TO: LINDA REICH, CITY MANAGER
FROM: HYE JIN LEE, PE, DIRECTOR OF PUBLIC WORKS
SUBJECT
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Construction credit/reimbursement agreement with LS College Park, LLC for the construction of public improvements associated with the College Park Development.
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RECOMMENDATION
??1) Fund Correction - Authorize a fund balance (cash) transfer of $2,805,564.01 at June 30, 2025 from the Water Fund 520 to reimburse $694,297.90 to the Citywide Water Source, Storage, and Distribution DIF (Fund 253) and $2,111,266.11 to the Preserve Water Source, Storage, and Distribution DIF (Fund 261) for prior period expenses related to Project No. WA19C - Eastside Water Treatment Facility (EWTF) Phase 3; 2) Reimbursement Agreement- Appropriate $543,602 from the Storm Drain Fund 540 with a corresponding budget transfer in/out from the Citywide Storm Drainage Collection System Facilities Development Impact Fee (Fund 255) for FY 2025-26; and 3) Appropriate $200,000 from the Water Fund 520 Fund with a corresponding budget transfer in/out from the Citywide Water Source, Storage and Distribution Development Impact Fee Fund (Fund 253) for FY 2025-26; 4) approve a Construction Credit/Reimbursement Agreement with LS College Park, LLC, a Delaware limited liability company in an amount not to exceed $8,822,740 for the construction of master-planned public facilities required as a condition of approval for the College Park Development project; and 5) authorize the City Manager to execute all the necessary documents on behalf of the City.?
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FISCAL IMPACT
??The proposed fund correction will address the current deficit in the Citywide Water Development Impact Fee Fund (Fund 253), thereby enabling the City to issue a progress payment to the developer for completed, DIF-eligible improvements related to water infrastructure. To implement these corrections and appropriations, the following actions are required:
1. Fund Correction Summary - Reallocation of Ineligible EWTF Expenditures
?A total of...
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