Culver City : Budgets for Redevelopment

The Culver City Redevelopment Agency this week adopted a $55-million general fund budget and a $1-million housing budget for fiscal year 1989-90, which begins July 1.

The agency’s general fund budget includes expenditures for traffic improvements in the Corporate Pointe area, the acquisition of the Studio Drive-In Theatre property and start-up cost for a new City Hall.

The budget projects revenues of nearly $83 million, with $28 million to be set aside as a contingency fund and for new projects.

Half of the agency’s 1989-90 housing budget, about $500,000, will cover costs related to the construction of the Liberty Plaza housing project for low-income senior citizens. Revenues are expected to be $6 million, with the $5-million balance set aside for future projects.

The agency is required by state law to set aside 20% of what it takes in from taxes and bond issue proceeds for construction of affordable housing.

The agency will hold a public hearing June 19 to determine if its efforts to provide low- and moderate-income housing have been enough to meet the city’s needs.