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6.C. - Page 2 of 20 and operating ferry service (Project) and to conduct corresponding cost -benefit and economic impact analyses. The potential ferry terminal would be constructed by the City in coordination with the Water Emergency Transportation Authority (WETA). The potential public ferry service would be operated by W ETA. The City received seven proposals and a staff- and partner -based review board was created to evaluate proposals. The board narrowed down the pool of seven consultant teams to the top two proposals and interviewed the teams in November 2018. After evaluating how well the top two firms did through their written proposals, interviews, and reference checks, the review board concluded CDM Smith would best deliver the financial feasibility study and cost -benefit and economic impact analyses (Study and Analyses). ANALYSIS The goal of conducting the Study and Analyses is to provide City Council with as complete a picture as possible to best determine whether the City should proceed with the pursuing new commuter ferry service. Some of the major tasks accomplished through the Study and Analyses will include: • Outreach to recreational boaters, residents, and businesses, including large employers around the area such as Box, Facebook, Google, Oracle, and Stanford University • Forecast ridership and travel demand to evaluate what the potential future demand for ferry travel • Identify various funding services such as fare revenue, state and federal grants and public-private partnerships • Analyze the social costs and benefits of ferry service such as determining how it affects livability (related to the costs of commuting, i.e. travel times, reliability, etc.), and whether it improves safety , or increases access to job markets • Evaluate potential of the ferry service to affect the economy through changes in jobs, income, land value or tax revenues • Estimate the financial cost of terminal construction, vessel procurement and long term operation and maintenance costs The Project is anticipated to kick-off in February 2019 and is expected to take at least fifteen months to complete. FISCAL IMPACT The City currently has budgeted $510,000 for the Redwood City Ferry Project, which is sufficient to cover the consultant costs and a 10% contingency for a total amount of $503,718. The $510,000 is a combination of City and SMCTA funds. In May 2018, the SMCTA Board allocated $450,000 of Measure A Ferry Program Category Funds towards the Project and authorized their Executive Director to execute an agreement between the SMCTA and the City, contingent on the City securing $60,000 in local matching funds. On June 25, 2018 City Council adopted the Five -Year Capital Improvement Program which allocated $60,000 in Capital Outlay funds City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 65