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BACKGROUND On August 21, 2012, the Council awarded the contract to the lowest responsible bidder, Tim Paxin's Pacific Excavation, Inc. The project has since been completed and is ready for acceptance. DISCUSSION Work is nearing completion to extend Stoneridge Drive from Trevor Parkway to El Charro Road. The extension of Stoneridge Drive was approved by the City Council in 2010 as part of the Stoneridge Drive Specific Plan Amendment/Staples Ranch and Staples Ranch Environmental Impact Report (EIR). These three new signals are required by the Staples Ranch EIR. The signals have been activated to coordinate with the opening of the Stoneridge Drive Extension. The three new signals will provide protected pedestrian crossings at all three locations as well as state of the art traffic signal detection technology designed to detect and serve both vehicular and bicycle traffic. Each traffic signal installation includes intersection safety lighting (street lights that are attached to the traffic signal poles). The project was slightly over budget at $5,726 more than the $800,000 budget. Although there was some cost savings in the project construction, unforeseen costs in the installation of a new PG&E transformer, modification of the design to allow U-turns at the intersection of Stoneridge Drive and Guzman Parkway, and the retrofit of the safety lighting to address residents' concerns regarding the brightness of the intersections, contributed to the slight cost overage. Staff recommends use of$5,726 in unused funds from the Staples Ranch: Irrigation and Landscaping Improvements at El Charro Road and 1-580 project, CIP No. 115023. Submitted by: Fiscal Review: Approved by: 4-1P-4-V KTT./2 Brian Dolan Emily Wagner Nelson Fialho Director of Director of Finance City Manager Community Development Attachments: 1. Funding and Expenditure Summary Page 2of2