2005 AGN FEB 01 I10 - Laserfiche WebLink

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Item #10 CITY OF COLTON AGENDA REPORT FOR THE CITY COUNCIL MEETING OF FEBRUARY 1, 2005 TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: AMER JAKHER, P.E., CITY ENGINEER SUBJECT: APPROVE RESOLUTION AMENDING BUDGET AND AUTHORIZE THE REQUEST TO SOLICIT PUBLIC BIDS FOR ASHLEY WAY (COOLEY RANCH) LANDSCAPING PROJECT. DATE: JANUARY 19, 2005 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. 1 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 successful received an EDA (Economic Development Authority) Grant to help fund a total reconstruction of Cooley Drive as the principal incentive for the Agency/City to consider modifications to the Agreement. In order to obtain the $1 million EDA Grant, the City/Agency has to provide a matching contribution of not less than $1 million. Subsequently, the Agency has received a $2 million loan from the California Infrastructure and Economic Development Bank, which is 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 improvement. The majority of the improvements were constructed under EDA Project #07-01-05132 — Cooley Ranch Street Improvement and Rehabilitation Project. Outstanding improvements to be completed include modification of the traffic signal at Mt.