PURPOSE

The purpose of this report is to provide information to the Redevelopment Agency Board to consider adoption of the Implementation Plan for the Golden State, City Centre, West Olive and South San Fernando Redevelopment Project areas for Fiscal Years 2004/05 � 2008/09.

BACKGROUND

The Community Redevelopment Law Reform Act of 1993 (AB 1290) required redevelopment agencies to adopt a Five-Year Implementation Plan by the end of 1994 and every five years thereafter, with a mid-term review between the second and third year. On December 19, 1999, the Redevelopment Agency of the City of Burbank (Agency) adopted a new Five-Year Implementation Plan for the Golden State, City Centre, West Olive, and South San Fernando Redevelopment Project Areas for the years 2000-2004.  A mid-term review was completed in 2002.  As required by law, the Agency has prepared an Implementation Plan for Fiscal Years 2004/05 � 2008/2009.

DISCUSSION

The overall purpose of the Implementation Plan (�Plan�) is to draw a clear connection between the Agency's projects and the requirement under Redevelopment Law to eliminate blight and to achieve housing policies. The Plan monitors the progress of the Agency in carrying out the specific goals and objectives of the prescribed five-year period.  The Plan also identifies the funding source for the proposed activities.  However, the Plan is a planning tool rather than a budgetary or audit tool and any specific projects or programs mentioned will be presented to the Agency Board for subsequent consideration as appropriate.

The Plan contains information on the background on each project area and five year objectives on how the Agency will address conditions of remaining blight and fulfill the long-term goals of the redevelopment plan.  The Plan describes the relationship of the five year program to long-range goals.   

The substantive changes to this Implementation Plan (as opposed to the 2000 � 2004 Plan and the mid-cycle Update) results from incorporating the recommendations from the Agency appointed Blue Ribbon Task Force on Affordable Housing.  In order to localize affordable housing goals and objectives through community outreach, in April 2002, the Agency appointed a Blue Ribbon Task Force on Affordable Housing charged with taking a comprehensive look at the City�s affordable housing needs and providing recommendations to increase Burbank's stock of affordable housing.   The Task Force took a comprehensive look at Burbank�s affordable housing needs and developed a consensus report recommending implementation of a series of 16 housing programs.  Following is a list of the goals and implementing programs developed by the Task Force.

q       Create community in conjunction with housing

�      Program: Integrate community-serving uses with housing development

�      Program:  Encourage sustainable building practices

q       Encourage balance and variety in housing

�      Program: Adopt inclusionary zoning to integrate affordable units within market rate developments

�      Program:  Implement an affordable housing incentives ordinance

q       Facilitate mixed-use and in-fill development

�      Program:  Site assembly and reuse of existing structures in Downtown for mixed-income development

�      Program:  Site assembly along commercial corridors for residential in-fill

�      Program:  Adopt mixed-use zoning standards, including live/work options and standards for small lot development

�      Program:  Acquire scattered vacant residential sites/distressed properties for in-fill development

q       Preserve existing affordable housing

�      Program:  Buy-down of debt on existing apartment buildings in exchange for affordability covenants

�      Program:  Pursue additional allocation of Section 8 housing vouchers

q       Sustain and strengthen neighborhoods

�      Program:  Continue acquisition/rehabilitation activities in focus neighborhoods

�      Program:  Continue single-family and multifamily rehabilitation assistance

q       Expand homeownership opportunities

�      Program:  Site assembly for development of mixed-income homeownership

�      Program: Homeownership assistance to low and moderate-income purchasers

q       Promote affordable and accessible housing to special needs populations

�      Program:  Provide housing for special needs populations, including the disabled, large families, single-parent households, seniors and victims of domestic violence.

�      Program:  Extend financial assistance to property owners and tenants for accessibility improvement sin existing rental housing

The City Council received the report from the Task Force, endorsed the findings and has directed staff to incorporate these goals and programs into the City�s affordable housing strategy.  These Task Force recommendations along with the broader goals from the City�s Housing Element establish the framework for the Implementation Plan housing activities.

Furthermore, the Plan includes the goals and specific program objectives adopted as part of Burbank's 2000-2005 Housing Element. The 2000-2004 Implementation Plan housing goals were originally based on the City�s 1989 Housing Element.  The Housing Element is expected to be updated in 2006 and at that time the Agency Board may consider updating the Plan.  For now, the Plan includes a number of housing goals and objectives included in the existing Housing Element, including the development of a varied housing stock by adding new housing types, such as small lot development and live/work lofts; and the maintenance and encouragement of homeownership by expanding, for instance, the Homebuyers Program, as well as constructing in-fill housing.

Components of the Plan

The Implementation Plan is composed of two fundamental components, a Commercial Redevelopment Component that addresses the general Agency programs, including capital improvements, economic and business development programs, and a Housing Component providing information about the Agency�s housing program including inclusionary housing and replacement housing obligations.

Redevelopment Component

During the last calendar year, the Redevelopment Agency merged the Golden State, City Centre and South San Fernando Redevelopment Project Areas creating the Burbank Merged and Amended Project Area.  The merger became effective on December 4, 2004.  While technically the three project areas became one, each still maintains its separate Redevelopment Plan, therefore, as the Agency moves forward with its revitalization efforts, it will continue to respond to the unique characteristics and needs of each respective Project Area Redevelopment Plan, and will continue to refer to each of the three areas separately.

The merger will allow the Agency to cross-collateralize revenues from these three Project Areas, providing flexibility to direct redevelopment funds to the areas, project and programs most in need.  For purposes of the Implementation Plan, activities for each of the four Redevelopment Project Areas are presented separately as each Project Area still has its own, separate Redevelopment Plan.

The Agency�s goals and objectives for the Project Areas spanning the Plan�s five-year period include but are not limited to:

• Eliminate and prevent the spread of conditions of blight through the conversion, rehabilitation, renewal and redevelopment of the project areas to the extent permitted by law and each redevelopment plan; 

• Recycle and/or redevelop underutilized parcels to accommodate higher and better economic uses while enhancing the City�s financial resources through new Redevelopment projects;

• Foster business recruitment, retention and enhancement activities to maintain existing, viable businesses and to attract new uses, as appropriate, to the project areas;

• Promote new and continuing private sector investment to the project area to prevent the loss of and to facilitate the capture of new commercial and industrial activities;

• Improve substandard public infrastructure systems, and provide for the installation of new pubic infrastructure to meet the requirements of expanding business and new development in the project areas;

• Facilitate business expansion and economic development by providing assistance to and working with potential developers;

• Facilitate development of a utility undergrounding program; and 

• Develop and implement wayfinding signage programs including a parking management and maintenance plan that includes �smart parking� technology in pubic parking structures.

These goals and objectives can be achieved through programs, projects and expenditures anticipated for the five year period. Some of these could be achieved by the following:

• Business Retention and Expansion Programs;

• Commercial Rehabilitation Loan Program/Downtown Tenant Assistance Program;

• Public Facilities and Improvement Programs;

• Parking Management Programs; and

• Street Beautification and Wayfinding Programs.

The Agency will use these goals, objectives, programs, potential projects and expenditures to eliminate blight, which is manifested in the following forms:

• Depreciated or stagnant values, high business vacancies, impaired investments;

• Obsolescence, deterioration, and defective design and character of physical construction, substandard design;

• The existence of inadequate public improvements, and utilities which can not be remedied by private or governmental action; and

• Lots of irregular form, shape, and inadequate size for proper usefulness and development.

The following section highlights only a few of the Agency�s activities and accomplishments (a more comprehensive list is included in the attached Plan) completed within the last five years within each Project Area.

Golden State

• Completed the first steps of the public infrastructure improvements associated with the new Burbank Empire Center, a mixed-use project on 103 acres of former Lockheed property, including property acquisition required for the Five Points realignment and bridge widening project, and facilitated clean-up of the contaminated site.

• Completed the first phase of the Empire Avenue Beautification project that includes landscaped medians and intersection improvements along Empire Avenue from Victory Place to Buena Vista Avenue.

• Funded other infrastructure improvements such as the Golden State Reclaimed Waterline and improvements to Robert Gross Park. 

• Continued economic development efforts such as business attraction activities including working with Overture Yahoo! to relocate to the project area.

City Centre

• Phase I of the Burbank Entertainment Village was completed and includes a 16-screen, 4,200 seat, state-of-the-art-movie-theater with stadium seating and approximately 35,000 square feet of stores and restaurants.

• Staff continued to work with Crown Development, the mall owner, on several leasing and renovation ideas in order to enhance the performance of the mall.  As part of the renovation effort, the mall was recently renamed the Burbank Town Center, the building fa�ade along Magnolia Boulevard was changed and several new tenants have been secured such as P.F. Chang�s and Pomodoro restaurants.  In addition, Bed Bath and Beyond will begin tenant improvement work on the ground floor early next year.  The store is expected to be complete in June of 2005.

• A Property-based, Business Improvement District (PBID) was formed to work on the revitalization of Downtown Burbank.  Concentrated marketing and promotion efforts have been taking place to attract people to the area.

• In the process of implementing a wayfinding signage program that will help guide visitors off the Interstate 5 Freeway, help shoppers navigate to the major destinations in Downtown and direct traffic toward the public parking structures.  The signage program is expected to be complete in January 2005.

• The development of Opportunity Site No. 2 (the �old police block�) is underway with the Burbank Village Walk project that will include 14,000 square feet of commercial space and 140 for-sale condominiums; including 14 affordable units to moderate-income households.  Anticipated completion is late 2005.

• The second development on Opportunity Site No. 2 is also underway with the Burbank Civic Plaza � an 80,000 square foot office building across the street from City Hall, expected to be complete in April 2005.

• The AMC Phase II project (The Collection by Champion Development) was successfully negotiated and approved on November 23, 2004.  It is a mixed-use project that includes 118 for-sale condominium units over approximately 50,000 square feet of first floor retail/restaurant uses.

West Olive

• As part of the SR-134 on and off ramp project, the Agency funded the relocation of an electrical distribution facility.

• As part of the development of the south triangle site, the first phase of the Pinnacle project, Agency staff assisted with facilitating the development process.

• Assisting with the development process of the north triangle site which is still pending.

South San Fernando

• Completed the assemblage of two acres of land along the 600 block of South San Fernando Boulevard for development of a community park facility to be named Robert Ovrom Park. 

• Plans are being finalized for the South San Fernando Streetscape project which includes streetscape improvements including a proposed landscaped median along the San Fernando Boulevard corridor from Verdugo Avenue to Alameda Avenue.

• Staff worked on several Economic Development efforts including business retention and expansion with the assistance to Westwind Media.  Westwind Media is a post-production company, dealing primarily in video and audio editing.  Westwind has expanded its facilities, which will result in blight elimination, increased tax increment revenue to the Agency, and roughly 40 more high-paying jobs for the area.

Housing Component

The Housing Component sets forth how the Plan�s goals and objectives for housing preservation and production will be met and how the statutory requirements for the Low Moderate-Income Housing Fund (LMI) and expenditure of tax increment for housing purposes will be fulfilled. The primary elements to the Housing Component are as follows:  Inclusionary Housing; Replacement Housing; and administering the Agency�s Affordable Housing Trust Fund.

Inclusionary Housing (Section 33413(b))

Redevelopment Law mandates that 15 percent of all non-Agency developed housing (or 30 percent for Agency-developed housing) within a Redevelopment Project Area be affordable to low and moderate income households, 40 percent (or 50 percent for Agency developed projects) must be affordable to very low income households. (For example, if 100 units are privately constructed within a Project Area over a 10 year period, State inclusionary obligations would require 15 units to be affordable to low and moderate-income households, six of which would be affordable to very low-income households.)  Under the Plan, an Agency is to set forth the following estimates.

• Estimate of the number of units to be newly constructed with or without Agency assistance, and units to be substantially rehabilitated with redevelopment agency assistance within each Redevelopment Project Area.  Estimate must be provided for a ten year period and for life of Redevelopment Plan.

• Estimate of the number of very low and low/moderate income units to be developed or substantially rehabilitated to fulfill any outstanding and projected future inclusionary housing production obligation.

Redevelopment agencies are required to meet inclusionary housing obligations every ten years, beginning with the first Implementation Plan period 1994-2004. Currently, the Agency has a surplus of 288 affordable units (created with the development of the Pacific Manor and Media Village projects), which can be applied to future inclusionary housing obligations.  These two projects provided 310 affordable units including 195 very low income units.  The Media Village project only required 22 affordable units, nine of which were required to be designated for very low-income households.  Once the 22 required units are subtracted from the 310 total, the Agency has a surplus of 288 affordable units; including 186 very low income units.

There are four projects that are in different levels of approval and development including the:

• 141-unit Senior Artist Colony that is under construction and expected to be completed in February 2005;

• 18-unit Independent Living Facility that broke ground in November 2004 and expected to be completed in late 2005;

• 33-unit San Fernando Walk project on the former Lance site; and

• 140-unit Burbank Village Walk project that is under construction and scheduled for completion in late 2005.

These four projects will generate an inclusionary housing obligation of 50 units, including 20 very low-income units.  While the Agency is assisting each of these projects to provide 84 affordable units, these units will be credited toward the Agency�s future replacement housing obligation rather than toward the inclusionary housing obligation for several reasons.  The Agency will continue its practice of encouraging Project Area residential development to integrate affordable units to meet future inclusionary housing obligations.   The Agency has an adequate surplus of inclusionary units now.  Even if no more inclusionary units were developed, over 1,500 residential units would have to be constructed inside Project Areas before the Agency exhausted its current surplus of inclusionary units.  At the same time, Burbank is a built-out community that often results in the loss of units when developing residential projects.  This has even occurred with acquisition�rehabilitation projects by the Burbank Housing Corporation, where units have been lost due to use conversion (development of activity centers) or   demolition (e.g., Peyton-Grimmer).  Consequently, the 84 affordable units would better serve the Agency�s future needs by counting towards the replacement housing obligation.

Therefore, the 50-unit inclusionary obligation generated from these four projects is deducted from the Agency�s 288 �banked� inclusionary units, resulting in a future surplus of 238 units.  Based on the existing Agency assisted development, the Agency has already provided more than sufficient inclusionary units to offset anticipated obligations. (For a detailed description on inclusionary housing obligations and units provided, please refer to Section IV D in the Plan.)

Replacement Housing (Section 33413(a))

This section of the law states that �whenever dwelling units housing persons and families of low or moderate income are destroyed or removed from the low-and moderate-income housing market as part of a redevelopment project, which is subject to a written agreement with the redevelopment agency or where financial assistance has been provided, the agency shall within four years of the destruction or removal, rehabilitate, develop or construct or cause to be rehabilitated developed, or constructed, for rental or sale to persons and families of low or moderate income an equal number of replacement dwelling units, which have an equal or greater number of bedrooms as those destroyed or removed units at affordable housing cost.�

Prior to January 2002, agencies were only required to make 75% of the replacement units affordable. Pursuant to AB 637, effective January 1, 2002, 100% of the replacement units must be affordable and occupied by households in the same or lower income category as the households displaced from the removed units.  Furthermore, the law now requires affordability covenants on the replacement units to remain in effect for a minimum of 55 years for rental units and 45 years for ownership units.  SB 701 adopted September 2002, clarified the terms of  AB 637 in terms of the Implementation Plan requirements.  This clean�up legislation specifically states that the next five year Implementation Plan adopted by the Redevelopment Agency must identify how the requirements will be met between 2002 and 10 years following the Implementation Plan�s adoption (in 2004), which in Burbank encompasses the period between 2002-2014. 

The Agency has an active history in the creation of affordable housing which can be used to offset both its existing and future replacement housing obligations. Since 1985 with the development of Wesley Towers, the Agency has created 365 replacement units and expects to generate an additional 88 replacement units as a result of approved and under-construction Agency assisted projects (in addition to the 84 units previously mentioned, there are 4 units being created outside of the project areas).  With these additional replacement units, the total will increase from 365 units to 453 units.  Records indicate that since 1994, the Agency has removed 97 units and anticipates the removal of an additional 4 units, for a total of 101 lost units. Subtracting the number of lost units from the created units, a grand total of 352 surplus replacement units remain. (For a detailed description on replacement housing obligations and units provided, please refer to Section IV E in the Plan.)

Low Moderate-Income Housing Fund (Section 33334.2, 33334.4 and 33334.6)

This section of the law requires the Plan to include a summary of the Low and Moderate-Income Fund.  The law requires a summary of the beginning LMI fund balance, plus the estimated annual deposits, projected for each of the five years.   In addition, the Plan includes estimated costs associated with the proposed housing projects and programs, including a cost breakdown of units to be newly constructed, rehabilitated and price-restricted.

Housing Goals of the Implementation Plan

In addition to the Blue Ribbon Task Force on Affordable Housing goals and programs, the Agency�s housing goals and objectives identified in the Plan include the following goals from the Housing Element (partial list):

• Provide housing opportunities for all income groups without discrimination based on race, religion, ethnicity, sex, age, marital status, sexual orientation or household composition;

• Promote housing opportunities at prices affordable to all economic segments of the community;

• Maintain and encourage homeownership; and 

• Increase the number of day care and after-school achievement centers developed through neighborhood revitalization efforts, such as the Burbank Housing Corporation Childcare Facility at the Cottages development and Elmwood Achievement Center, also operated by the Burbank Housing Corporation.

These goals and objectives can be achieved through programs, projects and expenditures anticipated for the five-year period. Some of these could be achieved in several ways.

• Utilize the Agency�s LMI fund for construction of affordable housing as appropriate sites become available.

• Continue to encourage and facilitate the development of new affordable housing in proportion to community needs.

• Strengthen residential neighborhoods, maintain existing housing stock, and increase number of affordable units through rehabilitation loan program and acquisition/rehabilitation activities.

• Provide service enriched housing by incorporating programs such as day care and achievement centers in neighborhood revitalization projects.

• Provide homeownership opportunities for moderate income buyers.

Agency housing activities and accomplishments since the adoption of the last Plan include the following projects.

• Burbank Cottages and Children�s Center (previously, Childcare Demonstration Project). The Agency collaborated with M. David Paul & Associates in the construction of 20 single-family detached dwellings in the Golden State focus neighborhood. Ten of the units were restricted to moderate-income households and the remaining units sold at market rate.  The project also includes an 8,600 square foot childcare facility and playground designed to accommodate 92 children.  The Burbank Housing Corporation is the owner of the center and administers its operation.  Since its opening in March 2004, the center is at 82% enrollment rate. 

• The Independent Living Facility also known as the Burbank Accessible Apartments held a ground breaking ceremony in November 2004.  The project, at 600 South San Fernando Boulevard, will include the development of an 18-unit very low-income independent living facility for disabled persons.  The complex is expected to be completed in late 2005.

• The Senior Artists Colony is under construction at the southeast corner of San Fernando Boulevard and Verdugo Avenue.  The 141-unit, senior rental housing project will be available for persons 55 years of age and older. The project is under construction and is anticipated to be complete in January 2005 with tenants moving in February 2005.

• The San Fernando Walk Project (at the former Lance site) received final project approval in July 2004.  The Olson Company will develop 33 attached townhome units on this site.  Thirty percent of the for-sale units (10 units) would be made affordable to moderate-income households and the remaining 23 units would be sold at market rate prices. This project will begin construction next year and is scheduled to be complete in Fall 2006.

• The Redevelopment Agency collaborated with Montage Development for the construction of the Riverside Drive Housing Development.  The project included 20 for-sale attached units in the Rancho Neighborhood. Ten of the units were restricted to moderate-income households and the remaining units sold at market rate.

• The Burbank Village Walk is located on the block bounded by Olive Avenue, Third Street, Angeleno Avenue and San Fernando Boulevard and is under construction.  The Agency assembled the 3.4 acre site for a mixed use development project consisting of approximately 14,000 square feet of commercial office and retail space and 140 for-sale condominiums.  The residential component is being developed by the Olson Company.  Ten percent (14 units) of the condominiums will be affordable to moderate income households, with the balance of units sold at market rate.  The estimated completion date is late 2005.

Acquisition and Rehabilitation Activities in Focus Neighborhoods

The Burbank Redevelopment Agency has a very active affordable housing program.  Of particular importance, is the Agency�s effort in concentrating funds and resources in targeted or �Focus Neighborhoods.�  The goal of these concentrated efforts is to make the greatest contribution in residential neighborhoods where affordable housing is most needed.  Since 1997, Burbank has implemented a pro-active program of neighborhood revitalization with the specific intent of providing affordable housing to targeted neighborhoods beginning with the Elmwood revitalization project.  Since the last Plan adoption, the Focus Area Neighborhood Revitalization program has expanded dramatically to include four areas.  They are:

�        Elmwood

�        Golden State Beautification Area

�        Verdugo-Lake

�        Peyton/Grismer

These neighborhoods were selected because of the socio-economic demographics of the area and the household and housing stock characteristics.  These neighborhoods have:

�      A higher percentage of renters vs. owners than the rest of the City;

�      Larger household sizes, particularly among renters;

�      Significantly greater percentage of population under 18;

�      Lower household incomes and higher percentage of persons in poverty;

�      Lower educational attainment;

�      Higher renter overcrowding;

�      Higher renter overpayment; and

�      In the Golden State and Elmwood neighborhoods, a high percentage of linguistic isolation.

Source:  2000 Census Data

In addition, police records indicate these focus neighborhoods get more calls for service than the rest of the City.  The most prominent incidents are gang-related incidents and graffiti, loud disturbances and parking problems.

The Program entails a focused multi-faceted approach to improving designated neighborhoods.  For the most part, properties have been acquired as opportunity purchases within the focus neighborhoods to increase the supply of affordable, rental housing.  Within each focus neighborhood, a concerted effort has been made to include the development of activity centers aimed at providing a service-enriched environment, as part of an overall effort to upgrade living conditions in focus neighborhoods. 

Since 1997, the City and Redevelopment Agency utilizes Redevelopment Set-Aside funds, HOME and CDBG funds to assist the Burbank Housing Corporation (BHC) to acquire, rehabilitate and manage rental properties as long-term affordable housing.  In exchange for Agency and City assistance, covenants are placed on properties acquired by BHC to ensure long-term affordability and strong property management.  To date, BHC has acquired 17 properties and provides 201 affordable housing units.  At least one project in three of the focus neighborhoods has involved increasing the number of bedrooms for some units to better accommodate large families (5+ members).

Residential Rehabilitation Loan and Grant Programs

Using the Agency�s LMI funds, this program provides rehabilitation financing to residential property owners.  The program includes: (a) single-family deferred loans up to $35,000 with a 3% interest rate to lower and moderate-income owner-occupants that postpones payment until the property is conveyed; b) rental rehabilitation loans up to $25,000 per unit (single and multi-family) with a 3% interest rate that is deferred and forgiven gradually during a 15-year affordability period in exchange for 25 percent of the units being affordable to lower-income households; and c) grants up to $7,500 to very low-income owner-occupants for minor rehabilitation to single-family dwellings that include handicapped accessibility improvements.  Agency staff continues to market the new program parameters to the property owners in the Focus Neighborhoods.

Homebuyer Program

The City of Burbank's Homebuyer Mortgage Assistance Program (MAP) will be better designed to assist qualified low and moderate income families with the monies necessary to bridge the gap between the mortgage amount a homebuyer can qualify for and the actual purchase price of a single-family detached home, townhouse, or condominium in Burbank. The existing program is currently being revised to reflect market conditions.  A revised program is expected to go before the Agency Board after the first of the year.

The Agency also assists homebuyers through Silent Second Trust Deeds on Agency-assisted developments.  The Agency works with developers to provide assistance to moderate income homebuyers in conjunction with development of Agency-assisted housing.  In several recent Agency assisted projects such as the Burbank Cottages, the Burbank Village Walk and the South San Fernando Walk project, the Agency provided silent second trust deeds in order to close the affordability gap for moderate-income purchasers.  The cost associated with these second trust deeds are incorporated with the total Agency assistance to each development and are therefore not identified as a separate program. 

CONCLUSION

The purpose of this report is to provide the Agency information to consider adoption of the Plan.  The proposed Plan meets all legal requirements and details current Agency polices.  The Plan represents an accurate description of the programs intended to be undertaken by the Agency during the Plan period.  The Plan establishes a nexus between Agency goals, objectives, programs and activities; and the purpose of redevelopment, which is to eliminate blight and to provide affordable housing.  It is not the intent of the Plan to restrict Agency activities to the goals, objectives, programs and expenditures outlined herein, since conditions, values, expectations, resources and the needs of the community may change over the course of the Plan. 

The Agency is required to review and evaluate the Plan between the second and third year of the Plan�s five-year term.  At this time the Agency can revisit its goals and objectives and what projects will be undertaken in the remaining duration of the Plan.  Furthermore, the Agency has the flexibility to undertake a comprehensive policy review and amend the Plan at any time in the future.  Adoption of the Implementation Plan in its present form does not prohibit the Agency from amending the Implementation Plan as policy and program objectives change.

Community Redevelopment Law requires that the Implementation Plan be considered at a noticed public hearing.  The hearing has been noticed in conformance with all legal requirements.  In addition, a copy of the draft Implementation Plan for Fiscal Years 2004/05 � 2008/09 has been available for review at the City Clerk�s office and the Housing and Redevelopment Division office located at 141 N. Glenoaks Boulevard. 

FISCAL IMPACT

There is no fiscal impact associated with this report.

RECOMMENDATION

Staff recommends that the Agency adopt the resolution approving the proposed Implementation Plan for Fiscal Years 2004/05 � 2008/09 for the Golden State, City Centre, West Olive and South San Fernando Redevelopment Project Areas.

EXHIBITS

Exhibit A         Implementation Plan for the Golden State, City Centre, West Olive, and South San Fernando Redevelopment Project Areas for Fiscal Years 2004/05-2008/09