SR 05:053 - Laserfiche WebLink

Vineyard Corridor Specific Plan Work Remainin~ Other than water and sewer facilities, which will be constructed by the City and reimbursed by residential development at a later time, the remaining work to be completed for Specific Plan improvements includes landscaping along the realigned Vineyard Avenue (including roundabouts), a traffic signal at Pietronave Lane, and converting the existing Vineyard Avenue to a pedestrian/equestrian trail. It is contemplated that this remaining work will occur as residential development proceeds within the Specific Plan area. FISCAL IMPACT Financing for infrastructure improvements to date has been provided through an agreement between the City and the School District and from residential development within the Vineyard Avenue Corridor. Funding for additional improvements will occur on a pro-rata basis as established by the Vineyard Corridor Specific Plan, with pro-rata shares paid as development occurs. Actual costs for Vineyard Corridor improvements are being tracked to adjust the Specific Plan fees for new development to reflect actual costs or, in some cases, to reflect refined cost estimates as the design, for example, of water facilities, pump station and a reservoir, moves forward. There are adequate funds in the Vineyard Avenue Con'idor Specific Plan fee account to provide the funding requested. RECOMMENDATION Staff recommends that $770,000 be appropriated from the Vineyard Corridor Specific Plan Fee Account to reimburse Greenbriar Homes for additional work that DeSilva Gates has constructed. As reimbursements are received from PG&E and Callahan, those funds will be returned to the Specific Plan account. Respectfully Submitted, Scott R. Baker Susan Rossi Nelson Fialho Acting Director of Public Works Director of Finance City Manager Attachment: Amendment No. 1 to the Reimbursement Agreement with Vineyard Corridor Developers (Exhibit A) SR 05:053 Page 6 of 6