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��— � <br /> Alternatives <br /> 1. Do not authorize the City and the Agency to enter into the Construction and <br /> Reimbursement Agreement for the streetscape. In this case, the proposed streetscape <br /> would not be completed in time for the desired opening of the project and could <br /> jeopardize the tenant leases. <br /> 2. Direct staff to seek alternative solutions. <br /> Fiscal Impact <br /> As noted above, there will be a funding gap of $1.4M to complete the project as originally <br /> designed utilizing a single paver throughout Theatre Way. This funding can be made <br /> available from the RDA Working Capital Fund Balance in the amount of $600,000 and <br /> reallocation of $800,000 from the "Private Incentive Project" budgeted as part of the <br /> original Downtown Funding Plan. <br /> The current balance in the "Working Capital Fund Balance" is estimated to be $900,000. <br /> However, that number is not final nor has it been audited. The proposed budget <br /> amendment will leave a balance of $300,000. Should the final number be less than the <br /> amount required forthis amendment, staffwill identify anotherfunding source and return to <br /> the Council/Agency Board with an alternative recommendation for funding the additional <br /> $600,000 required for the project. The "Private Incentive Project" is funded and has a <br /> current balance of $1 million, which is a final number. The amendmentwill leave a balance <br /> of $200,000 in that project. <br /> Since almost $600,000 of the gap is related to the Jefferson Avenue/Middlefield Road <br /> paving management work, the Council could also consider redirecting funds currently <br /> earmarked for other projects in the City, and help offset the impact to the Redevelopment <br /> Budget. This could be accomplished by deferring one or more of the currently planned <br /> pavement management projects for a year, and redirecting funds to Jefferson <br /> Avenue/Middlefield Road. Staff will review this option and come back to the Council with a <br /> recommendation at a later date, if determined to be feasible. <br /> � . �2�(Y�— / � <br /> Patricia J. Webb Susan Moeller <br /> Economic Development Coordinator Redevelopment Manager <br /> /; . <br /> / / p� � <br /> r <br /> a,/,'� � ;,: , l <br /> o I Patterson Ed Ever�tt <br /> mmunity Development Services Director City Manager <br /> Attachments: <br /> 1. Resolution <br /> 2. Construction and Reimbursement Agreement for powntown Retail-Cinema Streetscape <br /> Page 5 of 5 <br />