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Fiscal Impacts ~ <br />The original budget for this project was established in 2000. To date, we have a <br />balance of approximately $286,000 in the budget, and an additional $5,000 committed <br />from John Anagnostou for improvements in front of the Forrestor's Hall. For this size of <br />project, the City needs to reserve approximately $50,000 for both construction <br />administration and contingencies, leaving a remainder of $241,000 to construct the <br />improvements. With a bid of $347,192.55, the City has a shortfall of $106,193. <br /> <br />Because the bids came in higher than expected, there are three alternatives to <br />consider: <br /> <br />1. Appropriate more funds out of the City's General Fund reserves to construct the <br /> entire project. <br /> <br />2. Postpone the construction until the construction market is better (maybe never), and <br /> re-bid the project next spring for construction next summer. <br /> <br />3. Reprogram funds already appropriated for CIP Projects. The following is a list of <br /> projects and their fund balances, which can be reallocated to make up the shortfall in <br /> funding. <br /> <br /> Account Amount Amount Balance <br /> Proiect No. Remainin~l Requested <br /> Underground Overhead <br /> Utility 263-0445 $199,985.00 $22,000.00 $177,985.00 <br /> Sequoia Station Pedestrian <br /> Crossing and Caltrain 263-1003 84,105.00 84,000.00 105.00 <br /> Upgrades <br /> TOTAL $106,000.00 <br /> <br /> Since portions of the median projects involve new street lights and wiring, it is <br /> reasonable to use money from this fund since that is the purpose of the fund. The <br /> money from the Sequoia Station Pedestrian Crossing and Caltrain Upgrades was <br /> intended for the City-required "upgrades" for the station platform including fencing, <br /> pedestrian signals, lighting, and upgraded shelters. The Joint Powers Board (JPB) <br /> funded all of the improvements, so this account is no longer necessary. <br /> <br />Staff is recommending funding Alternative~#3, and immediate award of thi~s.c~ntr{~ct. /~ <br /> <br />Brian Lee ~..,~/J Joel Patterson Ed Everett <br />Senior Civil Engineer ~./,Manager, Engineering & Construction City Manager <br /> <br /> BL:ss <br /> S/liZ)rary/repor6ts/Z)rian/AWARD_Maplemain. BroaclwayHopkins <br /> <br /> -3- <br /> <br /> <br />