TO: LINDA REICH, CITY MANAGER
FROM: HYE JIN LEE, PE, DIRECTOR OF PUBLIC WORKS
SUBJECT
title
Amendment to the Construction Reimbursement Agreement for the Ontario Ranch Business Park Project (referred to as the REDA Project) - Merrill Avenue Widening, Interconnect, and Euclid Avenue Median Improvements Project R2501.
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RECOMMENDATION
recommendation
1) Approve a budget amendment, as shown in the Fiscal Impact section of this report, reallocating and updating project funding sources for Project R2501 (Merrill Avenue Widening, Interconnect, and Euclid Avenue Median Improvements) to reflect approved change order work and updated cost allocations among appropriate funding sources, and increase the total project budget by $1,983,767, for a revised total project budget not to exceed $17,692,868; 2) appropriate $2,322,542 to the Transportation Fund 320 with a back fill from the Citywide Circulation Development Impact Fee Fund 220 to support the revised project budget and reduce the Preserve Fund 260 budget by ($338,775); 3) approve an amendment to the Construction Reimbursement Agreement between the City of Chino and Euclid Land Venture, LLC, a Delaware limited liability company, increasing the reimbursement amount by $1,983,767 for a total not-to-exceed amount of $17,692,868; and 4) authorize the City Manager to execute all the necessary documents on behalf of the City.
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FISCAL IMPACT
The budget adjustment includes an additional appropriation of $2,322,542 from the Citywide Circulation DIF Fund (220) to address increased costs associated with Euclid Avenue change orders and additive work with a budget reduction of ($338,775) from the Preserve DIF Fund 260. The Merrill Avenue portion of the project is anticipated to close with a surplus of $338,775, which will be returned to the Preserve Circulation DIF fund balance as summarized in the table below.
Funding Source
Original Budget
Budget Appropriation-Amendment
Revised Project Budget
Scannell Deposi...
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