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THE CITY OF 6 pLE ASANTONO CITY COUNCIL AGENDA REPORT April 21, 2015 Community Development Department Engineering Division TITLE: ACCEPT PUBLIC IMPROVEMENTS PERFORMED BY PHOENIX ELECTRIC COMPANY FOR THE LED STREET LIGHT RETROFIT PROJECT, CIP NO. 135056 SUMMARY The project consisted of retrofitting a total of 5,461 High Pressure Sodium Vapor (HPSV) "cobra head" street lights with the new light emitting diode (LED) energy efficient street light fixtures within the City of Pleasanton. Construction of the project is complete and ready for Council acceptance. RECOMMENDATION 1. Accept the improvements for the subject project. 2. Authorize the City Clerk to file a Notice of Completion for the subject project. 3. Authorize payment of the retention in the amount of $85,848.78 to Phoenix Electric Company, thirty days after recordation of the Notice of Completion. FINANCIAL STATEMENT The expenditures on the project totaled $1,717,338. The project is funded by a loan from the California Energy Commission (CEC) with the principal loan balance of $1,716,976 at a 1% interest rate. The remaining $363 is funded using PG&E rebates. The City applied for and anticipates receiving another $269,000 in rebates from PG&E that will be applied toward the loan. In addition, Hacienda Business Park will reimburse the City $326,793 for the lights that were installed within the Hacienda Business Park, which will be used to help repay the loan. The CEC loan payments will be made from the cost savings for the electrical bill and reduced maintenance. The project funding and expenditures are detailed in Attachment 1.