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FY 2023-24 BUDGET UPDATES <br />New Rent Stabilization Program/Fee/Fund - FY 2023-24 <br />budget will include a new fund for Rent Stabilization. To <br />be funded with a new fee to cover staff costs of <br />operating the program, including legal, housing and <br />administration. Community Development will bring an <br />item to Council by June. <br />Civic Center Modernization – City will receive $9 million <br />from the state for Modernization of the Civic Center. This <br />grant will be used for acquisition of the state building <br />and related costs. <br />Receipt of the funding enables us to fulfill Senator <br />Umberg’s request to provide $1.5 million of direct <br />assistance to downtown businesses. <br />Page 15 of 18