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 REDEVELOPMENT AGENCY AGENDA ITEM NO. 14


Meeting Date: April 8, 2008

Subject/Title: Adopt a resolution authorizing the Agency Treasurer to transfer funds from the Redevelopment Agency of the City of Brentwood Tax Allocation Bonds, Series 2001, to the Downtown Parking Structure Capital Improvement Project #337-37204 in the amount of $50,000.
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Prepared by: Kwame P. Reed, Senior Community Development Analyst

Submitted by: Casey McCann, Interim Community Development Director


RECOMMENDATION
Adopt a resolution authorizing the Agency Treasurer to transfer funds from the Redevelopment Agency of the City of Brentwood Tax Allocation Bonds, Series 2001, to the Downtown Parking Structure Capital Improvement Project #337-37204 in the amount of $50,000.

PREVIOUS ACTION
On June 12, 2007, by Resolution No. 2007-126, City Council adopted the City’s 2007/08 – 2011/12 Capital Improvement Program (“CIP”), which included the Downtown Parking Structures.

On August 14, 2007, by Resolution No. 2007-179, the Council adopted a resolution approving an amendment to the Downtown Parking Structures CIP for the purpose of revising the description of the project from a single large structure to two smaller structures; identifying proposed strategic sites for the parking solutions; revising the estimated costs for the project; and accelerating the project timelines.

In addition to these actions, the Agency, by resolution, adopted a Professional Services Agreement with McDonough Holland & Allen for legal and appraisal services associated with the Downtown Parking Structures CIP at their February 12, 2008 meeting.

BACKGROUND
With the previous action in place, efforts to assess the estimated costs of possible parking facilities and determine whether these public improvements are financially feasible must include acquisition, relocation and environmental services. Staff anticipates entering into two separate Professional Agreements for the services described above. The total cost of the services is not estimated to exceed the requested transfer of $50,000.

Staff recommends the Agency Treasurer be authorized to transfer $50,000 from the Agency’s Administration & Capital Projects Fund and the 2001 Tax Allocation Bond Proceeds for these two anticipated agreements to the Downtown Parking Structure Capital Improvement Project #337-37204.



FISCAL IMPACT
The acquisition, relocation and environmental services will be funded entirely by the Agency’s 2001 Tax Allocation Bond Proceeds. No City General Funds will be used for this transaction. The funds for this work are included in the adopted 2007/08 – 2011/12 Capital Improvement Program, which includes the Downtown Parking Structures, CIP Project No. 337-37204 budget of $708,500. Therefore no amendment is required to the CIP sheet at this time. No revenues are expected to offset this expenditure. The Finance Department has verified that there are sufficient cash balances in the Administration & Capital Projects Fund and the 2001 Tax Allocation Bond Proceeds to accommodate this expenditure.






Attachments:
Resolution



AGENCY RESOLUTION NO.

A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF BRENTWOOD TO AUTHORIZE THE AGENCY TREASUER TO TRANSFER FUNDS FROM THE REDEVELOPMENT AGENCY OF THE CITY OF BRENTWOOD TAX ALLOCATION BONDS, SERIES 2001, TO THE DOWNTOWN PARKING STRUCTURE CAPITAL IMPROVEMENT PROJECT #337-37204 IN THE AMOUNT OF $50,000 FOR ACQUISITION AND RELOCATION SERVICES, AND A PHASE I ENVIRONMENTAL ASSESSMENT.

WHEREAS, the Redevelopment Agency of the City of Brentwood (“Agency”) adopted its annual 2007-08 Budget on June 26, 2007, by Resolution No. RDA-128; and

WHEREAS, the Agency desires to memorialize its expenditure approvals for redevelopment programs and activities that are funded by the Agency’s 2001 Tax Allocation Bond Proceeds that promote, establish, develop and support economic development, business and affordable housing opportunities and needed public infrastructure and improvements within the Merged Redevelopment Project Areas; and

WHEREAS, on June 12, 2007, by Resolution No. 2007-126, City Council adopted the City’s 2007/08 – 2011/12 Capital Improvement Program (“CIP”), which included the Downtown Parking Structures #337-37204 (“Project”); and

WHEREAS, in order to commence the Downtown Parking Structures CIP Project, a transfer is required to occur from the Agency’s approved Administration & Capital Projects budget into the Downtown Parking Structures Fiscal Year 2007/08 expenditures; and

WHEREAS, on August 14, 2007, by Resolution No. 2007-179, the Council adopted a resolution approving an amendment to the Project’s CIP for the purpose of revising the description of the project from a single large structure to two smaller structures; identifying proposed strategic sites for the structures; revising the estimated costs for the project; and accelerating the project timelines; and

WHEREAS, the Project, located within the Merged Redevelopment Project Areas, would address the parking demands required to continue to support the existing retail and restaurant vitality in Downtown as well as the new expected growth in the Downtown. The Project will study, plan, investigate and possibly acquire and assemble properties to construct parking facilities that are convenient and safe and that would provide parking options for Downtown businesses, employees and visitors; and

WHEREAS, the Downtown Parking Structure CIP identifies a budget of $532,500 Fiscal Year 2007/08 expenditures. No amendments to the existing CIP sheet are necessary at this time.

NOW, THEREFORE BE IT RESOLVED, that the Redevelopment Agency of the City of Brentwood does hereby authorize the Agency Treasurer to appropriate funds from the Redevelopment Agency of the City of Brentwood Tax Allocation Bonds, Series 2001, to fund the acquisition, relocation and environmental services for the Downtown Parking Structure Capital Improvement Project #337-37204 in the amount of $50,000.

PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of the City of Brentwood at a regular meeting held on the 8th day of April 2008 by the following vote:



























 
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