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• Right of Way Contributions. Costco will dedicate the necessary frontage (right-of-
<br /> way) from land that it owns; the City will seek right-of-way contributions from
<br /> other properties subject to redevelopment as part of the JDEDZ, with any
<br /> remaining right-of-way acquisition costs to be shared equally between the City
<br /> and Costco. The current right-of-way cost estimate is approximately $2 million.
<br /> Total Estimated JDEDZ Transportation Project Costs - 2017 to 2021
<br /> The total estimated JDEDZ project costs have increased from $21.5 million in 2017 to
<br /> $27.6 million in 2021. The following table summarizes those costs by funding source:
<br /> Total Cost Total Cost Diff-2017 to
<br /> Project Element Estimate- 2017 Estimate-2021 2021
<br /> Stoneridge Drive&I-680 on-ramp Project(TIF&ACTC Grant
<br /> eligible) $6,400,000 $10,400,000 $4,000,000
<br /> Remaining Project Elements(Excluding ROW) 13,570,000 15,167,000 1,597,000
<br /> Right of Way(ROW)- Non-TIF&ACTC Grant Eligible 1,500,000 2,000,000 500,000
<br /> Total Project Cost Estimate $21,470,000 $27,567,000 $6,097,000
<br /> Total TIF
<br /> Total- Non-TIF
<br /> Funding Source Funding Source Diff-2017 to
<br /> Cost Sharing -2017 -2021 2021
<br /> Transportation Impact Fee Revenues(TIF) $6,400,000 $5,200,000 ($1,200,000) (a)
<br /> ACTC Grant - 5,200,000 5,200,000
<br /> City Contribution through Sales Tax Share- 60%to City&
<br /> 40%to Costco. Costco cap of$6.8M* 6,785,000 6,785,000 -
<br /> City Cash Contirbution 750,000 1,798,500 1,048,500 (b)
<br /> Costco Cash Contribution 7,535,000 8,583,500 1,048,500
<br /> Total Cost Sharing Proposal- Design and Construction $21,470,000 $27,567,000 $6,097,000
<br /> Total City Funding-Cash&TIF(a+b) 7,150,000 6,998,500 (151,500)
<br /> As described in the table above, while total estimated project costs increased by $6.1
<br /> million over four years, the $5.2 million ACTC grant means that the City's total
<br /> estimated obligation between TIF and the cash contribution is estimated to be $151,500
<br /> less than anticipated in 2017.
<br /> JDEDZ Transportation Fee
<br /> In addition, the Agreement included a provision that the City would develop a JDEDZ
<br /> Fee that would be charged to future developments at the time they pull permits to
<br /> develop their property within the JDEDZ3. The City committed to use the proceeds from
<br /> the JDEDZ Fee to reduce the amount owed to Costco through the proposed sales tax
<br /> sharing agreement.
<br /> 3 The full amount of the fee shall be paid at the time of: issuance of a building permit; or conversion or
<br /> change in use of an existing structure which individually or cumulatively increases the number of peak
<br /> hour trips by 10 or more. The proposed fee will not be charged on the gross floor area of existing
<br /> structures.
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