Title:
Title
Agreement: 3rd Street Relief Sewer Project Funding, Credit, and Reimbursement [Published for 10-Day Review 05/23/2019]
End
FileID
File ID: 2019-00750
Location
Location: District 3
Recommendation:
Recommendation
Adopt a Resolution authorizing the City Manager or City Manager's designee to: 1) execute the 3rd Street Relief Sewer Project Funding, Credit and Reimbursement Agreement with Downtown Railyards Venture, LLC in an amount not-to-exceed $14,557,780 Wastewater Reimbursable Fund (Fund 6206); 2) execute all documents necessary to implement the 3rd Street Relief Sewer Project Funding, Credit and Reimbursement Agreement; 3) establish the revenue and expenditure budgets for the 3rd Street Relief Sewer Project (X14010000) in the amount of $14,557,780; 4) transfer $2,006,534 from the Sewer Development Fee Fund (Fund 6002) available fund balance to the 3rd Street Relief Sewer Project (X14010000); 5) approve the reclassification the Capital Assets for the Project from Fund 6206 to Fund 6002.
Contact: Dan Sherry, Division Manager, (916) 808-1419, Engineering and Water Resources, Department of Utilities; Leslie Fritzche, Economic Investment Manager, (916) 808-5450, Innovation and Economic Development Office, Office of the City Manager
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Resolution
3-Agreement
Description/Analysis
Issue Detail: Staff recommends that the City Council approve the 3rd Street Relief Sewer Project Funding, Credit and Reimbursement Agreement (Agreement) with Downtown Railyards Venture, LLC (DRV) to advance the $14,557,780 in construction costs for the 3rd Street Relief Sewer Project (Project) (X14010000). The City does not have adequate funds in the Sewer Development Fee Fund (Fund 6002) to finance the entire Project. DRV will receive fee credits or cash reimbursement from future revenues in the Sewer Development Fee Fund per the Agreement. The Project is needed to support future development in the Raily...
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