Title
Transportation Department recommending the Board authorize Chairman to 1) sign Joint First Amendment to Settlement Agreement and Release of Claims Together with First Amendment to Reimbursement Agreement for the Intersection Improvements at Durock Road and Business Drive between The County and The Developer with KFRD Investments, Inc. and 2) sign Budget Transfer increasing appropriations and revenue in the amount of $60,422.
FUNDING: 2004 Traffic Impact Mitigation (TIM) Fees.
Body
BUDGET SUMMARY:
Total Estimated Cost $92,633.00
Funding
Budgeted $32,211.00
New Funding $60,422.00
Savings $
Other $
Total Funding Available $92,633.00
Change To Net County Cost $0.00
Fiscal Impact/Change to Net County Cost:
The Transportation Department (DOT) fiscal year 08/09 budget includes $32,211.00 for payment to KFRD Investments, Inc (Developer). The attached budget transfer will increase appropriations and revenue by $60,422.00 for a total budget in 08/09 of $92,633.00. Funding for this reimbursement to Developer will be provided from the 2004 Traffic Impact Mitigation Fees. There is no change to Net County Cost.
Background:
The County of El Dorado (County) and Developer entered into a Settlement Agreement and Release of Claims on June 10, 2008. The County and Developer entered into a Reimbursement Agreement for the intersection improvements at Durock Road and Business Drive. The Reimbursement Agreement, incorporated by the Settlement Agreement, provided for the payment of $263,234.00 within 30 days of the agreement, and the remaining sum of $96,633.00 to be paid over time in three equal installments of $32,211.00 on the 1st, 2nd, and 3rd anniversary of the initial payment date, respectively. The County has made the payment to the Developer of $263,234.00 in accordance with the terms of the agreements and the remaining sum of $96,633.00, comprised of three remaining payments of $32,211....
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