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Budget Authority <br />• The project was approved as part of the Capital Improvement Program (CIP) for budget year <br />2003-04 for the Plaza Project Area in the amount of $2,500,000 in Account No. 961-83-054 <br />~~d is filnded from the 2002 Plaza Tax Allocation Bonds <br />• Re-paving of the downtown parking lots was approved as part of the CIP for budget year <br />2005-06 for the Plaza Project Area in the amount of $132,000 in Account No. 961-83-067 <br />and is funded from the 2002 Plaza Tax Allocation Bonds <br />• The Parrott Street Parking Improvements was approved as part of the CIP for budget year <br />2007-08 in the Joint Project Area in the amount of $ ] 70,000 in Account No. 962-86-054 and <br />is funded from the Joint Project Area fund balance <br />'T'he project as proposed requires an additional allocation of $1,100,000 from the Plaza Project <br />Urea Fund Balance and $630,000 from the Joint Project Area Fund Balance, and there are <br />sufficient fiords available to meet this need. <br />~'°, ~ry;~~ er, Interim Age cy Treasurer <br />L~= <br />Attachments <br />None <br />CONCLUSION <br />Staff recommends award of contract to the low bidder, McGuire and Hester, in the amount of <br />$2,813,295 for the base bid of the project, and appropriation of additional redevelopment funds <br />in the amount of $1,100,000 from the Plaza fund balance and $630,000 from the Joint Project <br />Area fund balance, for a total of $],730,000 in redevelopment fiends, for the subject project. <br />1~:A,n~-L\COUNCiI.A2008\6 .iUN l6~WARD DOWNTOWN LIGHT MEM REV,IUN 1 l.doc <br />