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� 8 A. - Page 87
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<br /> S�.IiBJE�T: Financing �ptions far the Laurel Way Environmental Impact
<br /> 12eport
<br /> RECO1ViMENI'JATI��i!': Thak �he City Counci.l revie�nr and discuss the
<br /> financing options ava.ilable for the prepara�ion of an Environmental Impact
<br /> Report For the Laurel Way �s�bdirris�on, and determine the City's �inancial
<br /> contribution, if any.
<br /> �ACKG�Z4LIND: 4n Septemb�r ib, �996, th� City Council reviewed �he appea�
<br /> of th� decision by the Zaning Adm�nistx eo d�n� four varianc�s to construct
<br /> a 2,100 square foot house at 373$ Laurei Way. The Coun�il denaed the appea�
<br /> ar�d uphe�d the policy of xequiring an Environmental �mpaet Reporf (EI�}� priar
<br /> to any develapme�t on Laurel L�iTay. '�'hey also directed s�aff to exptore
<br /> alternative mechanfsxns fo� Eunding the EIR, with t�e possibiiity of the City
<br /> contributing a portion of the EIR costs.
<br /> Staff did obtain an estimate af agproximateIy $80,�00 to prepar� �te EIR.�
<br /> It alsu determined thaf it wau]d cost approximatelq $550,OD4 to consiruct sfTe�E
<br /> improvemenfis for the entire par#ion af Laurel Way as proposed by the f971
<br /> Improvement Plan.
<br /> For the purpose of �his preliminaxy report staff is only focusing on the EIR
<br /> financing since roadway improveme:nt� �ould change based on
<br /> xecom�txtendations oF the EIR. � '
<br /> This report presen#� an overview af several finan�ing apdans available to pay
<br /> for the EiR. 5taff is seekiz�g same direc�ion an the failowing iss�es:
<br /> 1) The type o€ financing meehanism #ha# should be esta�lished to fund
<br /> , the EIR (reimburserr�ent a�greemenir, tradirional assessm�nt disirict,
<br /> zmpraverxtent distri�t, or vo�untary agreemenfi).
<br /> � Th� $80,000 is an approximata cost for the �IR as estimated by a lacal ,
<br /> const�ltant. 'i't�e cost raay be different or►ce the actual scope of wozic is
<br /> , .,,, several cnns�[iauts ,mit IIt ' S.
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