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'REQUEST FOR COUNCIU <br />AGENCY ACTION l• f�� <br />MEETING DATE: `V v CLERK OF COUNCIL USE ONLY: <br />MAY 3, 2004 <br />PAYMENT TO EDUCATIONAL <br />REVENUE AUGMENTATION FUND AND <br />AN ORDINANCE AMENDING THE SIX <br />REDEVELOPMENT PLANS TO EXTEND <br />CERTAIN TIME LIMITS <br />J V `• <br />CITY MANAGER E UTIVE DIRECTOR <br />RECOMMENDED ACTION <br />CITY COUNCIL ACTION <br />L. Adopt an ordinance extending time <br />redevelopment plans and extending <br />increment to repay indebtedness by <br />APPROVED <br />❑ <br />As Recommended <br />❑ <br />As Amended <br />❑ <br />Ordinance on 1 st Reading <br />❑ <br />Ordinance on 2nd Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />limits on the effectiveness of the <br />the time limit on the use of tax <br />one year. <br />2. Approve an appropriation adjustment transferring funds from the Low <br />and Moderate - Income Housing Fund to redevelopment project area funds <br />to make the necessary payment to the County Educational Revenue <br />Augmentation Fund as required by legislation implementing the <br />California State Budget for FY 2003 -2004. <br />COMMUNITY REDEVELOPMENT AGENCY ACTION <br />Adopt a resolution finding that borrowing $1,830,569 in Housing Set -Aside <br />Funds to make the FY 2003 -2004 payment to the Educational Revenue <br />Augmentation Fund is necessary due to the insufficiency of other revenue <br />sources. <br />3 <br />