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<br />site improvements (grading, paving, utilities connections, and fencing), and restoration of the <br />Adobe structure itself. It is estimated that only the site improvements ($2,212,814, including <br />contingency) could be constructed within the existing budget. Decision points for the Council <br />are: <br /> <br />. Move forward with project improvements utilizing the current budget ($2.116 million) <br />and phase the other elements as funding becomes available; <br />. Include the fund transfers described in this report ($543,000) to include other elements <br />in the initial improvements; <br />· Consider the Parks and Recreation Commission's recommendation of using In-Lieu <br />Park Dedication fees to bridge the entire funding shortfall and construct the complete <br />project; or <br />. Delay a final decision on the project for six (6) months, which should provide sufficient <br />time to assess the potential of receiving Federal funding. <br />Staff recommends that Council adopt the last option. Under that scenario, staff would return <br />to the Council in August/September 2006, with a recommended course of action based on <br />updated cost estimates and any additional funds secured for the project. <br /> <br />Respectfully submitted, <br /> <br /> <br />4.~/ <br /> <br />Sue Rossi <br />Finance Director <br /> <br /> <br />Nelson Fialho <br />City Manager <br /> <br />Attachments: <br /> <br />A. Project Illustration and Estimate of Probable Cost, August 8, 2005 <br />B: Parks and Recreation Commission Minutes, August 29,2005 <br /> <br />SR 06:062 <br />Page 5 <br />