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REQUEST FOR <br />AGENCY ACTION <br />AGENCY BOARD MEETING DATE: <br />MARCH 3, 2008 <br />TITLE: <br />PUBLIC HEARING - <br />MID- TERM REVIEW AND AMENDMENT OF <br />THE 2005/2006 - 2009/2010 FIVE - <br />YEAR IMPLEMENTATION PLAN <br />EXEC4TIVE DIRECTOR <br />RECOMMENDED ACTION <br />AGENCY SECRETARY USE ONLY: <br />rnohonl ; At &fez <br />APPROVED <br />CONTINUED TO <br />FILE NUMBER <br />1. Receive public comment on the Community Redevelopment Agency's Five - <br />Year Implementation Plan. <br />2. Supplement the Implementation Plan to incorporate the time limits <br />required by SB437. <br />DISCUSSION <br />In 1993, the State Legislature adopted AB 1290, which includes a <br />provision mandating that all redevelopment agencies adopt a five -year <br />implementation plan. The law also requires that each agency hold a <br />public hearing no earlier than two years and not later than three years <br />after the adoption of the Implementation Plan to review the redevelopment <br />plan and corresponding implementation plan. The Agency has separate <br />redevelopment plans for each of the six redevelopment project areas which <br />were merged for financial purposes. As permitted by the California <br />Community Redevelopment Law, the Agency has one combined Implementation <br />Plan for the Merged Project Area. The Agency approved the current <br />2005/2006 through 2009/2010 Five -Year Implementation Plan in May 2005. <br />The following elements are included in the Plan: <br />• Specific goals and objectives for the Merged Project Area. <br />• Specific programs, including potential projects, with estimated <br />expenditures over the five -year period. <br />3 -1 <br />As Recommended 1-6 <br />As Amended <br />❑ <br />Ordinance on 1s` Reading <br />❑ <br />Ordinance on 2nd Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Receive public comment on the Community Redevelopment Agency's Five - <br />Year Implementation Plan. <br />2. Supplement the Implementation Plan to incorporate the time limits <br />required by SB437. <br />DISCUSSION <br />In 1993, the State Legislature adopted AB 1290, which includes a <br />provision mandating that all redevelopment agencies adopt a five -year <br />implementation plan. The law also requires that each agency hold a <br />public hearing no earlier than two years and not later than three years <br />after the adoption of the Implementation Plan to review the redevelopment <br />plan and corresponding implementation plan. The Agency has separate <br />redevelopment plans for each of the six redevelopment project areas which <br />were merged for financial purposes. As permitted by the California <br />Community Redevelopment Law, the Agency has one combined Implementation <br />Plan for the Merged Project Area. The Agency approved the current <br />2005/2006 through 2009/2010 Five -Year Implementation Plan in May 2005. <br />The following elements are included in the Plan: <br />• Specific goals and objectives for the Merged Project Area. <br />• Specific programs, including potential projects, with estimated <br />expenditures over the five -year period. <br />3 -1 <br />