Report Prepared by: Joe Cardoso, P.L.S., City Surveyor, Engineering Department
Title
SUBJECT: Approval of Public Facilities Impact Fee Credit/Reimbursement Agreement with 2980 East Yosemite, LLC, for Improvements on Yosemite Avenue and Lake Road in the Amount of $727,523.68
REPORT IN BRIEF
Considers approving Reimbursement of Public Facilities Impact Fees (PFFP) to 2980 East Yosemite, LLC in the amount of $727,523.68 for the cost of constructing a portion of roadway and installing a traffic signal on Yosemite Ave and Lake Road.
RECOMMENDATION
City Council - Adopt a motion:
A. Approving the Public Facilities Impact Fee Credit/Reimbursement Agreement with 2980 East Yosemite, LLC for the work performed to install a traffic signal and roadway improvements on Yosemite Avenue and Lake Road; and,
B. Approving a Supplemental Appropriation from the unreserved, unencumbered fund balance in Fund 3505 Facilities-Roadways Developer in the amount of $219,062.45, transfer to Fund 5005-Streets and Signals CIP and appropriating the same in Fund 5005, project CP240059; and,
C. Approving a Supplemental Appropriation from the unreserved, unencumbered fund balance in Fund 3506 Facilities-Traffic Signal Developer in the amount of $508,461.23, transfer to Fund 5005-Streets and Signals CIP and appropriating the same in Fund 5005, project CP240059; and,
D. Authorizing the Finance Officer to make the necessary budget adjustments; and,
E. Authorizing the City Manager to execute all necessary documents.
Body
ALTERNATIVES
1. Approve, as recommended by staff; or,
2. Approve, subject to modifications as conditioned by Council; or,
3. Deny the request; or,
4. Refer back to staff for reconsideration of specific item (specific items to be addressed in City Council motion).
AUTHORITY
Chapter 17.62 of the Merced Municipal Code and Policy A32 (Attachment 1) of the City Administrative Policy and Procedures deal with the Public Facility Impact Fee program including eligibili...
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