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6.16-1 REPORT To the Honorable Mayor and City Council From the City Manager August 11, 2003 Subject Cooperative Agreement with the City of Belmont for the construction and financing of the Route 101 /Ralston Avenue Interchange Improvements Project. Recommendation Approve and authorize the execution of a Cooperative Agreement with the City of Belmont for the financing and construction of the Route 101 /Ralston Avenue /Marine Parkway Interchange Reconfiguration Project, and direct the City Manager to satisfy the responsibilities outlined in the agreement. Background This agreement outlines the responsibility that each of the Cities have on the subject project. It also states the course of action that will take place if unforeseen conditions occur on the project. Redwood City is the lead agency for the project, and is responsible for carrying out the bulk of the project administration. Belmont will contribute funds in accordance with the proportions stated in the next paragraph. If construction cost overrun occurs, the State will share 52% of that cost. The remaining 48% of the overrun will be appropriated between the two cities and charged against each city's contingency account. At the conclusion of the project, if one city has contingency funds that the other can use, the two cities will share the contingencies. agreement could not be finalized until now, because the State grant was just allocated to the project on June 26, 2003. Belmont's City Council took action to authorize the execution of this agreement by their City Manager on July 22, 2003 The total remaining project cost estimate stands at $17.3 million. This does not include the cost for landscaping, which Caltrans insists must be contracted out separately. From this cost estimate, $14.75 million is for the actual construction. The City requested and received $7.6 million in State Transportation Improvement Program (STIP) funding, and this fund will be applied toward construction costs only. The Redwood Shores Community Facility District 99- 1(RWS -CFD 99 -1 (a traffic special district composed of all Redwood Shores commercial property owners) will generate $10.8 million (this includes net proceeds from the Phase II bond issuance, property owners' contributions, and funds remaining from Phase 1) for use on the project. Another $1.1 million comes from developers' fees collected by the City of Belmont, and will be assigned to Redwood City along with unpaid expenditures ($245,100.00) for the design and right -of -way acquisition. A separate co -op agreement with Caltrans for this project was presented to this Council on June 23, 2003, and is now fully executed. The Caltrans agreement plays a large role S /library/reports /peter /Cal Trans Ralston IC oo op.doc Page 1 of 2