09/19/2000 RA RPT 04 - Laserfiche WebLink

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& CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor & Agency Members Date: Item No.: September 19, 2000 4 Subject: Approval of Agreement Between the County of Riverside and the City of Riverside Redevelopment Agency to Install Public Improvements in the Community of Arlington Background On June 22, 1999, at a joint meeting of the City Council and Redevelopment Agency, the City Council approved a Memorandum of Understanding ("MOU") with the County of Riverside for participation in economic development of the newly expanded Arlington Redevelopment Project Area resulting from the closure and subsequent sale of the former Riverside General Hospital property. The objective of the MOU was to provide a mechanism for the County's voluntary participation in the economic revitalization of the Arlington area by offering to transfer $200,000 from the sale of the hospital property to the City to help stimulate the effective redevelopment of the Arlington Community. The funds were intended to be used specifically for public improvements and related economic development and marketing efforts in the Arlington community. At the same joint meeting, the Agency Board authorized staff to establish the appropriate Agency revenue account for the purposes of receiving the funds. Current Issue Since approval of the MOU, the Arlington Project Area Committee ("PAC") has met to discuss various proposed projects and programs for use of the funds. With input from the Arlington Community Committee and community members, the PAC approved a list of recommended capital improvement projects for County review and consideration. The County responded with the attached Agreement between the County and Agency providing for release of the funds. The Agreement also designates the eligible public improvements for use of the funds, attached as Exhibit "A" to the Agreement. Within thirty (30) days of the execution of the Agreement by both parties, the County agrees to transfer $200,000 to the Agency to install the public improvements. The Agreement further provides that the funds must be expended no later than December 31, 2003. Analysis Four projects are listed on Exhibit "A" to the Agreement as eligible public improvements, and the $200,000 in funds may be used for any of the listed projects, or combination thereof. The Project Area Committee will continue to meet and make recommendations to the Agency Board, with input from the Arlington community, on actual project designation and expenditures. Fiscal Impact While there is no fiscal impact associated with receiving the $200,000 funding from the County, with effective use, the funds could be leveraged with other funding sources, such as CDBG or grants, to ensure a highly visual, quality public improvement project in the Arlington area. Alternatives The Agency could choose not to approve the attached Agreement or seek to modify the Agreement in any number of ways as may be deemed appropriate; however, this would delay the release of the funds. 4-1