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78 Page 3 It envisaged limited meetings between staff and the consultant to conclude the Administrative draft; and it also envisaged only one meeting before the Planning Commission and one before the Council prior to adoption. While the original contract has been amended twice to accommodate the extensive work related to the study sessions, staff is recommending the addition of approximately $70,000 to the budget with FTB, as detailed in Attachment 3 to this report, to complete the document and review and adoption process. Fiscal Impact The Downtown Precise Plan work to date has been funded by the Redevelopment Agency as part of its Downtown Funding Plan and capital budget. $300,000 was originally allocated for "Precise Plans" in the original funding plan adopted by the Agency Board in 2003. An additional $200,000 was funded in the FY 2005-06 budget. All of that funding has been expended on the preparation of the plan, the public meeting and joint study session process, staff/consultant meetings related to the review and finalization of the administrative draft, the economic analyses prepared by the Concord Group, a series of necessary and related traffic studies by Korve Engineering, and a small contract for assistance on the EIR proposal process. The estimated $450,000 in additional funding needed to complete the Precise Plan and the EIR work will be provided as follows: (1) $200,000 will be transferred from "Private Project Incentives" and $150,000 from "Contingency" in the Agency Capital Budget to "Precise Plans" in that same capital budget; and (2)$100,000 will be transferred from the Housing Operational Budget (Professional Services) to the Housing Capital Budget and used to help fund the required work .The use of housing funds is appropriate due to the high number of housing units projected as part of the Precise Plan. These transfers will exhaust the "Private Project Incentives" budget and leave approximately $60,000 in the "Contingency" budget for capital projects. Approximately $70,000 will remain in the "Professional Services" budget for housing, which is sufficient for anticipated expenditures through the end of the fiscal year. Staff also wishes to create a program for reimbursement of the cost of the EIR and for the Downtown Precise Plan by future Downtown developments based on such cost savings to developments from the EIR. There is a significant upfront City cost of preparing the EIR and Precise Plan, while at the same time there will be a substantial cost savings to each developer in avoiding the substantial cost of an individual project EIR. Staff wishes to review the concept of a Cost Reimbursement Program and bring it back at a future meeting for Council discussion. 1:2006 STAFF REPORTS_02-2006_Precise Plan EIR 3 '_._.__. .._...._..,......,. ..,. ____..__F___...' '"'__"_'~'____'_ -,._. ,_.'. ~~.... --,,_. ....---.-----.-..--..-.---.....---~.