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Alternatives <br />1. Do not authorize the City and the Agency to enter into the construction and <br />reimbursement agreement for the underground public parking garage. In this case, the <br />proposed underground public parking structure under Block One could nLt be <br />constructed at this time. This delay could negatively affect the entire project. <br />2. Direct staff to seek alternative solutions. <br />Fiscal Impact <br />The estimated cost of beginning the construction of the new underground public parking <br />garage is approximately $18.2M. 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 $20 million that the City loaned to the Agency. This will <br />be paid back from the proceeds of the future bond issuance. <br />Patricia J. Webb <br />Economic Development Coordinator <br />ySusan Moeller <br />Redevelopment Manager <br />ruce Liedstrand <br />Community Development Director <br />d Everett <br />City Manager <br />Attachments: <br />Draft Construction and Reimbursement Agreement <br />PW:cls /CD /agenda: construction & reimbursement parking garage <br />091703 <br />