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4( E -3 <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 advanced to UIR developer <br />and much of it will be reimbursed at a later date: The funding for this will be included 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 />Patricia J. Webb Susan oeller <br />Economic Development Coordinator Redevelopment Manager <br />Bruce Liedstr d Ed Ev 1 <br />Community Development Director City Manager <br />Attachments: <br />Cost Estimate <br />F:Atty/CD /Agenda.Garage Constr & Reimb. 3 <br />