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Page 3 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />FISCAL IMPACT <br />On May 24, 2021, the City Council authorized the Redwood City Public Facilities and Infrastructure <br />Authority to issue lease-revenue bonds to finance related facility and infrastructure projects, specifically <br />including the Veterans Memorial Exhibit Design Project, in the aggregate principal amount not to exceed <br />$65,400,000. The bond sale and proceeds to the City was successfully completed on June 17, 2021. <br />The Project’s contract of $2,044,652 was approved with a 10 percent authorized contingency. The total <br />cost for change orders ($104,337) is within the contingency amount. <br />Table 1: Project Cost Summary <br />Contract Item Amount <br />Award $2,044,652 <br />Change Order 1 $52,949 <br />Change Order 2 $38,308 <br />Change Order 3 $13,080 <br />Contract Total $2,148,989 <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. Moreover, the City determined that Project itself <br />did not qualify as a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment when the project was awarded on May 24, 2021. <br />PUBLIC NOTICE <br />Public notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting. <br />ALTERNATIVES <br />Alternative 1: The City Council may choose not to accept the project or authorize the release of bonds and <br />retention. However, these options would be contrary to the terms of the contract, prior City Council <br />action, and Public Contract Code. If retention is not released in a timely manner, the City may be liable for <br />interest payments and collection costs to the contractor. <br />8.B. - Page 3 of 6 <br />15