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Staff Report to City Council — Solicit Bids Hunts Lane/Cooley Drive Signal <br />July 2, 2000 <br />Page 2 of 22 <br />Financial Impact <br />On March 20, 2001 the Redevelopment Agency and City entered into a Santa Ana River <br />Public Works Projects Funding and Construction Management Agreement. As part of this <br />agreement the Agency deposited its existing bond proceeds of $1,359,516 into an escrow <br />account earmarked to pay for the cost of constructing the various list of public improvements <br />benefiting the Santa Ana River Project Area. Just recently was able to meet an additional <br />release test to allow the Agency to draw down an additional $280,000 of bond proceeds. <br />Upon the deposit of these additional funds into the construction escrow account the City and <br />Agency will have a total of $1,639,516 available for the construction of these improvements. <br />The Hunts/Cooley Signal Improvements have been budgeted for fiscal year 2001/03 in <br />Account No. 877-9150-9158-3890 in the amount of $130,000 for construction. <br />Robb Steel, Redevelopment Director <br />Recommendations <br />City Staff requests the authorization from the City Council to solicit bids for the construction <br />of a traffic signal at Hunts Lane and Cooley Drive. <br />Attachments: <br />Exhibit A — Engineer's Construction Cost Estimate. <br />Exhibit B — Environmental Findings <br />Report Prepared by: Greg Lantz , RDA Program Manager <br />IREVIEW TEAM ONLY <br />lCity Attorney: <br />1CIty Manager <br />Finance Director: <br />Agency Special Counsel: <br />