AgdaPkt 2007-08-13 - Laserfiche WebLink

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6.10 Page 3 "Downtown" banners, as well as for design services for the lanterns, banners and the improvements related to the bid under consideration, leaving a balance of $104,196. When the Downtown Funding Plan was prepared, staff recommended funding of $350,000 based upon the need to improve Middlefield as a gateway to the proposed new entertainment core of the Downtown, but recognizing there was not sufficient funding to do a full-blown streetscape design (i.e. with new sidewalks, street streets, pedestrian-scale lighting, etc). As the design concept evolved, so did construction costs and funding options. When the10% project contingency is factored in, the lowest bid is $81,950 higher than the architect's estimate. Engineering staff and the architect have concluded that the bid is fair and reasonable given current escalating construction costs. The funding options are discussed below. Staff had intended to recommend the transfer of the Metropolitan Transportation Commission/Housing Improvement Program (TC/HIP) Grant for $163,590 to this project when it was determined the funds would not be made available by MTC as originally anticipated for the award of the bid for the Wayfinding Program in April. However, staff has been informed by MTC that while this project is eligible for the grant funding, the monies are still not available. However, there is currently almost $770,000 in Contingency funds available, as well as $50,000 in funding originally proposed in 2003 for realigning Broadway at Spring S1. (Project No. 809-71903). Staff has been deliberately conservative in recommending the use of Contingency funds knowing that some of the funding might be needed for this project. Staff is therefore recommending the approval of a budget amendment redirecting the $50,000 for the Broadway realignment to this project, as well as $236,004 in COT:ltin~ncy funds in order to fund the higher than anticipated costs as follows: $318,500 for construction per the lowest responsible bid received, a 10% project contingency in the amount of $31,850, 10% for staff support costs in the amount of $31,350, and $8,000 in additional funding for the amendment to the agreement with Tom Richman. In summary, this brings the total needed to complete the Theatre Way II project to $390,200. Pursuant to the Downtown Funding Plan, a $104,196 balance is available from the funding originally budgeted for the project, as well as the $50,000 in redirected funds from the proposed Broadway realignment at Spring St. (which can be explored at a later date) and $236,004 in Contingency funds (leaving a balance of approximately $5jlOO for contingency purposes for FY 2007/08). .k4bA<- Jk,/dr Susan Moeller, Manager Peter Ingram, tive Director Redwood City Redevelopment Agency RedwoOd City Redevelopment Agency ~W- Edward ve ... I City Manager