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Page 2 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />Transportation Improvement Program (STIP) grant, $8.0M U.S. Department of Transportation (U.S. DOT) <br />Infrastructure for Rebuilding America (INFRA) grant, and up to $20.0M from San Mateo County <br />Transportation Authority (SMCTA) Measure A grant funds. <br />Table 1 (below) shows the funding sources for the ROW acquisition costs. As demonstrated below, the <br />Project has sufficient funds to cover ROW capital costs. <br />Table 1: Funding Sources for ROW Capital Costs <br />Funding Source Approved <br />Amount <br />Prior Year <br />Expenditure <br />Current <br />Expenditure <br />Remaining <br />Amount <br />State - STIP $ 8,000,000 ($39,500)($44,200)$ 7,916,300 <br />Federal (U.S. DOT) - INFRA $ 8,000,000 $ 8,000,000 <br />County - SMCTA $20,000,000 $20,000,000 <br />Total Available ROW Funding:$36,000,000 $35,916,300 <br />Total anticipated ROW capital costs*:$26,700,000 <br />*Includes Contingency <br />ANALYSIS <br />In coordination with staff, the City’s ROW consultant, Associated Right of Way Services, Inc. (AR/WS), has <br />prepared market-based appraisals, performed the necessary evaluations, and initiated conversations with <br />the subject property owners. In accordance with state and federal regulations, just compensation offers <br />were made to FN Veterans LLC, owner of 1475 Veterans Boulevard, and Peninsula Building Materials Co. <br />and Bushmont Company owners of 109 Seaport Boulevard. The offers include acquisition of fee title, <br />temporary construction easement (TCE), and access rights only. As described below, the property owners <br />have accepted these offers of just compensation. <br />Property owner FN Veterans LLC accepted the City’s offer of just compensation in the amount of $11,100 <br />for acquisition of fee title, TCE, and access rights only. This offer was established by the City’s appraisal of <br />the Project’s ROW requirements, described in the attached Property Purchase Agreement (Attachment B). <br />Property owners Peninsula Building Materials Co. and Bushmont Company accepted the City’s offer of <br />just compensation in the amount of $33,100 for acquisition of fee title and TCE. This offer was established <br />by the City’s appraisal of the Project’s ROW requirements, described in the attached Property Purchase <br />Agreement (Attachment E). <br />In accordance with Resolution No. 16277 and the associated staff report presented to the City Council on <br />February 10, 2025, to proceed with acquisitions the Council must approve the Property Purchase <br />Agreements (Attachment B & Attachment E) and related documents. <br />7.I. - Page 2 of 48 <br />140