Lodi's new redevelopment program, the Lodi Community Improvement Project, will have $2.9 million to spend on housing and other public improvements in its first three years, according to a proposed spending and business plan unveiled Tuesday by City Manager Blair King.
King showed the Lodi City Council his spending proposals for the 2009-2010, 2010-2011 and 2011-2012 fiscal years, which include $715,000 in housing assistance and $2.2 million for economic development in the LCIP, which includes most of Lodi from Sacramento Street to the east city limits.
Lodi would not borrow any money or raise taxes to support the projects, all of which would be funded through a provision in state law that allows cities to keep a higher percentage of property taxes within redevelopment project areas. The Lodi City Council approved the LCIP on July 2.
Revenue projections estimate the Lodi Redevelopment Agency will receive $400,000 in FY 2009-10, $925,000 in FY 2010-2011 and $1.6 million in FY 2011-2012. Actual revenue depends on the level of economic activity within the LCIP area. The redevelopment budget is not scheduled for adoption until the City Council considers the 2009-10 budget in late spring 2009.
King's pay-as-you-go proposal includes grants for a paint-up, fix-up program in which income-eligible homeowners within the project area can receive funds to improve their homes. The Lodi City Council/Redevelopment Agency will consider adopting the program guidelines at its regular meeting Wednesday at the Carnegie Forum.