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c <br />Restated DDA - Camden <br />May 4, 1993 <br />Page 2 <br />Since the traffic mitigation expenditure was not budgeted at the time the decision to assist <br />the developer was made, a budget adjustment is required to fund the $54,490 commitment <br />shown in the table above. As the Agency is aware, the majority of the revenue generated <br />within the Cooley Ranch Redevelopment Project Area has been committed to the purchase <br />of the 70 -acre site off Cooley Drive and the Washington/1-215 project. The last expenditure <br />the Agency approved for this project was the $30,000 settlement for the Moss litigation <br />which was paid from the street rehabilitation account. At the time of the settlement <br />agreement, the Agency expressed some reservation regarding drawing from the street <br />rehabilitation account for this project. However, since the budgets for the Washington/1-215 <br />and 70 -acre project are tight, no other funds are available to draw from at this time. There <br />is currently $540,179 in the street rehabilitation account which will be reduced to <br />approximately $485,689 after this expenditure. If actual revenues exceed projected revenues <br />in this fiscal year or next fiscal year, these accounts could be replenished. <br />Recommendation <br />It is recommended that the Agency approve the First Restated Disposition and Development <br />Agreement and approve the budget for the project. <br />Attachment: First Restated Disposition and Development Agreement <br />