01/16/2001 RA RPT 04 - Laserfiche WebLink

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. CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor & Agency Members Date: Item No.: January 16,2001 4 Subject: Acceptance of Funds from GrandMarc for Contributions to Required Public Improvements along Iowa Avenue and Linden Avenue - SUpplemental Appropriation Background On November 16, 1999 the Redevelopment Agency approved contributions by GrandMarc in the amount of $168,000 to cover construction upgrades of certain off-sites that were initially planned for the Iowa A venue Public Improvement Project. The Project was funded by the Economic Development Administration grant of $784,000 with matching funds by the Agency, leveraging a total of$1.5 million of public improvements for University Village Development and the surrounding area. Current Issue At the time the Agency approved the $168,000 of contributions from GrandMarc, the Linden Avenue improvements were not included as part of Grand Marc's contribution. Since then, GrandMarc agreed to share in the costs of the Linden Avenue Improvements and contributed an additional $100,000. The Linden Avenue improvements included: street lighting, curb and guttering, sidewalks, and street widening. Additionally, GrandMarc submitted a payment to the Agency in the amount of$26,300 to cover the costs of the installation of an 8" service lateral and 8" fire line water meter. Fiscal Impact The public improvements in question are the subject of an approved federal EDA public works grant. GrandMarc's contribution toward the public improvements will substitute for a portion of the Agency's local match funds that are required. Consequently, there is no cost to the Agency in proceeding forward with this arrangement and will, in fact, result in an overall savings equivalent to the amount received by GrandMarc. Alternatives Not applicable. Committee Action Staff presented this item to the Development Committee on January 8, 200 I. Two Committee members were present, Terri Thompson and Maureen Kane, and concurred in the suggested recommendation and then moved this item forward for consideration by the Agency Board. Recommendations That the Redevelopment Agency: I. Authorize an increase to the Miscellaneous Revenue Budget in the amount of $126,300 in the University Corridor/Sycamore Canyon Capital Project Fund No. 92 I 2700-374200 (University Village EDA Grant- Miscellaneous Receipts) and appropriate $99,238 of the revenues to the University Village EDA Grant expenditure account No, 9212700-440446; and 2. Authorize the transfer of$72,938 from the GrandMarc deposit account 0000476-224000 to the University Village EDA Grant Miscellaneous Receipts Account No. 9212700-374200. 4-1