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REQUEST FOR ECONOMIC DEVELOPMENTAUTHORITY ACTION <br />Date:8/29/2016 <br />Item No.:8.a <br />Department ApprovalExecutive DirectorApproval <br />Item Description: Authorize Transfer of Fundsfrom Housing Preplacement/Single Family <br />Construction Program (Funds 720) account to the EDA General Operating <br />Account (723) to fund the 2016 Proactive Economic Development Priorities <br />B <br />ACKGROUND <br />1 <br />At the June 21Roseville Economic Development Authority(REDA)meeting Staff provided an <br />2 <br />outline of prioritiesderived from the survey the REDA completed. TheREDA discussedproactive <br />3 <br />economic development priorities as well as the resulting budget implicationsbut took no formal <br />4 <br />action to transfer funds in support of the identified priorities. What follows is an itemizedlist of <br />5 <br />funding priorities that were suggested for theremainder of 2016: <br />6 <br />7 <br />2016Proactive Economic Development <br />8 <br />Policy Development -$10,000 for the creation of a public financing policy/application <br />9 <br />Acquisition/Redevelopment Support-$10,000 for the development of an acquisition <br />10 <br />framework/policy <br />11 <br />Southeast Roseville Visioning and Engagement-$40,000 <br />12 <br />Retention Visitation Program-$6,500 <br />13 <br />Market Research -$15,000 <br />14 <br />15 <br />Total $81,500 <br />16 <br />17 <br />Staff is recommending the EDA formally transfer funds from the Housing Replacement/Single <br />18 <br />Family Construction Program (Fund 720) tothe EDA General Operating Account (723) to fund the <br />19 <br />2016 Proactive Economic Development initiatives of $81,500. <br />20 <br />21 <br />PO <br />OLICYBJECTIVE <br />22 <br />This transfer of funds isintended to address the EDA 723 operating budget and support the 2016 <br />23 <br />Proactive Economic Development Priorities. <br />24 <br />BI <br />UDGET MPLICATIONS <br />25 <br />The Housing Replacement/Single Family Construction Program (Fund 720) account balance as of <br />26 <br />April 5, 2016,was approximately $607,000. Funding the 2016Proactive Economic Development <br />27 <br />Priorities would reducethe fund by $81,500, which will result in a balance of approximately <br />28 <br />$525,500. <br />29 <br />Page 1of 2 <br /> <br />