Title
Subject: Educational Revenue Augmentation Fund Adjustment
From: Community and Economic Development Agency
Recommendation: Adopt An Agency Resolution Amending Resolution Number 01-85 C.M.S. To Decrease The Redevelopment Agency's Contribution Of The Additional 5% To The Low And Moderate Income Housing Fund By An Amount Sufficient To Provide A Proportional Share Of The Amount Required To Be Paid To The Educational Revenue Augmentation Fund (ERAF) In Fiscal Year 2008-2009, And In Fiscal Year 2009-2010 And Fiscal Year 2010-2011 If A Payment To The ERAF Is Required, And Reallocating $2,504,000 In Fiscal Year 2008-2009 ERAF Payments To Non-Housing Redevelopment Funds