 1,487,000 Statutory Tax Sharing - _ ERAF (Contingency Reserve) - _ County Admin Charges 33,000 25,000 Total to other Agencies 1,978,000 1,512,000 Bond Debt Service 1999 Series A 1999 Series B _ _ 1999 Series C 148,624 148,912 Consultant Fees 8,000 Fiscal Agent & Bond Disclosure 9,300 9,300 Total Debt Service 157,924 166,212 Payments pursuant to DDA's MG/Chelsea (Outlet OPA) _ _ EVMWD -Amber Ridge 60,740 60,740 Oak Grove Equities - _ Walmart OPA - _ Laing/Liberty Founders DDA 78,000 61,000 Extraordinary Infrastructure Fund 135,000 106,000 Total DDA Payments 273,740 227,740 City Reimbursement LERA City Reimbursement LERA -Debt Svcs Letter of Credit Fees Confirming Letter of Credit Fees Trustee Fees Remarketing Fees Total LERA 108,358 64,009 22,211 5,910 1,508 2,513 108,358 96,151 RDA June 23, 2009 Item No. 5 Page 13 of 17 P.iBudgel 09-1012009-IO RDA Budge112009-010 RDA BUDGETRG 6-23-09.xls,611712009jr Page 9 LAKE ELSINORE REDEVELOPMENT AGENCY FY 2009-10 Proposed Budget Project Area No. 3 Repayment of Housing Obligations Repayment of Housing Loan Deferred Payments on Housing Loan Total Housing Repayments Transfers to City LERA Additional Advances Repayment of City Advances Stadium Assistance City Staff Support (Priority) Additional City Staff Support Total Transfers Agency Administrative Expenses Accounting Service Legal Publications & Membership Travel & Meetings Training & Education Office Supplies Redevelopment Plan Ammendment Total Administrative Expense Total Expenditures (Prior to Projects) Project Budget Total Expenditures (Including Projects) Fiscal Year Balance Beginning Balance Ending Balance FY 2008-09 FY 2009-10 Amended Proposed Budget Budget 100,442 100,442 89,155 76,998 80,000 80,000 43,150 43,150 312,747 300,590 3,500 3,500 70,000 20,000 3,300 3,300 100 100 200 200 100 100 30,000 - 107,200 27,200 2,937,969 2,329,893 - yU,vvv 2,937,969 2,378,893 94,185 (60,339) 94,185 94,185 33,846 RDA June 23, 2009 Item No. 5 Page 14 of 17 P9Budgel 09-1012009-10 RDA Budget12009-010 RDA BUDGETRG 6-23.09.x1s,611712009,jn Page 10 RESOLUTION NO. 2009- A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, ADOPTING THE REDEVELOPMENT AGENCY OPERATING BUDGET FOR THE FISCAL YEAR 2009-10 WHEREAS, the Redevelopment Agency of the City of Lake Elsinore ("Agency') is a community redevelopment agency duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the California Community Redevelopment Law (Part 1 of Division 24, commencing with Section 33000, of the Health and Safety Code of the State of California ("CRL"); and WHEREAS, the Agency is engaged in activities necessary and appropriate to carry out the Redevelopment Plans ("Redevelopment Plans") for the Lake Elsinore Rancho Laguna Redevelopment Project Areas No. I, No. 11, and No. III ("Project Areas"); and WHEREAS, the Agency annually deposits twenty percent (20%) of the tax increment allocated to it into a separate Low and Moderate Income Housing Fund ("Housing Fund") to be used for the purpose of increasing, improving and preserving the community's supply of affordable housing; and WHEREAS, the Agency has adopted the 2005-2009 Amended and Restated Redevelopment and Housing Implementation Plan (the "Implementation Plan") that contains a work program, including the goals and objectives of the Agency for each Project Area and with respect to the Housing Fund; and WHEREAS, the Agency desires to adopt its operating budget for the 2009-10 fiscal year (FY 2009-10 Budget); and WHEREAS, the FY 2009-10 Budget identifies for each Project Area and the Housing Fund the following information: the proposed expenditures of the Agency, the proposed indebtedness to be incurred by the Agency, the anticipated revenues of the Agency, and a proposed work program, all in accordance with applicable provisions of the CRL. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The Agency. finds and determines that the FY 2009-10 Budget is consistent with the Agency's Implementation Plan and applicable provisions of the CRL. SECTION 2. The Agency hereby finds and determines that the planning and administrative expenses provided in the FY 2009-10 Budget to be made from the Housing Fund are necessary for the production, improvement or preservation of low- and moderate-income housing. RDA June 23, 2009 Item No. 5 1 Page 15 of 17 SECTION 3. The FY 2009-10 Budget is hereby adopted and a copy of the FY 2009-10 Budget shall be certified by the Agency Secretary and filed with the Executive Director or a designated representative, and a further copy so certified shall be placed and shall remain on file in the Office of the Agency Secretary where it shall be available for inspection. SECTION 3. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED, AND ADOPTED, at a regular meeting of the Redevelopment Agency of the City of Lake Elsinore, California, on this 23rd day of June 2009. THOMAS BUCKLEY, CHAIRMAN ATTEST: DEBORA THOMSEN, AGENCY SECRETARY APPROVED AS TO FORM: BARBARA LEIBOLD, AGENCY COUNSEL RDA June 23, 2009 Item No. 5 2 Page 16 of 17 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE )ss. CITY OF LAKE ELSINORE ) I, DEBORA THOMSEN, Agency Secretary, hereby certify that Resolution No. 2009-_ was adopted by the Redevelopment Agency, at their regular meeting held on the 23rd day of June 2009, and that the same was adopted by the following vote: AYES: NOES: ABSENT: ABSTAIN: DEBORA THOMSEN AGENCY SECRETARY RDA June 23, 2009 Item No. 5 3 Page 17 of 17