2005 AGN JUN 07 I16 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT FOR THE CITY COUNCIL MEETING OF OCTOBER 3,2006 TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: AMER JAKHER, P.E., PW DIRECTORICITY ENGINEER SUBJECT: AUTHORIZE EXECUTION AND RECORDATION OF THE NOTICE OF COMPLETION FOR THE ASHLEY WAY LANDSCAPING PROJECT. DATE: SEPTEMBER 21,2006 BACKGROUND On August 13, 1998 the Redevelopment Agency and City Council jointly approved a Participation Agreement with East Valley Land Company (EVLC) for the development of a 75 -acre property in the Cooley Ranch Project Area. That agreement obligated the Agency and City to make certain contributions toward the cost of public improvements related to the development of the site. In return, the Developer was obligated to secure commitments from commercial and industrial users and construct the necessary public and private improvements in a timely manner. On July 17, 2001, Amendment No. I to the Participation Agreement was approved. The Amendment redefined public improvements to include utility relocations and rail spur construction and advanced the date of reimbursement for certain eligible expenses totaling $461,214. The Developer thereafter requested that the Agency and City consider alternative approaches to raise the necessary public improvement capital. The Agency and City indicated an openness to consider alternatives provided the modified terms were at least equal and preferably better than the existing terms. The Developer pursued and the City successfully received an EDA (Economic Development Authority) Grant to help fund the total construction of Ashley Way and reconstruction of Cooley Drive. In order to obtain the $1 million EDA Grant, the City/Agency had to provide a matching contribution of not less than $1 million. Subsequently, the Agency received a $2 million loan from the California Infrastructure and Economic Development Bank, which was secured by tax increment from the Cooley Ranch project area. On December 4, 2001 Amendment No. 2 was approved, reaffirming and revising the Participation Agreement. DISCUSSION Pursuant to the Participation Agreement, the City is obligated to construct certain public improvements. One of the required improvements was the completion of the Ashley Way Landscaping Project. The City Council authorized the award of the design and construction for this project on June 7, 2005, in the amount of $228,000. The scope of work for this project included: