Title
Transportation Department recommending Chairman be authorized to sign Funding Agreement 06-1228 with Frederick J. Simon in the amount of $19,500.50 to provide funding for road improvements on Bullard Drive in the Fernwood Cothrin Road Zone of Benefit 98114, required under the conditions of approval for Parcel Map 04-0003; and Budget Transfer increasing revenue and expenditures for the Fernwood Cothrin Road Zone of Benefit for same. (4/5 vote required)
RECOMMENDED ACTION: Approve.
FUNDING: Contribution from property owner.
Body
BUDGET SUMMARY:
Total Estimated Cost $ 19,500.50
Funding
Budgeted $
New Funding $ 19,500.50
Savings $
Other $
Total Funding Available $ 19,500.50
Change To Net County Cost $ 0.00
Fiscal Impact/Change to Net County Cost:
Upon approval by your Board, a budget transfer will be processed making the following adjustments to the Fernwood Cothrin Road Zone of Benefit budget for fiscal year 2006/2007:
$19,500.50 will be added to budgeted revenues; $18,230.50 will be added to budgeted expenditures for road maintenance to cover the cost of the road work; and $1,270 will be added to inter-fund expenditures to cover zone of benefit administration costs to process the contract and Funding Agreement. Once the Funding Agreement is fully executed, the property owner, Frederick J. Simon, will provide the funds to be deposited in the Zone of Benefit account.
There is no additional cost to the Fernwood Cothrin Road Zone of Benefit, to the Department of Transportation Road Fund, or to the General Fund.
Background:
Your Board formed the Fernwood Cothrin Road Zone of Benefit on April 30, 1985 by Resolution 91-85 for the purpose of providing road improvement and maintenance services on all the roads within the zone boundaries. Assessor’s Parcel Number 087-270-31 currently owned by Frederick J. Simon lies fully within the boundaries of the Fernwood Cothrin Zone of Bene...
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