20A - Laserfiche WebLink

BACKGROUND The Financing Plan approved by the City Council on September 19, 2006 identified projects and related costs required to complete construction of major water facility and roadway improvements as outlined in the Vineyard Avenue Corridor Specific Plan adopted by the City Council in June 1999. Since the September meeting, staff has completed a public bidding process for related projects and has concluded negotiations for construction of the water tank/reservoir access road. As a result of these actions, there have been a number of changes to project costs as outlined below. COMPARISON BETWEEN 9/16/06 AND 1/19/07 COST F.STiMATF.S Water Infrastructure 9/19/2006 1/16/07 Project Status Estimate Estimate Water Storage Tank (One $3,301,206 $3,300,300 Currently under construction Million Gallons Water Improvements to $1,300,000 $1,300,000 Currently under construction Meet Non-Corridor Needs Water Storage Reservoir $1,220,000 $1,800,000 Finalizing contract for Access Road construction Water Pump Station $2,300,000 $2,686,700 Contract recommended for a royal Water Turnout No. 6 $410,000 $300,000 Contract recommended for Im rovements a royal Total Water Infrastructure $8,531,206 $9,475,012 As indicated in the staff report for agenda item 25B, staff is recommending the award of contracts for the water pump station and the Zone 7 water turnout (turn out No. 6), which represent the final phase of major water facility improvements for the Vineyard Avenue Corridor. In addition, the City Council has previously approved a financing and construction plan for the water storage reservoir access road. As a result, based on Council's request to revisit the Financing Plan prior to the awarding of contracts for new water infrastructure projects, staff is providing an Updated Financing Plan. The approval of this Updated Financing Plan and the awarding of contracts for related infrastructure improvements, represent completion of the major work and financing required as part of the Vineyard Avenue Corridor Specific Plan. DISCUSSION As indicated in the Updated Draft Financing Plan (Attachment 1), funding for City provided Vineyard Avenue Corridor infrastructure improvements is provided with one loan from the City's Capital Improvement Program (CIP) Sewer Fund, two loans from the City's CIP Water Fund, the use of Vineyard Avenue Corridor Specific Plan fees, reimbursements, acontribution (rather than a loan) for the City CIP Water Fund, and potentially a water rate adjustment to meet costs related to water improvements in the area, including over-sizing of the water tank from 1.0 million gallons to 1.4 million gallons due to the high demand put on the existing system by large Page 2