2004 AGN APR 20 I10 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT FOR CITY COUNCIL MEETING OF DECEMBER 16, 2003 TO: Honorable Mayor and Council Members FROM: Al Holliman, Assistant City Manager SUBJECT: Revised Project Budget and Other Matters Relative to the Big League Dreams Community Sports Park and Approve Resolution DATE: December 11, 2003 BACKGROUND Since September of 1999 the City of Colton has been working with Big League Dreams, LLC, (BLD) to construct a Community Sports Park in the City. There have been numerous decisions, actions, and agreements over the past four plus years to fulfill this endeavor. The most recent actions include City Council approval of amended agreements with BLD (June 23, 2003) and directions to enter into a purchase and sale agreement and subsequent escrow with East Valley Land Company (EVLC) for the purchase of 11.2 acres on Driver's World Parkway. Because of the long time period involved in this transaction, legal and regulatory process requirements, and unique characteristics applicable to the overall 56 acre EVLC site and related disposition and development agreement (DDA), it is necessary for the City Council to ratify and/or approve certain aspects of the project/transaction. DISCUSSION/ ANALYSIS Proiect Budget The most important aspect of the transaction, requiring City Council ratification/approval, is the revised project budget. Again, since the project has been in process for over four years and bonds were issued on August 1, 2002, it is expected that costs would increase somewhat. However, because the project was amended since the bond issuance date (due to a change in sites because of the Delhi Sands Flower Loving Fly — 17 acres reduced to 11.2) the overall increase in the project cost is not as great as what it would have otherwise been. Originally the overall project budget was (after amendment for acquisition of the EVLC site): Construction costs $7,888,951 Land Acquisition $2,465,215 Total $10,354,166 Funding sources consisted of : Bond proceeds construction fund $6,388,951 Big League Dreams loan proceeds $2,500,000 General fund CIP reserves $1,465,215 Total $10,354,166 The most recent revised engineer's and architect's estimate of construction costs is $8,140,743. The City council approved land acquisition price of $2,465,215 has not changed. A breakdown of the remaining construction budget follows: Earthwork/grading $107,088 EXHIBIT 2