HomeMy WebLinkAbout1991-03-13 - AGENDA REPORTS - WHITES CANYON RD FUNDING (2)AGENDA REPORT
CONSENT CALENDAR
DATE: March 13, 1991
SUBJECT: WHITES CANYON ROAD — PHASE III
FUNDING SHORTFALL
DEPARTMENT: Public Works
BACKGROUND
City Manager
Item to be presented
John E. Medina
On January 8, 1991, the Council approved the allocation of $1 million dollars in
City Bridge and Thoroughfare (B&T) funds to the Whites Canyon Road extension
project. This was to cover a portion of the $7 million dollar shortfall in B&T
fee collections the .County currently anticipates because of the slowdown in
development 'activity. Unfortunately, the County had already programmed the
$941,300 that we currently have in the Bouquet & Route 126 Districts as
available for construction. Since those are the.same funds we were anticipating
using for the City's portion of the shortfall, we must find other funds to
contribute to this project.
We currently have $700,000 that has been collected for projects in two proposed
B&T Districts --Via Princessa and Valencia. We are suggesting that these funds,
along with $300,000 in General Fund reserves, be loaned to the Route 126/Bouquet
Districts to cover the shortfall. .These funds would be returned with interest
to the Valencia/Via Princessa and General Funds from future collections from
developments in the Bouquet/Route 126 Districts.
In view of our previous agreement with the County to assist in funding this
project, their commitment to provide monies:for $6 million of the shortfall, and
the benefits to be received by City residents for this project, we feel that
this commitment should be made. This will permit the County to proceed towards
its projected completion schedule of December 1992.
We recommend that the funds be transferred 30 days after the award of contract
for Phase III. The County expects to advertise the project in April/May of this
year with award shortly thereafter.
RECOMMENDATION
The City Council authorize:
1. The transfer of $700,000 from the Valencia/Via Princessa B&T Districts and
$300,000 from General Fund reserves as a loan to the Bouquet/Route 126 B&T
Districts.
2. The transfer to the County within 30 days and upon written request
$1,941,000 in Bouquet/Route 126 B&T funds for Phase III of the Whites Canyon
Road Project.
�pI � , J Agenda Item:
WHITES CANYON ROAD — PHASE III
Page 2
3. The repayment of $700,000 to the Valencia/Via Princessa B&T Districts and
$300,000 to General Fund reserves, including interest based on the current
Treasurer's investment yield from future collections in the
Bouquet/Route 126 B&T Districts.
ATTACHMENT
County letter
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'R0"t �Y:yerox Telecopier 7021 2-28-81 : 11:04 1
THOMAS A. T1PEMANSON. Dimmr
February 12, 1991
MMM4-6
M4-6
COUNTY OF LOS ANGE
DEPARTMENT OF PUBLIC
900 SOUTH FREMONT AVENUE
ALHAMBRA. CALIFORNIA 915011331
Tekphone: (515) 435.3106
Mr. George A. Caravalho, City Manager
City of Santa Clarita
23920 Valencia Boulevard, Suite 300
Santa Clarita, CA 91355
Dear Mr. Caravalho:
000Z0VZ4nais o
FEB 16 1991
CRy OF EAryTA CLARIrA
ADDRESS ALL CORRESPONDENCE TO:
P.O.ROX 146o
ALHAMERA, CALIFORNIA 91503.1460
WHITES CANYON ROAD
Thank you for your letter of January 25, 1991 agreein
toward the construction of Phase 3 of the Whites Cany
The City Council Agenda Report enclosed with your tet
$1 million is to be comprised of $900,000 in fees col
portion of the Bouquet and Route 126 Bridge and Major
Districts and $100,000 from other City funds, Howeve
$7.0 million shortfall, we had already taken into acc
by your City in these Districts since under Cooperati
City and the County had.agreed to jointly finance the
from fees -collected by each agency in the Bouquet and
The $1 million advance request indicated in our Novea
addition to the fees already collected by our respect
requested $1 million advance by your City as well as
advance by the County would be paid back to the City
Bouquet and Route 126 BAT District fees are collected
21rencies. Therefore, we respectfully request your Ci
oposal.
If you have any questions regarding this.matter, plea
at (818) 458-4300.
Very truly yours,
T. A. TIDEMANSON
Director Public Works
14
DONALD L. WOLF
Deputy Director
BEW:mv
172
IN REP4Y PLEASE
REFERTO FILE:
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FEB 19 1991
FU&IC WORKS DErwrtl.,iNT
CITY OF SAMA ZK. ITA
to advance $1 million
Road project.
er indicates that the
ected within the City's
Thoroughfare (BAT)
, in calculating our
unt the BAT fees collected
e Agreement 61101, the
Whites Canyon Road project
Route 126 Districts..
er 29, 1990 letter is in
ve agencies, The
he several million dollar
nd County as additional
by our respective
y reconsider this
contact Mr. Carl Blum