For City Council Meeting [December 12, 2017]
TO: Honorable Mayor and City Council
APPROVAL: Michael Story, City Administrator
FROM: Robb R. Steel, Assistant CA/Development Services Director
Title
Request City Council to Receive and File the Statement of Income and Expenses related to the Miro Way, Alder Avenue, and Locust/Laurel/Walnut Escrow Accounts for October 2017.
Body
BACKGROUND:
On September 25, 2012, the City Council approved the Second Amended and Restated Contract of Sale for Areas B, C, and D (the "Airport Contract") with Lewis-Hillwood Rialto LLC (LHR). A key provision of the Airport Contract required the City to deposit $30 million into escrow to fund pre-development obligations, including tenant relocation, demolition, remediation, and infrastructure (the "Article VI Work" as defined in the Airport Contract). The City initially allocated approximately $9 million of the $30 million for public infrastructure related to the Project.
On March 24, 2015, the City adopted Resolution No. 6694 approving a Construction Reimbursement Agreement with Lewis-Hillwood Rialto Company, LLC for construction of the Miro Way Improvement Project (MWI Project). On September 8, 2015, the City Council adopted Resolution No. 6822 approving the Amended and Restated Construction Administration Agreement for Miro Way. The total budget for the amended construction Project is $13,755,053 funded from various sources, including development impact fees and Airport Escrow Account funds. The City paid a portion of the costs outside of escrow ($83,273) for right-of-way acquisition, with the balance of funding ($13,671,780) deposited into escrow.
On May 12, 2015, the City adopted Resolution No. 6732 approving a Construction Reimbursement Agreement with Lewis-Hillwood Rialto Company, LLC for construction of the Alder Avenue Improvement Project (AAI Project). The total budget for the Phase I Project was $5,414,108. The City's contribution derives from various sources, inclu...
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