1994 AGN JUN 21 I08 - Laserfiche WebLink

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Public Works Agenda Report Date: June 21, 1994 Page 2 of 2 FINANCIAL IMPACT: Approved funding sources of $420,000 CDBG, $700,000 Host City Fees and $888,000 State Transportation Funds, make possible the total cost of construction and all related engineering design and construction services for the entire project, Final Phases II and III funded by the States Transportation Proqram requires the City to only obligate enough up front funding to secure the period of time between payment and reimbursement by the State (60 days maximum as per funding) In addition to the $700,000 already received from the County Host City fees and $420,000 from the CDBG Program which should have been posted as received by the Finance Department, totals to date $1,120,000.00. Of this source of funds received by the City, Staff would request approval to proceeded with phases II and III being funded by the States Transportation Program as approved under the funding agreement . (Exhibi t B) DISCUSSION: Authorization to proceed will provide for the total funding of all phases of this project being made possible from sources other then local City funds. Delays in authorization to proceed could result in the loss of State Transportation Funding for Phases II and III. As earlier mentioned in the report all agreements have been previously approved by Council, the project is an approved local Capital Improvement Project, and funds have been received for Phase I, far in excess of Phase I costs, allowing the initial Capital to start Phases II and III which is 100. reimbursable to the City. (receipts of all funds received are available if requested) RECOMMENDATION: Authorize approval to proceed with Phases II and III of the So. La Cadena Drive Beautification Project as outlined under funding agreement Exhibit 1113".