06/05/2001 RA RPTS 03 - Laserfiche WebLink

Home

CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor and Agency Board Date: June 5, 2001 Item No.: 3 Subject: Request for Additional Funding to Complete a Twenty-Six Space Parking Facility at Hole and Coileft Avenues in the La Sierra Neighborhood - Funds Transfer Background Since 1992, the City of Riverside Redevelopment Agency ("Agency") has worked to rehabilitate a series of 53 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 seed 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 via Quit Claim Deed from the City and adjacent owners the property between Collett Avenue, Hole Avenue, and the now realigncd 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. The Agency is currently developing a twenty-six space parking lot that will be fully improved, lighted, and landscaped, with a walkway into the Village of La Sierra ("Lot"). On September 19, 2000 the Redevelopment Agency approved $150,000 from Central Industrial/Sycamore Canyon Low to Moderate Income Bond Funds to facilitate improvements for the Lot. In addition, the Redcvelopment Agency approved a long-term Lease and Maintenance Agreement with the La Sierra Apartment Owners Association on March 6, 2001. Current Issue Due to municipal fees for sweet lights, public safety lighting, and water service that were not budgeted into the project, a funding shortfall has occurred that may seriously hinder completion of the Lot. At this time, staff is requesting an additional allocation of $29,000 that will come from excess funds reallocated from a completed project, with additional funding from unprogrammed housing funds. The cost breakdown for the Lot, as &mid- April 2001 is as follows: 1. $90,000 - Redevelopment Agency approved bid mount to construct Lot 2. $30,000 - Staff time charge by the Department of Public Works (high estimate) 3. $15,000 - In lieu street lighting fee charged by the Public Utility 4. $14,000 - Water meter service charge ffom Public Utility 5. $30,000 - Lot lighting for public safety $179,000 TOTAL $150,000 - Previous Agency Approval -$29,000 - Project Shortfall