"It's excellent news," said Richard Keit, the agency's director of neighborhood and business development. "Nothing is being cut."

Of five priority projects determined by the neighborhood advisory committee and the redevelopment agency, only one will be delayed more than two years.

Burbank/Del Monte residents were hoping the agency would fund a study by 2005 to build a 5-acre park over a nearby section of Interstate 280. The proposed budget does include $305,000 for a study of the freeway park sometime after the next two years.

Meanwhile, $1.6 million will buy more open space for the neighborhood in the immediate future, and another $750,000 will go to sprucing up the Richmond Menker apartments.

"We're very supportive about their open space and park needs, but given our budget reduction, to do a real park over the freeway I would hazard to guess it would cost $50 to $100 million. It can wait a couple years. We obviously don't have the money when our total commitment is $50 million for two years," Keit said.

He emphasized that there's still time for the agency to change its mind. The San Jose City Council is expected to vote on the budget by the end of September.

Until then community members can contact the agency if they think money should be shifted from one project to another.

"It's not carved in stone yet, but it's getting close," Keit said.