01/16/2001 RA RPT 10 - Laserfiche WebLink

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CITY OF RIVERSIDE COUNCIL/AGENCY MEMORANDUM Honorable Mayor & City Council and Redevelopment Agency Subject: Date: January 16, 2001 Item No.: 10 Request Authorization for the City of Riverside Department of Public Works to expend Redevelopment Agency funds in the Completion of a Twenty-Six Space Parking Lot at the Corner of Hole Avenue and California Avenue- Village of La Sierra (La Sierra Manor) Background Since 1992, the City of Riverside Redevelopment Agency (Agency) has worked to rehabilitate a series of 33 fourplexes now known as the Village of La Sierra (formally La Sierra Manor). The Agency has provided a series of fully forgivable loans to individual owners, and has used these loans to successfully establish .a homeowners' association and implement an area-wide set of Covenants, Conditions, and Restrictions (CC&R' s) for the area. Further, the City of Riverside and the Agency has assisted the Riverside Housing Development Corporation to acquire 36 apartment units in the Village of La Sierra. As part of the California Avenue Extension Project, the Agency acquired from the City and adjacent owners the property between Colleft Avenue, Hole Avenue, and the now realigned California Avenue (26,478 square feet) for the purposes of a parking area that would alleviate crowded parking conditions in the Village of La Sierra. It is the intent of the Agency to develop a twenty-six space parking lot that will be fully improved, lighted, and landscaped, with a walkway into the Village of La Sierra. The City of Riverside Department of Public Works has now received successful bids for the above project, and is planning to oversee the commencement of construction, pending a successful City bid award for the project. Current Issue The City of Riverside Department of Public works has assisted the Agency in the bidding of this project. The Department of Public Works will also monitor construction. At this time, staff is requesting that the Agency authorize the City of Riverside Department of Public works to expend no more than $90,000 in funds from the Central Industrial/Sycamore Canyon Low to Moderate Income Bond Fund La Sierra Manor Parking Lot Account #9740000-440446 for completion of the above contemplated project. Analysis The Agency will realize a cost savings in the project by relying on existing city staff and municipal construction processes. Fiscal Impact The $90,000 in funds necessary to fund the parking lot conslruction has previously been approved by the Redevelopment Agency on September 19, 2000 from the Central Industrial/Sycamore Canyon Low to Moderate Income Bond Fund La Sierra Manor Parking Lot Account #9740000-440446. Alternatives The City's altemative is to not develop a parking facility at this time. However, it is noted that the new "P" (Parking") zoning on this property will only allow the development of a parking facility. 10-1