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MEMORANDUM ~ ~ To: City Manager Date: May 31, 2005 From: Executive Director Community Development Agency ,Subject: COMMUNITY DEVELOPMENT AGENCY 2005-2006 PROPOSED ANNUAL BUDGET We are pleased to present the Community Development Agency's FY 2005-2006 budget for your review. The Agency's overall budget has decreased by 1.3% due mainly to a decrease in the Federal Empowerment Zone allocation, and a decrease in the overall interest earnings. In the 2005-2006 fiscal year, the principal effort of the Community Development Agency will be focused upon the expansion and improvement of the City's business, industrial, and residential stock to the extent resources are available to effectuate this effort. The proposed budget reflects the Agency's commitment to neighborhood improvements with $6,816,950 dedicated to residential improvements via loans and grants. The Agency continues to encourage and facilitate the enhancement of underutilized substandard areas of the City and to support neighborhood associations to ensure the long-term commitment, investment, and stabilization of neighborhoods. The Agency's expected accomplishments in the 2004-2005 fiscal year are highlighted as follows: FY 2004-2005 ACCOMPLISHMENTS · Completed the zone change to include the expansion area for the auto mall and secured approval of DDA for BMW expansion and commenced construction. · Coordinated with the Building and Plaming Agency to initiate the specific plan for the Santa Ana Blvd. development area. . Implemented a multi-agency cooperative approach to addressing the jobslhousing imbalance for Santa Ana through an Employer Assisted Housing program. . Initiated the expansions of Bowers Museum and Discovery Science Center. . Initiated negotiations with Steadfast for the land exchange to benefit the Bowers expansion. Resolution No. eRA 2005-003 Page 5 of 22