PURPOSE

The purpose of this report is to present to the City Council the Annual Report of Financial Transactions of the Burbank Redevelopment Agency (Annual Report) and to request authorization to submit the Annual Report to the State Controller.

BACKGROUND

As required by California Redevelopment Law (Health and Safety Code Section 33080), a redevelopment agency must annually prepare for its legislative body's review an Annual Report and then submit a copy to the State Controller�s Office within six months of the end of the agency's fiscal year.  The Annual Report contains the following essential elements:

�        Fiscal Statement of Previous Year's Achievements

The Annual Report includes information about the amount of tax increment generated by each project area, the amount of indebtedness and other fiscal information.

�        Independent Financial Audit Report

The Annual Report will have attached the Comprehensive Annual Financial Report that includes the auditor's opinion of the Agency's operation, conformance with laws and administrative standards of the Agency, as well as the Agency's financial position.

�        Activities Affecting Housing and Displacement 

The Annual Report identifies agency activities during the reporting period that affect housing affordable to elderly and non-elderly households, who are very low, lower or moderate-income.  Information about these target populations includes, for example: the number of units removed from the market place (replacement housing requirements); the number of new or substantially rehabilitated units produced (inclusionary housing requirements); the number of agency-assisted units constructed, rehabilitated, acquired or subsidized during the prior year; a statement that the Agency accumulated no excess surplus; an estimate of the affordable housing projects to be developed; target populations to be displaced over the next two program years; and Low and Moderate-Income Housing Fund balances.

PROJECT AREA HIGHLIGHTS

During the 2004-2005 Fiscal Year, the Redevelopment Agency merged the Golden State, City Centre and South San Fernando Redevelopment Project Areas.  The merger was approved as a financial tool that will allow the �pooling� of tax increment funds for the three merged project areas.  The merger will allow the Agency more flexibility in using funds in the areas of greatest need.   The merger became effective on December 4, 2004.  Each Project Area, however, still maintains its own Redevelopment Plan, therefore, highlights of Redevelopment Agency activities during Fiscal Year 2004-2005 will be identified separately for each of the four Project Areas.

CITY CENTRE REDEVELOPMENT PROJECT AREA

In the City Centre Redevelopment Project Area, several projects and programs were initiated and in some cases completed. 

           Burbank Civic Plaza

v     The Burbank Civic Plaza celebrated its grand opening in July 2005.  The building consists of 71,000 square feet of office space, and 12,000 square feet of retail space comprising of Wells Fargo Bank and Kinko�s/FedEx. 

v     Burbank Village Walk, a mixed-use residential and retail project, is expected to celebrate its grand opening by December 2005.  Burbank Village Walk completed the first of three residential buildings in the reporting year.  The residential component will include 140 homes with 14 affordable units.  The 14,000 square feet of retail will include several restaurants; Wackano, a Japanese restaurant, and NYPD Pizza & Deli. 

v     During this reporting year, an Owner Participation Agreement was approved for Phase II of the Burbank Entertainment Village project (AMC), the Collection.  The Collection is planned to start construction in 2006 with an estimated completion date of early 2008.  Upon completion, the project will include 118 condos with 15 affordable units, 39,000 square feet of retail and restaurant space and over 700 parking spaces.

v     The Agency continued to work with the new Property-based Business Improvement District (PBID) on revitalization efforts in Downtown Burbank.  Several marketing efforts and special events � such as the Summer Concert Series, Taste of Downtown Burbank and the Fine Arts Festival � have been held in Downtown Burbank to attract people and revitalize the area. 

 Burbank Village Walk

v     A wayfinding signage program has been developed and installed that will help guide visitors off the Interstate 5 Freeway, assist shoppers navigate to the major destinations in Downtown, and direct traffic toward the public parking structures.   

v      The Agency continued to use the Downtown Tenant Assistance Program to fill critical vacancies in the Village District.  One loan that was approved to EQ3, a contemporary furniture store, which is projected to open in December 2005.                                                                              

GOLDEN STATE REDEVELOPMENT PROJECT AREA

The Golden State Project Area continues to evolve from industrial land uses to more office and media related uses.  Projects include:

v     Construction of Phase IV continues at the Media Studios North project.  Phase IV will include the construction of 180,000 square feet of office space. Upon completion in December 2005, Yahoo!/Overture will be occupying the building.       

Burbank Blvd. Streetscape Banners

v     Infrastructure improvements at the Five Points realignment project continue on schedule.  Phase II, the Bridge Widening project, is nearing completion and is scheduled for completion in December 2005.

v     Phase I of the Empire Avenue Transportation, Utility and Landscape project is complete (from Victory Place west to Buena Vista Street).  The project includes landscaped medians, enhanced crosswalks, reconstructed sidewalks, planters, and new street trees.  Improvements will take place along Empire Ave and will extend to the existing entrance to the Bob Hope Airport (west of Hollywood Way).  Phase II, from Buena Vista Street to the Bob Hope Airport entrance, is scheduled for 2006.                                                            

v     Conceptual plans for the Burbank Boulevard Streetscape project have been approved.  The project will include 2.2 miles of improvements along Burbank Boulevard from Clybourn Avenue ending at the Golden State Project Area at Victory Boulevard.  The improvements will include street banners, new parkway trees, a few small landscape medians, traffic improvements and an art-in-public places component. 

SOUTH SAN FERNANDO REDEVELOPMENT PROJECT AREA

Staff coordinated the development of several exciting residential projects (all with affordable housing components) within the South San Fernando Redevelopment Project Area and public infrastructure improvements that include:

Senior Artists Colony

v      In April 2005, the Senior Artists Colony held its grand opening.  This one-of-a-kind 141-unit senior housing facility was designed for seniors with interests in the arts.  Forty-three (43) of the 141 units were made available at affordable rents.  Programs will be coordinated utilizing amenities such as a 45-seat theatre, gallery space, two studios, and areas with a pool, health club, library and grassy area for outdoor activities such as Tai Chi. 

v     United Cerebral Palsy continues construction of an affordable rental housing project dedicated to individuals with developmental disabilities at 600 South San Fernando Blvd.  The project is expected to complete construction in Spring 2006.  United Cerebral Palsy is dedicated in providing affordable housing for disabled individuals who have only dreamed of independent life in the community while having support services readily available.  The complex will be the City�s first affordable housing facility available to low-income individuals with developmental disabilities.  The facility will feature a design concept called, �Universal Design.�  This concept goes beyond ADA requirements and focuses on making all homes visitable.  Visitability involves the most essential features of a home � getting in and out and through a home without having to overcome architectural barriers. 

v     Escrow closed on the Lance Site during the reporting year.  The property was sold to The Olson Company who will be developing the San Fernando Walk project, a 33-unit for-sale residential development.  Ten of the units will be made available to moderate-income households.  Construction started in July 2005 and is scheduled to be completed by December 2006.

WEST OLIVE REDEVELOPMENT PROJECT AREA

Within the West Olive Redevelopment Project Area, the Media District Specific Plan has established the framework for development and infrastructure improvements in the Project Area.  The Agency has focused on implementing transportation improvements, such as the State Route 134 Ramp Project. 

HOUSING ACTIVITIES

During the reporting year, several housing projects received final approval, commenced construction, and in some cases were completed.  In addition, staff continues to implement several housing programs that continue to increase the number of housing units available to very low, low and moderate-income households.  The following is a summary of the Agency�s housing activity.

v     As mentioned above in the Project Area Highlights section, several affordable housing projects were completed during the reporting year or are currently under construction.  The following table summarizes, by income category, the number of affordable housing units that will be available to very low, low and moderate-income households once all the projects are complete.

v     During the reporting year, under the Agency�s Residential Rehabilitation Program, 24 owner-occupied, single-family dwellings were rehabilitated totaling $580,990 in Agency loans.  A significant number of the assisted single-family homeowners met one or more special needs categories: six (6) were elderly households, and 11 were owned by a female head of household. 

v     Under the Home Secure Program (grants for security and safety devices), the Agency assisted 120 households; 62 were very low-income and 43 were low-income households.

v     The Agency continues to work with the Burbank Housing Corporation in   rehabilitating existing housing stock within the Focus Neighborhoods. 

o       A fifth neighborhood has been selected for revitalization efforts; the Lake-Alameda Focus Neighborhood.  Staff is identifying the issues and potential sites to revitalize in the neighborhood.

o       Rehabilitation of two properties within the Golden State Focus Neighborhood has been completed.  The completion of these properties created seven (7) affordable, rental units available to very low to low-income households.  In addition, the construction of an Activity Center for this neighborhood is underway and expected to be completed by the end of the year, and available to the residents of the neighborhood in January 2006.

o       The Peyton Grismer Housing Rehabilitation project continues to move forward for an anticipated total completion date of 2007.  The first building is expected to be completed in early 2006.  Once rehabilitation is completed on the entire site, the project will consist of 70 rehabilitated units, and the recently completed Activity Center and administrative offices of the Burbank Housing Corporation.  The Activity Center is expected to be available to residents by January 2006.  The goal of this and the other Activity Centers is to provide programs and activities that will have an emphasis on building healthier families, and to connect residents to the larger community.

o       In the last of the five Focus Neighborhoods, the Elmwood and Verdugo-Lake Focus Neighborhoods, staff has been working with the Burbank Housing Corporation on providing programs and activities for residents at each neighborhood Activity Center and neighborhood events such as the Verdugo Street Fair.

Finally, the Agency has been working on several other projects and programs including:

v     Working on economic development activities such as: Team Business programs; continuing parking improvements, marketing efforts, programs and special events for Magnolia Park; and working with the Burbank Boulevard Merchants Association to address issues such as traffic, safety, and parking;

v     Working on the rehabilitation of the former Buena Vista Library site to be used as a childcare and family resource center;

v     Continued coordination with the Public Works Department on the South San Fernando Boulevard Streetscape project;

v     Continued connecting the residents of the City�s five Focus Neighborhoods to the services and programs offered in the community through programs and activities at the several Activity Centers and through special events such as the Back to School event in the Peyton Grismer Focus Neighborhood and the Verdugo Street Fair mentioned above.

A copy of the Annual Report was available for public review beginning December 5, 2005 at the Burbank Redevelopment Agency's public counter at 141 North Glenoaks Boulevard, and the City Clerk�s office located at 275 E. Olive Avenue.

FISCAL IMPACT

There is no fiscal impact associated with this report.

RECOMMENDATION

Staff recommends that the City Council adopt the proposed resolution accepting the Fiscal Year 2004-05 Annual Report of Financial Transactions of the Burbank Redevelopment Agency, and authorize staff to file the Annual Report with the State Controller's Office.

EXHIBITS

Exhibit A �     Annual Report for Fiscal Year 2004-2005

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