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Estudillo Callan Parking Garage, P&S 4 June 7, 2010 Financial Analysis • The estimated construction cost, including design costs, of the project is $12,418,000 and $14,342,00 for the 4-story and 5-story alternatives respectively. Given recent experience with construction bids coming in under projected estimates, Engineering & Transportation staff believes there is a strong possibility that the total project cost will be lower than the estimated construction cost. • Public Works Services staff estimates the yearly increased maintenance cost at $40,000. Parking revenue from the additional spaces should cover the additional maintenance costs. • In July 2008, the Alameda County-City of San Leandro Redevelopment Project Area issued Tax Allocation Bonds. A portion of the bond proceeds was identified for the Estudillo Callan Parking Garage project. • Approximately $9.55 million in funding has been identified for the project, including design costs that have been incurred, through a combination of accounts 962-86-063, 962-86-067 and 961-83-074. An additional $2.5 million will be available for the project when the HUD Section 108 loan for the Senior Community Center which has been awarded is received. As the $12.05 million in current funding available is lower than the estimated construction cost, additional funds must be identified or the project will not be able to move forward. • Staff will seek budget authority for the project at the time of contract award and when the final cost is known. Perry Carter, Interim Agency Treasurer CONCLUSION Staff recommends the approval of the plans and specifications and call for bids for the subject project. Assuming favorable competitive bids are received, staff plans to bring a recommendation to award a contract at a September City Council/Redevelopment Agency meeting. G:\_Admin\COUNCIL\2010\6 JUN 7\Estudillo Callan Parking Garage\Estudillo Callan Parking Garage P&S MEM.Docx