Title
Transportation Department recommending Chairman be authorized to sign the Plans and Contract Documents for the Latrobe Road Widening Project/Highway 50 to White Rock Road Project 72402; and authorize said Department to advertise for construction bids for same.
RECOMMENDED ACTION: Approve.
FUNDING: The provisions of the Funding, Credit and Reimbursement Agreement Between West Valley, LLC and the County of El Dorado require that the developer of West Valley advance fund the construction of the Latrobe Road Project through the prepayment of El Dorado Hills TIM fees. West Valley (a.k.a. Blackstone) issued a bond where a portion of the proceeds were used to prepay $23 million in El Dorado Hills Traffic Impact Mitigation fees; said prepaid fees are held in a segregated fund and will be utilized to fund the Latrobe Road and White Rock Road improvements to include this project.
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BUDGET SUMMARY:
Total Estimated Cost $ 3,400,000
Funding
Budgeted $
New Funding $
Savings $
Other $ 3,400,000
Total Funding Available $ 3,400,000
Change To Net County Cost $0.00
Fiscal Impact/Change to Net County Cost:
The cost associated with the construction phase of this project is estimated at $3,400,000, which includes an estimated bid of $2,628,000, supplemental items at $63,000, construction management and materials testing costs of $440,000, and a contingency of $269,000.
All costs associated with this project will be advanced by the Developer of the West Valley View project through prepayment of impact fees. There are currently sufficient bond proceeds from the Community Facilities District No. 2005-1(Blackstone) on deposit in the County Treasury for prepayment of fees in an amount in excess of the cost associated with the construction phase of this project.
There is no net cost to the County General Fund associated with this agenda item.
Reason for Recommendation:
West Valley Tentative Map (TM...
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