Title
Transportation Department recommending Chairman be authorized to sign Acquisition Agreement for Public Purposes and Certificates of Acceptance from El Dorado Hills Investors, LTD in the total amount of $2,033,540 for APN 117-160-16, in fee, and portions of APN's 117-160-15, and 14; authorize the Director of said Department or designee to execute escrow instructions and other related escrow documents pertaining to the transaction, including the payment of title and escrow fees, for the Latrobe Road Widening Phase 2 Project 66101/72401; and approve Budget Transfer 28013 allocating sufficient funding for said purchase from the El Dorado Hills Investors, LTD. (4/5 vote required)
RECOMMENDED ACTION: Approve.
FUNDING:Traffic Impact Mitigation Fees
Body
BUDGET SUMMARY:
Total Estimated Cost $2,033,540.00
Funding
Budgeted $
New Funding $2,033,540.00
Savings $
Other $
Total Funding Available $2,033,540.00
Change To Net County Cost $0
Fiscal Impact/Change to Net County Cost:
The Latrobe Road Widening Project, Phase 2, including the subject property acquisition costs of $2,025,540.00 for the fee title, the Slope Easement's, and for the Temporary Construction Easement's (TCE) and $8,000.00 for the title and escrow fees, for a total of $2,033,540.00, will be paid from prepaid El Dorado Hills Traffic Impact Mitigation (EDH TIM) fees paid by the Valley View development. Due to the anticipated timing for this purchase the appropriations were included in the FY 06-07 budget instead of the proposed FY 07-08 budget. With the purchase occuring during FY 07-08, the attached budget transfer is required to carry funds forward from the prior fiscal year.
Background:
The El Dorado County Department of Transportation proposes to improve a portion of the Latrobe Road corridor in and near the community of El Dorado Hills. The project limits are on Latrobe Road between White Rock Road and Golden F...
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