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construct the necessary traffic improvements. To that end, City staff negotiated with <br /> Costco to fund the JDEDZ transportation improvements that resulted in the following <br /> proposal to fund the $21.5 million in necessary transportation improvements associated <br /> with the JDEDZ impacts: <br /> Proposal to Fund JDEDZ Transportation Improvements <br /> Design&Construction Cost <br /> (Excluding ROW costs not <br /> Required for Stoneridge Dr& I- <br /> 680 Onramp Project) $19,970,000 <br /> Right of Way(ROW)Estimate <br /> (Includes Costco ROW) 1,500,000 <br /> Total Project Cost $21,470,000 <br /> Cost Sharing Design and Percent <br /> Construction Amount of Total <br /> Transportation Impact Fee(TIF) <br /> (Stoneridge Drive& 1-680 <br /> Onramp Project only) $6,400,000 30% <br /> City Contribution through Sales <br /> Tax Share-60%to City and <br /> 40%to Costco @ 1.5%interest 6,785,000 34% <br /> Costco Cash Contribution* 6,785,000 _ 34% <br /> Total Funding Sources $19,970,000 <br /> Right of Way(ROW)Cost Sharing Proposal <br /> Costco Owned ROW Contributed to project at no charge <br /> Remaining required ROW that is <br /> not contributed to the project at <br /> no charge Shared 50/50 with the City but Costco's portion will be added to <br /> the$6,785,000 sales tax sharing agreement at no interest. <br /> *Includes Costco$3.7M required TIF contribution that would be converted to a direct cash contribution to the JDEDZ <br /> transportation improvements <br /> Other: <br /> 1.Costco will issue and manage the construction contract for the transportation improvements. <br /> 2.Costco is estimated to be responsible for 44%of total daily trips at full build out and 78%of the trips in Phase 1. <br /> The City proposes to establish a JDEDZ Transportation fee to charge subsequent JDEDZ development to <br /> reimburse the City for fronting their portion of the costs to implement transportation improvements. <br /> $6.4 Million TIF Funding <br /> As previously discussed, the Stoneridge Drive and 1-680 onramp project has been included <br /> in the City's TIF since 1998 and is eligible to receive approximately $6.4 million in TIF <br /> revenues. The City's FY 2017/18 through 2020/21 Capital Improvement Program (CIP) <br /> allocates $6.4 million in TIF in FY 2018/19 for the Stoneridge Drive and 1-680 onramp <br /> project. <br /> Page 11 of 16 <br />