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<br />5.2A <br />Page 2 <br /> <br />relocation which was performed under a separate agreement at the onset of the project in 2003. <br />Design costs for consultants, staff time, miscellaneous fees, reports. and supplies are <br />considered soft costs and are not included in the above figure, but were just over $1.3 M. <br /> <br />There is still approximately $1.7M encumbered in the budget for this project which includes <br />remaining retention monies ($900,000). The developer, per the agreement, has submitted a <br />letter attesting to the substantial completion of the work (attached) and provided a list of minor <br />items that are still outstanding. Upon acceptance of the improvements, the City will, within 35 <br />days, release the remaining retention monies. Since there are a few minor outstanding items, it <br />is recommended that $250,000 of the remaining retention money be withheld until these items <br />can be completed to the satisfaction of the City, as approved by the Community Development <br />Services Director. This amount should be sufficient to also cover any unresolved claims. <br /> <br />Alternative <br />Do not accept the Underground Public Parking Facility in the Downtown area, which would be <br />contrary to prior City/Agency direction. <br /> <br />Fiscal Impact <br />There will be no change in fiscal impact. Sufficient funds have already been appropriated for the <br />project from the RDA budget. <br /> <br /> <br /> <br />P-&' . ~' ~ <br />/ /lo ./ -" ..,CRJ . ./Ct~ . <br />Patricia J. Web usan Moeller <br />Economic Dev lopment Coordinator Redevelopment Agency Manager <br /> <br /> <br />fltIJ- <br /> <br />e Patterson Ed verett <br />o munity Development City Manager <br />Services Director <br /> <br /> <br />Attachment <br />Letter from David Irmer dated June 30,2006 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />REDEVSHAREDI2006 STAFF REPORTS/07-2006IFinal Parking Garage Acceptance 2 <br />