SPECIAL MEETING AGENDA PACKET - Laserfiche WebLink

ATTACHMENT 3 the City to reimburse Costco for the funds Costco has advanced for the Project. Based on current cost estimates and the funding sources identified above, the following is a summary of the Project funding: Proposal to Fund JDEDZ Transportation Improvements Design & Construction Cost (Excluding ROW costs not Required for Stoneridge Dr & 1- 680 Onramp Project) $19,970,000 Right of Way (ROVV) Estimate (Includes Costco ROW) 1,500.000 Total Project Cost $21,470,000 Cost Sharing Design and Percent of Construction Amount Total Transportation Impact Fee (TIF) (Stoneridge Drive & 1-680 Onramp Project only) City Contribution through Sales Tax Share - 60% to City and 40% to Costco Cr? 1.5% interest $6 400,000 6,785,000 30% 34% Costco Cash Contribution' 6,785,000 3-4% Total Funding Sources $19,970,000 Right of Way (ROW) Cost Sharing Proposal Costco Owned ROW Contributed to project at no charge Remaining required ROW that is not donated to the project Shared 50/50 with the City but Costco's portion will be added to the $6,785,000 sales tax sharing agreement at no interest. 'Includes Costco $3.7M required TIF contribution that would be converted to a direct cash contribution to the JDEDZ transportation improvements Other: 1 Costco will issue and manage the construction contract for the transportation improvements. 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 The City proposes to establish a JDEDZ Transportation fee to charge subsequent JDEDZ development to reimburse the City for fronting their portion of the costs to implement transportation improvements Issuing and Managing Construction Contracts Costco will act as the Developer on this project issuing and managing design and construction contracts for the public roadway infrastructure improvements that are necessary as identified in the JDEDZ DSEIR/FSEIR. The City of Pleasanton will review and approve design plans as they are developed for conformance with the JDEDZ DSEIR/FSEIR and City standards. The City of Pleasanton will inspect infrastructure construction for conformance with design plans. City will accept all public improvements for maintenance when complete. Contracts for this Public Works Project will include prevailing wages as required by law. The construction improvements consist of several public roadway improvements outlined in DSEIR/FSEIR and include the following: 1. Commerce Drive at Johnson Drive Signal (Mitigation 4.D -1a) 2. Johnson Drive at Owens Drive (North) Signal (Mitigation 4.D -1b)