09-14-2004 CC RPT 02 - Laserfiche WebLink

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People Serving People Riverside CITY OF RIVERSIDE HONORABLE MAYOR, CITY COUNCIL and REDEVELOPMENT AGENCY DATE: September 14, 2004 ITEM NO: 2 SUBJECT: JOINT WORKSHOP TO REVIEW AND APPROVE REDEVELOPMENT DIVISION PROJECT PRIORITIES; REQUEST APPROVAL OF 2.0 FTE CONTRACT PROJECT MANAGER POSITIONS TO THE REDEVELOPMENT DIVISION FOR TWO-YEAR TERMS TO STAFF DOWNTOWN-SPECIFIC DEVELOPMENT PROJECTS - Supplemental Appropriation BACKGROUND: The City Council / Agency Board are conducting a joint workshop to review the Development Department's Economic Development and Redevelopment priorities and strategies. Information designed to assist the Council/Agency in the workshop is being provided through the attached Redevelopment Investment Strategy, and will also be presented by staff at the time of the workshop. REDEVELOPMENTINVESTMENTSTRATEGY: The City of Riverside has established nine distinct geographic areas as focal points for redevelopment activities. Because of the unique character of each of these areas, the Agency has focused its project strategies around the needs and opportunities of each of the areas. The attached Investment Strategy is intended to provide the Council/Agency with a mechanism for prioritizing project choices, balanced against the financial resources and staffing needs. DOWNTOWN RESOURCE ALLOCATION: Downtown Riverside has long enjoyed a special position as the civic, cultural, and institutional center of the city. As currently drafted, Investment Strategy suggests that the Redevelopment Division's project priorities not only continue this emphasis, but direct both financial and staff resources to specific development accomplishments over the next several years. The list of Downtown priorities identified in the Investment Strategy will increasingly depend upon expanded financial resource leveraging. Although the Agency has traditionally looked to state and federal grants as a means of leveraging its local tax increment and bond funds in order to stimulate private investment, additional leveraging in tandem with city funding sources, such as general or enterprise funds, will be required to achieve the suggested project priorities. The other resource issue to be addressed is that of staffing. Development projects are labor intensive in their management. Downtown staffing, which has been centered around the premise of a single Downtown Development Manager as the point person for both development strategy and project implementation, is proving inadequate. To achieve the suggested project priorities in Downtown, it is essential that the Agency dedicate staffing specifically to the development projects. The suggested allocation is as follows: 1.0 FTE Contract Project Manager: 1.0 FTE Contract Project Manager: Market Street Development Initiatives Class "A" Office Development Initiatives Both commitments of staffing are suggested for initial two-year durations. 2-1