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6.1 -r3 <br />Fiscal Impact <br />The estimated cost of beginning the construction of the new underground public parking <br />garage is approximately $1.22M. As noted this money will be advance4to the developer <br />and much of it will be reimbursed at a later date. The funding for this will *inc;uded in the <br />Redevelopment Agency bond issuance for the underground public parking garage and <br />other downtown projects as part of the Downtown Funding Plan. The initial cash outlay for <br />this cost will be provided from the $20M that the City loaned to the Agency. This will be <br />paid back from the proceeds of the future bond issuance. <br />11 1 1 1 Z A <br />Patricia J. Webb Susan Moeller <br />Economic Development Coordinator Redevelopment Manager <br />fo( <br />4Bruce4Liedstrd Ed Ev e�t <br />Community Development Director City Manager <br />Attachments: <br />Cost Estimate <br />F:Atty /CD /Agenda.Garage Constr & Reimb. 3 <br />