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8.A. - Page 5 <br />The total project cost will be determined later this year. At this time, the City has <br />allocated a total of $15 million towards the Project to date with $14 million <br />coming from the Parks Impact Fees (development fees) and $1 million from <br />Stanford University's development agreement with the City. Debt financing likely will be <br />required to fund remaining construction costs and preliminary debt service costs have <br />been included in the City's Five Year Financial Forecast. <br />Through the CEQA process, the recommended traffic calming measures will be analyzed; <br />if the traffic calming measures are ultimately required or desired, construction costs could <br />exceed $2 million. To address community concerns, staff recommends evaluating <br />opportunities for pilot improvements and requesting funding as part of the FY 2019-20 <br />Capital Improvement Program. <br />ENVIRONMENTAL REVIEW <br />The requested action is not a project under California Environmental Quality Act <br />(CEQA) Guidelines section 15378 because the recommended action has no potential <br />for resulting in either a direct or foreseeable physical change in the environment. As <br />described above, an EIR will be prepared consistent with CEQA. However, once <br />finalized with the community and City Council, the agreed traffic calming measures will <br />be included in the scope for environmental analysis of the overall project. A Notice of <br />Preparation informing the public that an EIR would be prepared and requesting <br />comment on the scope of environmental analysis was released for a 30 -day period <br />beginning on August 24, 2018 through September 25, 2018. <br />r' "g <br />CHRISTOPHER BETH <br />PARKS, RECREATION AND COMMUNITY SERVICES DIRECTOR <br />MELISSA STEVENSON DIAZ <br />CITY MANAGER <br />ATTACHMENT: <br />1. Traffic Calming Neighborhood Priority Intersections <br />