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HomeMy WebLinkAboutRDA Agenda Packet 051308CITY OF ATASCADERO COMMUNITY REDEVELOPMENT AGENCY AGENDA Tuesday, May 13, 2008 CLOSED SESSION: 5:30 P.M. REGULAR SESSION: 6:00 P.M. City Hall Council Chambers 6907 El Camino Real Atascadero, California CLOSED SESSION: 5:30 P.M. 1. PUBLIC COMMENT — CLOSED SESSION 2. CALL TO ORDER a. CONFERENCE WITH REAL PROPERTY NEGOTIATORS (Govt. Code Sec. 54956.8) Property: 6905 EI Camino Real Agency Negotiator: Wade McKinney, Executive Director Negotiating Parties: James Harrison Under Negotiation: Instruction to negotiator will concern price and terms of payment. b. CONFERENCE WITH REAL PROPERTY NEGOTIATORS (Govt. Code Sec. 54956.8) Property: 3855, 3865, 3895 and 3905 EI Camino Real Agency Negotiator: Wade McKinney, Executive Director Negotiating Parties: Alan Yarborough Under Negotiation: Instruction to negotiator will concern price and terms of payment. 3. ADJOURN CLOSED SESSION REPORT on REGULAR SESSION: 6:00 P.M. ROLL CALL: Chairperson Beraud Vice Chairperson Luna Board Member Brennler Board Member Clay Board Member O'Malley APPROVAL OF AGENDA: Roll Call COMMUNITY FORUM: (This portion of the meeting is reserved for persons wanting to address the Board on any matter not on this agenda and over which the Board has jurisdiction. Speakers are limited to three minutes. Please state your name and address for the record before making your presentation. The Board may take action to direct the staff to place a matter of business on a future agenda. A maximum of 30 minutes will be allowed for Community Forum, unless changed by the Board.) A. MANAGEMENT REPORTS: 1. Mid -Year and Mid -Cycle Budget Revisions ■ Fiscal Impact: $273,810 decrease in Redevelopment Agency reserves for fiscal year 2007-2008 $612,540 decrease in Redevelopment Agency reserves for fiscal year 2008-2009 ■ Recommendation: Board adopt the attached Draft Resolution amending the 2007-2008 and 2008-2009 budgets. [Executive Director] 2. Appropriation of Funds for Restoration of Historic City Hall ■ Fiscal Impact: $6,527,700. ■ Recommendation: Agency Board appropriate $6,527,700 to cover the current funding shortfall for restoration of the historic City Hall and to assure the California Cultural and Historical Endowment that the City intends to move forward with the project. [Administrative Services] 3. Atascadero Creek Bank Restoration Project — City Bid No. 2006-011 ■ Fiscal Impact: None. ■ Recommendations: Board: 1. Accept Arthurs Contracting, Inc.'s work as complete. 2. Authorize the Public Works Director to sign and file the Notice of Completion. [Public Works] 2 BOARD ANNOUNCEMENTS AND REPORTS: (On their own initiative, the Board Members may make a brief announcement or a brief report on their own activities. Board Members may ask a question for clarification, make a referral to staff or take action to have staff place a matter of business on a future agenda. The Board may take I%W action on items listed on the Agenda.) C. ADJOURNMENT: M 3 ITEM NUMBER: RA A-1 DATE: 5/13/08 Community Redevelopment Agency of Atascadero Staff Report — Executive Director Mid -Year and Mid -Cycle Budget Revisions RECOMMENDATION: Board adopt the attached Draft Resolution amending the 2007-2008 and 2008-2009 budgets. REPORT -IN -BRIEF: Like most public agencies in the State of California, the Redevelopment Agency is in a period of economic downturn. Property taxes are coming in lower than expected and operating expenses are coming in slightly higher than expected. The Agency has adopted an aggressive capital improvement program for the current budget cycle. Taken together with the reduced revenues and increased expenses, this program will leave the Agency with a negative uncommitted reserve fund balance as of June 30, 2009. However, many of the capital projects have not yet been started and the full financial effect of these capital projects may not impact the current budget cycle. Therefore, it is anticipated that for the Agency will remain in the black through June 30, 2009. DISCUSSION: Revenue and Expense Projections Property tax current increment for fiscal year 2007-2008 is coming in a healthy 18% above the prior year; however it is still falling just short of current year budget projections. Current increment is expected to come in at a total of $2,227,630 with $1,653,590 being deposited into the Agency General Fund and $574,040 being deposited in to the Agency Debt Service Fund in accordance with bond covenants. For 2008-2009, staff believes that due to the stagnant real estate and development market, that the Agency will not see nearly the growth in current increment that it has seen in 5 the past. This means a projected shortfall of $340,000 for Current Increment Revenues in 2008-2009. Supplemental Tax Increment revenues are directly related to property sales within the Redevelopment Agency. As the number of properties selling drops, so does the amount that the Agency receives from these supplemental tax billings. In 2006-2007, the Agency received $284,400 in Supplemental Tax Increment. This revenue is expected to fall to $135,000 in the current fiscal year and to remain at that level in fiscal year 2008-2009. This will cause a budgeted shortfall in Supplemental Tax Increment of $134,000 in 2007-2008 and $175,000 in 2008-2009. Rent income and interest income are expected to come as budgeted for both fiscal years; however an expected contribution of $70,000 from the Colony Square Project for the pedestrian bridge may not come in as expected. Most operating expenses are coming in as expected, however some budget adjustments are being proposed for items such as a small proposed increase to salaries and benefits due to changes to the labor contracts and a $20,000 annual increase in contract costs to account for the increased need for legal advice as the Agency becomes more active. A $4,230 change is also proposed in 2008-2009 for increased liability insurance costs. The Agency is a member of CJPIA which is a cost sharing pool and must share in the cost of several large settlements that have been incurred by other members of the pool. There are also a number of special projects that have been undertaken or are proposed to be undertaken by the Agency that require additional funding: Historic Printery Consultant $40,000 for fiscal year 2007-2008 At the February 27, 2007 meeting, the City Council agreed to a process for the Printery whereby the Redevelopment Agency would hire an independent historical consultant to prepare the historic analysis for the Printery CEQA document. At that time, it was intended to bring the $40,000 appropriation before the Redevelopment Agency Board for consideration, whether as part of the regular budget cycle or as a separate item. This budget appropriation was never formally brought before the Agency's Board. Therefore, staff recommends this amount be included in the mid -year adjustments. • Holiday Lights $9,970 for fiscal year 2007-2008 The Sunken Gardens Holiday Enhancement Project had an adopted budget of $20,000 for festive holiday decorations in Sunken Gardens. Originally, these new decorations were intended as a replacement for the tree lights which were removed as part of the safety tree trimming project. After the lights were removed, the community indicated a preference for the tree lights rather than any other decoration. The tree lights had been an important part of the community's holiday tradition for a long time. The cost to put the old lights back up was 0 Im equivalent to having new, more efficient lights installed. The $9,970 budget adjustment represents the additional cost of the tree lights over the alternate decorations that were originally planned. City Hal! Landscaping $19,610 for fiscal year 2007-2008 The proximity of City Hall to the new Colony Square project required that some renovations occur in front of City Hall. The Colony Square project performed a significant amount of improvements in the parking lot area, including a change in all of the elevations for drainage, curbs, gutters, water lines, irrigation and landscaping. The Agency is responsible to maintain the landscaping in front of City Hail as part of the agreement with the City. Madrone Landscapes, Inc. was hired to repair all of the irrigation and replace landscaping as a result of the improvements done by Colony Square. The new elevations and landscaping are consistent with the requirements for the upcoming construction of the pedestrian bridge. Fagade Improvement Program No adjustment recommended. Recently, the Board requested that staff research the Agency's capacity to renew the Fagade Improvement Grant program. Staff recommends that Board should not commit the Agency to any new or expanded programs until the economy turns around and the Agency is in a better fiscal environment. Main Street — The Agency Board expressed interest in increasing funding to Main Street to enhance existing events and create new events. One alternative discussed would provide up to $5,000 per event of matching funds to a maximum of $25,000. Matching funds would be sponsorships or other new funds raised by Main Street to support individual events. There was discussion regarding the need to create a monitoring program to determine the success of this effort including hotel room sales, number of businesses open, attendance, etc. The events would not result in additional City cost. Main Street would be responsible for coordination and administration of the events so there would not be an impact to City services. There are other alternatives including a simple contract increase. Anticipated costs of this expanded program are $25,000 to be included in the 2008-09 operating budget. The Redevelopment Agency budgeted for a very aggressive capital improvement program as part of the 2007-2009 budget process. Eighteen projects totaling over $11.6 million- were projected to be completed in the two year budget. While projects such as the Lewis Avenue Bridge and the Colony Park Community Center have been completed, there are a number of projects that are still in the design phase and therefore will not be constructed until the spring or summer of 2009. This means that costs to complete construction will be incurred in later years than originally proposed. 7 Available Fund Balance Over the 2007-2008 and 2008-2009 fiscal years, revenues are projected to come in $767,400 short of projections, operating expenses are expected to come in $64,560 over projections and special projects are expected to come in $29,580 over projections. Attachment B - Budget Projections for the Community Redevelopment Agency of Atascadero shows detailed revenues and expense projections for the Agency General Fund for each of the fiscal years. The worksheet was prepared assuming all capital projects will be completed by June 30, 2009. While this assumption is probably not realistic at this time, the worksheet does show how much of its available funds the Agency has committed to budgeted projects. Currently, the Agency has committed $102,000 more than it has available in the next two fiscal years. This means that because of the economic downturn, the Agency has potentially overextended itself. The expected delays in a number of projects (those projects that have not been started are indicated by an "' on Attachment B), however, leads staff to believe that the Agency is fine at this time. The Agency will not need to borrow additional funds to meet its commitments, but instead can use 2009-2010 funds to complete its capital program. Potential Future Commitments While this means that the Agency is able to meet its current commitments, there is another possibly large financial commitment that has not been accounted for that the Board must consider in any future funding decisions that it may make- the Restoration of Historic City Hall. The exact cost to repair Historic City Hall is unknown at this time, as is the amount that FEMA and OES will participate in the restoration; however it would not be unlikely that the Redevelopment Agency would have to contribute more than the $2 million already budgeted in order to complete this priority project. Funding from the Redevelopment Agency will also be required to meet the cash flow needs of this very large project. (OES and FEMA funding is on a reimbursement basis.) The Redevelopment Agency does have the bonding capacity to both cover cash flow needs and to contribute additional funds to the project, should it become necessary. Bonds, however, come with required principal and interest payments that will require the commitment of future increment. Staff Recommendations Some basic precautions should ensure that the Agency continues to be able to meet its financial commitments both now and into the future. Staff recommends that the Board: • Not approve any new appropriations without the elimination or reduction of a currently budgeted project or program; and • The Board continue to monitor the long-term financial outlook for the Agency in order to ensure that the funds are available for the projects and programs that are a priority of the Board and the Community. M cm SUMMARY: Overall, the Redevelopment Agency is in good financial shape, however, some watchfulness is necessary as the Agency has committed all of its reserves to budgeted projects and there is the potential that the Agency will have to issue bonds in the near future in order to complete the Historic City Hall Restoration Project. The aggressive capital improvement program adopted by the Agency as part of the 2007-2009 budget has allowed the Agency to make the much needed investment in the community now and the continued prudent stewardship of the Agency by its Board will ensure that the future is secure as well. FISCAL IMPACT: $ 273,810 decrease in Redevelopment Agency reserves for fiscal year 2007-2008 $ 612,540 decrease in Redevelopment Agency reserves for fiscal year 2008-2009 ALTERNATIVES: Board has the option to add or delete any budget item. This will decrease or increase the remaining reserve balance at June 30, 2008 and June 30, 2009 by the amount adjusted. ATTACHMENTS: Attachment A Draft Resolution Amending the 2007-2008 and 2008-2009 Fiscal Year Budgets Attachment B Budget Projections for the Community Redevelopment Agency of Atascadero. 9 2=9 Attachment A DRAFT RESOLUTION RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF ATASCADERO AMENDING 2007-2008 AND 2008-2009 FISCAL YEAR BUDGETS WHEREAS, the Community Redevelopment Agency of Atascadero Board adopted Resolution RA2007-002 setting for the budget for fiscal years 2007-2008 and 2008-2009; and, WHEREAS, the Community Redevelopment Agency of Atascadero Board hereby wishes to amend said budget. NOW, THEREFORE, BE IT RESOLVED, by the Community Redevelopment Agency of Atascadero Board SECTION 1. The appropriation amounts are amended as follows: Redevelopment Agency General Fund Low / Moderate Income Housing Fund 2007-2008 2008-2009 Increase / (Decrease) Increase / (Decrease) Revenue Expenditure Revenue Expenditure Budget Budget Budget Budget Adjustments Adjustments Adjustments Adjustments $ (182,000) $ 91,810 160 $ (182,000) $ 91,970 $ (585,000) $ 27,540 230 $ (585,000) $ 27,770 11 Attachment A Draft Resolution Page Two SECTION 2. These changes are effective immediately upon adoption of this resolution. On motion by Board Member and seconded by Board Member , the foregoing Resolution is hereby adopted in its entirety on the following roll call vote: AYES: NOES: ABSENT: ADOPTED: COMMUNITY REDEVELOPMENT AGENCY OF ATASCADERO Chairperson Ellen Beraud ATTEST: Marcia McClure Torgerson, Board Secretary APPROVED AS TO FORM: Brian Pierik, Board Counsel 12 m T O E'% w' t V tC a on V C of N FBI CD U C m 'C m i 00 ' 0 0 M ') coo o N c CT Lr cL am") r OO 000000 ami m °o)�cooc�oM a•o M O ti � � � O O c-MMN r Q m C M E9 0 C) ' 0000 o N Nt C 0 co (D coo (OD_ c) Lf) U � LO M t, M (D 0) mMLo O m .� N LO � r N NO E9 N 000000 ami m °o)�cooc�oM a•o M O ti � � � O O c-MMN r Q m C M E9 0 C) ' 0 0 0 0 ' o N Nt C o oo co U 0 � LOO o (OD CCD M C rC)MN N C co U (Mco NN CD m .� O r M M rt Q. r (V NO E9 N C N N U N E _ `X E c c � CD m E a m N U C w E :C- c *' O m N CL (D ro w � a C � Ucn0� 90 000 " 0 0 0 0 ' O N Nt C o oo 0) N LOO o (OD CCD M N rC)MN T 0) (D r Lr) U (Mco NN 00 p O r M M rt Q. r (V NO E9 N C N N U N E _ `X E c c � CD m E a m N U C w E :C- c *' O m N CL (D ro w � a C � Ucn0� 90 000 " 0 0 0 0 ' o N Nt C o oo 0) m m M'Tcoom 00 aCb rC)MN T 0) (D r Lr) N N M a) N C O m M O Q •- N NO E9 N C N N U N E _ `X E c c � CD m E a m N U C w E :C- c *' O m N CL (D ro w � a C � Ucn0� 90 000 " 000 " co N Nt C o oo 000 L000 00 NOM rOLO CDM 0) (D r Lr) N r a) N r r .r..ri CCj 0 0 0 0'' 0-0-0-6 , 0 0 00 o oo 000 OaCD_LLo LLo000 00 r co m r O LO In M m 0) (D r Lr) r N r r r .r..ri CCj 00(oo 00 o oo 000 Cl)M0r O 00 O LOGO OOO OD'tNLU) CA LOON r O v mwoot`000 0-00 M M N c moo 0 0 0 0 0 M LO r- m 0 m O O LA @ (V N MNN.0N..rNM yr s 0000000000' ..00 � 00(000000 0 00 t� 0U) 00Lo 000 00 d rNO00rOLO L() 6 L M N 0 N.i v M 0 0 CN U U) = O O C C m�a amE tq N O O m O Q O N ani �c0UJ moo c c mCDC��-n co >, o � L c ° c mow c cE m� m ou p m w N a) N O N O=— p CCop�@> 3g E 8.— m 7 7 U 0 00 w0cnco wUaCD000 ^ -00 co C)0 r- 000 CA (DNM O LOGO OOO — "t * CA r (5 Ln CD CD M O CT N r v C) N mwoot`000 0-00 M M N c moo 0 0 0 0 0 M LO r- m 0 m O O LA @ (V N MNN.0N..rNM yr s 0000000000' ..00 � 00(000000 0 00 t� 0U) 00Lo 000 00 d rNO00rOLO L() 6 L M N 0 N.i v M 0 0 CN U U) = O O C C m�a amE tq N O O m O Q O N ani �c0UJ moo c c mCDC��-n co >, o � L c ° c mow c cE m� m ou p m w N a) N O N O=— p CCop�@> 3g E 8.— m 7 7 U 0 00 w0cnco wUaCD000 ^ ^ 00000000000 0 0 0 CA ' r- 0 0 0 0 0 0 0 0 0 0"T 0 CO 0 0 m O LO O CT O ci NCOON NO ItNLo N It 0 N N CD N r * * * * 00000000000 000 0 0 O CA ' r- 0 0 0 0 0 0 0 0 0 0"T CA CO N O 00 0000000 C LO O O O LO C: L6 1- Ln O O O O O C, CA t, N MLO M000OO(DOO) 0 N N O .Ni mC\l .mi M M L) 0� O M CO t, r N N C V LO r It U-O 0 0 O O U) v Efl 11 ----------- 00000000000 o 0) 0000000000 LO N N 0000000000- It O 0(60-N Lo- OC1000h O 1, rt Od' 0)00000N ODM O N N O N Cl) N M LO O� OD N M t` N r N to ... ...... ... 000,01,1000 0 000 0 0 N ' 0 0 CA 0 0 0 O Ld a) } N N CON r- It N M N 0 0 6 d v Lr) M m 64 rn C * Q) E I O O O ' 0 0 CA O CA 0 2 m a) } N n 000 C m o t` w o N 0 0 6 d v CD 1- In O ti NLOO C O o w O@ E c a m r It U-O 0 0 O O U) v d tO r o co U p U co- (6 c °'E— o0) a) °' N tO c06 �m_mmaE�cUw a�0am ao cc' c m m m m m2- d �Um w' 64 rn C N Q) E Soo 0 000 0 0 2 m a) } N n E ° C m o w o O OC) O * a* N A oO +' LSD m c 16 p tl: co co C C NLOO C O o w O@ E c a m a)) It U-O 0 0 O O U) v d N r mE.�_— c a a2S co U p U co- (6 c °'E— o0) a) °' m v m c06 �m_mmaE�cUw 64 rn C N Q) E c ` co 2 O U a a) } N n E ° C m o w o N a N 0 * a* N A oO +' LSD m c 0) _C m L m p C O Y * C C 7 w- O C O o w O@ E c a a)) cn U-O 0 0 O O U) m C w o it mE.�_— c a a2S U p U co- (6 c °'E— o0) a) °' m v m c06 �m_mmaE�cUw a�0am ao cc' c m m m m m2- d �Um w' v ti Lv W a) N m (C � 0 CT -0o 0 0 — Z 3NNi m ITEM NUMBER: RAA -2 DATE: 5/13/08 Community Redevelopment Agency of Atascadero Staff Report — Administrative Services Department Appropriation of Funds for Restoration of Historic City Hall RECOMMENDATION: Agency Board appropriate $6,527,700 to cover the current funding shortfall for restoration of the historic City Hall and to assure the California Cultural and Historical Endowment that the City intends to move forward with the project. DISCUSSION: On April 28, 2006, the California Cultural and Historical Endowment (CCHE) reserved $2,000,000 from its Round Two cycle of funding from Proposition 40 bond funds for the City of Atascadero's Historic City Hall Reconstruction Project. On February 15, 2007, the CCHE Board approved the funding, and on April 24, 2007, City Council approved the grant agreement between the City and CCHE. In March 2008, City staff had a telephone conversation with a CCHE staff member, who informed City staff that CCHE must liquidate all grant allocations by June 30, 2012. Concern had been expressed by the CCHE Board that the City had not yet submitted a claim for costs incurred for the restoration of historic City Hall. CCHE is aware of the City's hurdles with disaster relief funding for this project, and that knowledge, coupled with the lack of claims against the grant, raised some unease from the CCHE Board that the project was not progressing. The first reimbursable expenses on the City's workplan and schedule for the CCHE- funded portions of the project are tasks associated with architecture and engineering: programming, schematic design and design documents. Although the project architect has been working on programming of the interior spaces of historic City Hall, more effort was put into assisting City staff with elements of the appeal to FEMA until fairly recently. For this reason, the City has not yet paid any invoices that could be claimed against the CCHE grant. 15 ITEM NUMBER: RA A-2 DATE: 5/13/08 CCHE staff has recommended that the City give some assurance to the CCHE Board that the City is financially prepared to move forward with the project, regardless of the outcome of the City's first level appeal to FEMA. Based on the 2005 cost estimate received from the City's consultants, following is the calculation of the recommended appropriation, which is equal to the current funding shortfall for the project. Cost of Construction $ 26,343,914 FEMA (current, pre -appeal obligation) (15,816,218) CCHE grant (2,000,000) Redevelopment match (2,000,000) Current funding shortfall $ 6,527,69-6- It .527.696 It is important that the Redevelopment Board understand the full potential impact of this project. The original cost estimate to restore City Hall, above, is calculated in 2005 dollars. This means that it reflects the costs of labor and materials as they were in 2005. Normal economic forces, together with recent huge increases in the costs of materials, have caused this estimate to escalate substantially. Staff reasonably estimates that the cost of construction may be closer to $35 million by the time this project goes to bid. Although this cost escalation is substantial, the majority of it would be funded by disaster relief funding from FEMA and OES, if the City's first level appeal of FEMA's funding determination proves successful. Based on feedback from FEMA and OES officials during the April 18th meeting and site visit, staff is relatively confident that FEMA will fund additional items in the repair scope of work. In this scenario, escalated costs would be covered in the scopes of work that FEMA agrees to fund as repair. However, other rising costs will remain the City's responsibility to finance, such as compliance with certain codes, as well as architecture and engineering fees associated with work that is not covered by FEMA funding. The most significant unknown factor with the historic City Hall restoration project is the future outcome of the City's first level appeal of FEMA's funding determination. Staff is optimistic, but recognizes that this unknown is enormous in the face of the necessity to make a financial commitment to the project. However, such a commitment would give the CCHE Board the assurances they are seeking, and thereby alleviate the risk that they will pull the grant due to inactivity. Staff recommends that the Redevelopment Board appropriate $6,527,700 to cover the current funding shortfall for the restoration of historic City Hall. While it is true that the Redevelopment Agency has already committed its available funds, staff reminds the Board that the Agency has the capacity to issue bonds, effectively creating a funding source for such projects as the reconstruction of historic City Hall. FISCAL IMPACT: $6,527,700 appropriation for the restoration of Atascadero's historic City Hall. 16 - En on on ALTERNATIVES: Do not approve the appropriation of this alternative would make i source(s). ATTACHMENTS: None. ITEM NUMBER: RA A-2 DATE: 5/13/08 and risk the withdrawal of the CCHE grant. The result t necessary to locate additional funding from other 17 F5 ITEM NUMBER: RAA -3 DATE: 5/13/08 Community Redevelopment Agency of Atascadero Staff Report — Public Works Department Atascadero Creek Bank Restoration Project City Bid No. 2006-011 RECOMMENDATIONS: :05 • 1. Accept Arthurs Contracting, Inc.'s work as complete. 2. Authorize the Public Works Director to sign and file the Notice of Completion. DISCUSSION: The bank along Atascadero Creek below City Hall was failing and had undermined a portion of the building. The Atascadero Creek Bank Restoration Project was designed in order to stabilize the eroding area with the use of planted rock slope protection, a shotcrete wall, and creek re -vegetation. Background: The project was advertised from May 24, 2006 through June 23, 2006. Three bids were received. They were opened and publicly read on June 23, 2006. Bids were reviewed for accuracy and compliance with bid requirements; and Arthur's Contracting, Inc. was found to be the successful low -bidder with a proposal of $796,150.75. The Board awarded the contract to Arthurs Contracting, Inc. on June 27, 2006. The Notice to Proceed was issued on July 20, 2006, and actual construction operations began on July 24, 2006. During construction, four Change Orders were approved which amounted to a net r decrease in the contract amount of $79,798.17. The final contract amount was $718,352.58. �� ITEM NUMBER: RAA -3 DATE: 5/13/08 In October 2006, construction was substantially completed. The 12 -Month Maintenance Period required under the construction contract commenced on November 1, 2006. Work during this 12 -month period consisted of installing a temporary irrigation system and maintaining the newly planted materials in both the creek restoration area and the Butterfly Garden area adjacent to City Hall. At the end of this period, the plantings were established, and the temporary irrigation system was removed. In January, the planted areas were assessed by Althouse and Meade, the City's consultant biologist for the project. A list of plants and trees that had either died or were missing was prepared and forwarded to the contractor. After all re -planting was completed, a final inspection was conducted in February, 2008 and the project was found to be satisfactorily completed. As required by the project's environmental permits, Althouse and Meade will continue to monitor the project for a period of three years following completion of the project. Filing of the Notice of Completion with the County Clerk is recommended. FISCAL IMPACT: Estimated Project Expenditures Design Wallace $ 66,300 Environmental 31,647 Geomorphology Report & Re -Vegetation Plan 11,590 Arborist Report 900 Contract Administration 16,210 Testing, Inspection & Construction Administration 114,957 Staff Time 25,546 Construction 718,353 Other 11,293 Total Estimated Project ExpendituresF$ 996,796 Budgeted Sources of Funds Redevelopment Agency Bond Funds 1,210,000 Total Budgeted Sources of Fundsl $ 1,210,000 AMOUNT PROJECT UNDER BUDGETI $ 213,204 20