8O Consent 2012 0604 - Laserfiche WebLink

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File Number: 12 -289 For the first Amended and Restated Agreement approved in May, staff took a conservative approach and recommended that the City and the Successor Agency only re -enter in the portion of the Agreement covering Eden Road and Hays Street. This is because the City has already made a significant investment in these projects and that investment would be wasted if the committed redevelopment funding were lost. At the May 10, 2012 Oversight Board meeting, the Board requested the inclusion of the remaining two projects. The MacArthur Boulevard and Doolittle Drive projects constitute the final phases of streetscape improvements that have already been completed along different segments of those roads. For MacArthur Boulevard, tonight's action will provide funding to make improvements between Lewis Avenue and Dutton Avenue. For Doolittle Drive, the funding will cover the segment between Davis Street and Fairway Drive. In recommending the re- establishment of funding for these projects, the Oversight Board cited the fact that the original plans for streetscape improvements were designed for specific portions of these key arterials and that failure to complete the projects would result in the remaining segments being left unimproved for the foreseeable future. The Board also noted that promises had been made to neighboring property owners when the streetscape improvements were initially designed. As with the earlier version of the Amended and Restated Cooperative Agreement, this action will need to be approved by the Oversight Board. That action is scheduled for June 6, 2012. The Department of Finance has yet to issue an official statement on whether it will recognize agreements that are re- entered or re- authorized under Health and Safety Code Section 34178 (a). Additional detail on the planned improvement projects is included in Exhibit A of the Cooperative Agreement. Previous Actions • On January 17, 2011 the Redevelopment Agency and the City executed a Cooperative Agreement whereby the Agency pledged funds for certain Capital Improvement Projects. • On May 7, 2012 the City and Successor Agency entered into an Amended and Restated Cooperative Agreement, restoring the funding commitment for Hays Street and Eden Road. Fiscal Impacts If this action is not approved, and the Department of Finance determination were to be upheld, the City would lose approximately $5.5 million in funds that had previously been committed by the Redevelopment Agency to the MacArthur Boulevard and Doolittle Drive projects. ATTACHMENTS City of San Leandro Page 3 Printed on 512912012