(18)AR 032007 Mt Vernon Corridor

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Amendment No. 2 Mt. Vernon Construction Management Agreement March 20, 2007 Page 2 of 3 Mt. Vernon Bond Proceeds used for Capital Proiects Residential Lighting $ (13,000) Rehab Grants (350,000) Colton Ave. Underground (63,000) Building Demo (50,000) Abandoned Home Acquisition/Rehab (100,000) Total Expended/Encumbered $ (466,539) Mt. Vernon Public Works Projects Total $ 2,349,696 On June 4, 2002, the Redevelopment Agency Board approved Agency Resolution No. 802 and. the City Council approved Resolution R-62-02, authorizing the Mt. Vernon Corridor Public Works Projects Funding and Construction Management Agreement (Attachment "A")( CMA) for the purposes of paying for the cost of the installation and construction of certain public work improvement projects (identified in the table below) situated in or of benefit to the Mt. Vernon Redevelopment Project Area, utilizing the balance of the bond proceeds. On April 6, 2004, the Redevelopment Agency Board approved Agency Resolution No. 827 and the City Council Resolution R-33-04, which approved Amendment No. 1 to the Mt. Vernon Construction Management Agreement. Amendment No. 1 authorized amendments that needed to be made to the CMA: 1) time limit in which to complete the projects was extended from June 15, 2005 to June 15, 2007; 2) the completion dates for the individual projects needed to be extended, as noted in the table located in Amendment No. 1 (Attachment "B"); and 3), $274,660 from the Fairway Dr. Widening project was reallocated to the Residential Curbs and Gutters (aka Residential Missing Links Project), pursuant to City Council action on January 20, 2004. DISCUSSION/ANALYSIS It is being requested that funds be redirected from authorized projects, which were completed using other funding sources, and remaining funds from completed projects be combined to complete authorized infrastructure projects within the project area, as recommended by the City Engineer. The redirected funds are being requested to compensate for overages of the Residential Curbs and Gutters project, and complete the Fairway Street Widening project. The redirected funding sources and cost savings are also depicted below: Location Cost Estimate Residential Curbs and Gutters $5,883.14 Fairway Street Widening $53,541.49 Total $59,424.63 Funding Source Redirected Amount Mt. Vernon Streetscape $5,674.58 Colton Avenue Bikepath $18.750.00 Interest $35,000.05 Total $59,424.63 R:\Administration\Meetings\2007 Meetings\March 20, 2007\Mt. Vernon\Mt Vernon CMA Amend No 2 staff report 032007.doc