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Report to Redevelopment Agency Board regarding Fiscal Year 2005/06 Budget Page 2 of 4 year, pending receipt of the final tax increment numbers; payments for the Rancho/Mill passthroughs, pending final calculation from the Agency's consultant; and payment of the deferred passthroughs due the San Bernardino Valley Municipal Water District (SBVMWD), estimated at $3 million. The Agency anticipates bringing the balance of its passthrough obligations current during the 2005/06 fiscal year; payment of the SBVMWD passthroughs will be contingent upon available cash. • The State's 2005/06 budget includes an ERAF contribution from the Agency. Although the exact number of the ERAF payment has not yet been provided by the State, it is estimated that the Agency's contribution will be approximately $659,000. • Project area limitations exist in four of the seven project areas. Downtown 1 and 2 has all of its tax increment revenues committed and the last date for any activities is January 1, 2010. Cooley Ranch and Santa Ana River Projects Areas have passed the last date to incur debt so Agency activities are limited to those that may be funded through sources other than tax increment. It should also be noted that the West Valley and Mt. Vernon Corridor Project Areas' last date to incur debt is July 15, 2006 and June 30, 2007 respectively. Amendments to the West Valley and Mt. Vernon project areas will be evaluated this year. • Not currently included in the 2005/06 budget, is funding for the new project area or amendments to existing project areas. An analysis of the alternatives related to a new project area and the Agency's ability to address some the deadlines already reached on four of its project areas will be provided to the Council for its review and direction by September 26, 2005. Outstanding issues yet to be resolved in Rancho Mediterrania include the disposition of the title to the remaining 47 lots owned by the Agency, repair of the electrical infrastructure and streets. The Agency recommends negotiating an agreement with the HOA to outline what is expected from the Agency to satisfy its obligations in the park prior to the commencement of any construction. Discussions will include the possibility of transferring title to the Agency owned lots and their monthly revenue in exchange for the infrastructure improvements. The 2005/06 budget doesn't reflect funding for the infrastructure. A final disposition agreement will be presented to the Agency Board for consideration during the 2005/06 fiscal year. • Negotiations are ongoing with the Colton Palms Non -Profit Board. The 2005/06 budget does not reflect the disbursement of the litigation settlement funds nor pending negotiations for a replacement housing project. It is anticipated that a settlement is imminent. • Funding has been included in the budget to begin formulating a plan for Valley Blvd, from 10th street to Mt. Vernon and the vacant parcels on Mt. Vernon, across the street from Valley College. • The Home Beautification program for Rancho/Mill will be launched and completed during the 2005/06 fiscal year. • In January 2002, the Agency acquired the former Frontiertown property for the sports park project and related development. The City loaned the Agency $2.3 million for R:1AdministrationWeetings12005 MEETINWAugust 2, 20050udget Staff Report 2005-06.doc