HomeMy WebLinkAbout2003-02-11 - AGENDA REPORTS - GATE KING FINANCIAL CONSULTANT (2)CITY OF SANTA CLAR.ITA
AGENDA REPORT
CONSENT CALENDAR City Manager
Item to be presented by: Steve Stark
DATE: February 11, 2003
SUBJECT: FINANCIAL CONSULTANT FOR GATE KING PROJECT
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
City Council appropriate $20,000 from the Council Contingency Fund, Account No. 2250-7401,
to Administrative Services Professional Services, Account No. 2100-8110, for the purpose of
hiring a financial consultant for Gate King Project.
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At the regular City Council meeting of January 28, 2003, the City Council directed staff to
retain consulting services to perform a fiscal analysis of the proposed Needham Ranch Project.
Consistent with this direction, at this time staff is requesting that Council authorize the
appropriation of $20,000 from the City Council Contingency Fund to support the preparation
of this fiscal analysis.
Staff is presently circulating a Request for Qualifications (RFQ) in order to identify firms
capable of preparing this type of fiscal analysis. Firms electing to respond will be asked to
provide an analysis that examines:
• The Developer's costs to satisfy City -imposed development requirements; and
• The impacts that these requirements place upon the developer's ability to generate revenues
and a rate of return consistent with industry standards.
The completion of this fiscal analysis will assist the City Council in their efforts to determine
what development requirements are appropriate to impose upon this project. Staff anticipates
that this analysis will be completed within 14 days of contract acceptance.
ALTERNATIVE ACTIONS
Do not adopt staffs recommended action.
Other action as determined by the City Council.
Agenda Item: (0 -
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FINANCIAL CONSULTANT FOR GATE KING
February 11, 2003 — Page 2
FISCAL IMPACT
In addition to the fiscal impacts associated with funding this economic analysis, this action will
provide the City Council with a comprehensive understanding of fiscal impacts associated with
the proposed Needham Ranch development. This analysis will clarify actual development costs
associated with Needham Ranch to guide the City Council in their decision-making process to
impose conditions of approval upon this proposed development. This proposed appropriation
of funds would leave a remaining available balance of $1,445,421 in the City Council
Contingency Fund.
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