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Report to Redevelopment Agency Board regarding Fiscal Year 2005/06 Budget Page 3 of 4 the acquisition. Unfortunately the Agency was unable to close escrow on the balance of the property required for the sports park project due to environmental issues associated with the Delhi Sands Flower Loving Fly. The project was not completed at this location and the Agency was not able to repay the City in a timely manner. After finalizing mitigation negotiations with Fish and Wildlife, the Agency issued an RFP for the former Frontiertown property on May 26, 2005. Responses to the RFP are due on August 10th. Provided a suitable candidate is selected from the respondents and the Agency is successful in negotiating a DDA and closing escrow, the Agency will be able to repay the City loan. • The 2005/06 budget also places a heightened emphasis on the City's economic development program, including launching a new city website, developing an economic development strategy with performance measures, emphasizing business retention relations and becoming better connected with the business community utilizing the Chamber as a resource, and conducting an Economic Development Summit (scheduled for August 23) to initiate an education process to community stakeholders. • Staff is recommending that the Council consider changing the department name to Economic Development Department, with Redevelopment as a division of the department. Functions of staff will not change, nor will its redevelopment efforts cease, as long as they are legally permissible. The change in name will represent the true function of the department: one focusing on working to sustain and improve the viability of Colton's economy, utilizing redevelopment as a tool to facilitate that process. • Given the fact that the department will be working on projects that clearly fall outside the purview of redevelopment, the general fund will make a contribution of $100,000 to fund the true economic development activity of the department for the 2005/06 fiscal year. Attached are the following budget spreadsheets showing the budget for FY 2005/06, estimates of its annual performance through June 30, 2005, and variance between budget and actual expenditures: • Project Area Schedules (Debt Service Fund, Capital Projects Fund) • Low/Mod Housing Schedules (Debt Service Fund, Capital Projects Fund, Rancho Med Operations Fund, Rancho Med Park Development Fund). • Economic Development Fund • Administration Fund FINANCIAL IMPACT This entire report is concerned with the financial impact and therefore not duplicated in this section. Items not included within the 2005/06 budget include: funding for the new project area and/or mergers or amendments to existing project areas; adjustments to the 2004/05 budget due to debt limitations on some of the project areas; financial contributions necessary for the Agency's final exit from Rancho Mediterrania; Colton Palms settlement and any other RMdministratimWeetiings12005 MEETINGS1Nugust 2, 20051Budget Staff Report 2005-06.doc