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g.�- 2 <br /> Alternative <br /> Counci� can elect to not enter into this agreement with the Califomia State Library and <br /> forfeit the $10.1 million dollars. <br /> Fiscallmpa�t <br /> The total budset for the library proje ;t is $16.96 million (inciudes $3.86 million in land <br /> value). The City's matching costs are $1.58 miliion in cash plus the value of the land, <br /> which was appraised at $3.86 million. In addition, to the matching costs, the City must fund <br /> $1.4 million in supplemental funding. Therefore, the total cost to the City is $2.99 miilion <br /> ($1.58 million +$1.4 million) and the land. The land is currently owned by the City and has <br /> been earmarked for the Branch Library Project. The City's contribution toward the project <br /> has been appropriated under th� General Improvement District. <br /> / � - <br /> � � � � � <br /> i ! v �iw.�n,. � <br /> Ed Everett Sandra Cooperma Barbara Pierce � <br /> City Manager Library Foundation, President Vice Mayor <br /> � l <br /> , , 1 "t( <br /> ,. ;; �'�:? <br /> David Gene y <br /> Library Director <br /> Attachment <br /> Agreement <br />