Title
Transportation Department recommending Chairman be authorized to sign Reimbursement Agreement for the Improvements and Grading of Bass Lake Road between the County and Serrano Associates, LLC and the Assignment and Assumption of Plans and Specifications (AGMT 08-1736); and recommending the Board approve the reimbursement approach used for this agreement as a standard for future reimbursements to be presented for Board approval where the County is not constrained by prior agreements.
FUNDING: 2004 General Plan TIM Fee Program, Local Road Component, Zone 8 (EDH TIM) fund.
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BUDGET SUMMARY:
Total Estimated Cost $ 1,811,500
Funding
Budgeted $ 1,811,500
New Funding $
Savings $
Other $
Total Funding Available $ 1,811,500
Change To Net County Cost $ 0
Fiscal Impact/Change to Net County Cost:
Payments to be made according to this reimbursement agreement total approximately $1,811,500 and are to be paid on a ten year schedule where the first payment includes a catch-up amount for three years of payments for a total of $543,450. The November 2008 scheduled payment and each of the six subsequent annual payments will be $181,150 each. No interest is being paid on this debt except in the case where the County is unable to make a scheduled annual payment and where the payment can not be converted to fee credits. Funding for this reimbursement has been included in the 2008 DOT Five-Year CIP.
Background:
Standard Approach for Reimbursement Agreements
On May 20, 2003, the Board suspended Section 7.0 of the Transportation Guidelines for Road Impact Fee/Traffic Impact Mitigation Fee Reimbursement Projects" (Guidelines) for only those projects within the EDH TIM area due to funding issues. The Department is proposing to use the subject reimbursement agreement with Serrano as the standard template for subsequent reimbursement agreements within the EDH TIM area. It is important to note ...
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