25A - Laserfiche WebLink

consumers of residential water and additional capacity to the water turnout and pumping station to meet this additional demand. The Updated Financing Plan also reflects an increase to the Vineyard Avenue Corridor Specific Plan fee from $62,500 to $68,500/unit for new development and from $45,000 to $47,714/unit for existing development. The increase is consistent with the Shared Infrastructure Financing Program approved by the City Council in March 2000 which provides that developers pay their pro rata share of the infrastructure improvements made necessary by their developments. Based on final calculations for infrastructure within the Corridor, these fees could increase slightly. However, with the majority of the infrastructure projects in place, the amount of the Specific Plan fee should remain stable. As indicated on Attachment lISheet One (Sections 2 and 3), the cost of remaining major Corridor infrastructure improvements is $2,987,012 for the water pump station and turnout and $1,888,000 to reimburse private development for construction of the water tank access road and the utilities for the water tank that will be served by the road. With the inclusion of the water pump station and turnout, the total water facility related infrastructure is estimated at $9,475,012. This amount exceeds the $8,531,206 discussed at the City Council's September 19, 2006 meeting by $963,806. The primary cause of the increase results from a City Council approved agreement to reimburse private development (Reznick) for construction of the water tank access road and the utilities for the water tank that will be served by the road that potentially will be a maximum of $668,000 more than estimates made in September 2006. Because of this increase, staff is recommending an increase to loan #3 from $3,028,138 to $3,991,994. With the exception of the recommended increase to loan #3 and the Vineyard Avenue Corridor Specific Plan fee increase, the Updated Financing Plan is generally consistent with the Financing Plan approved by the City Council on September 19, 2006. Attachment lISheet Two provides a summary of all major utility project expenses and proposed funding for the improvements detailed in agenda item 25B. Attachment lISheet Three provides a detail of the three loans needed to complete the Vineyard A venue Corridor utility infrastructure. As noted, the loans are the same as approved by the Council in September 2006, except that loan #3 is increased from $3,028,138 to $3,991,944 (+$936,806). The loans are seen as the most financially feasible way to provide the funding needed to complete the Vineyard Avenue Corridor infrastructure improvements. A summary of the loans is as follows: Loan # 1 - This loan, made from the City's CIP Sewer Replacement and Improvement Fund, is needed to assure the City is repaid for the installation of a sewer line completed previously with the construction of Vineyard A venue from east of Montevino to Bernal Avenue. As indicated in the Vineyard Avenue Corridor Shared Infrastructure Financing Program, it was anticipated that private development would provide all funding for construction of sewer improvements and that private developers would be reimbursed by other Vineyard Corridor developers developing after installation of this infrastructure. However, due to delay in private development, it became beneficial for the City to complete the sewer line. Because the construction of this sewer line cost $1,178,625, the loan is needed to repay the CIP Sewer Replacement and Improvement Fund. Page 3