Item 1: FY08-FY13 Draft Capital Improvement Program

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Attachment G (cont.) In addition to the actual funds on hand allocated to this project, the garage budget included issuance of $4 million of urban renewal revenue bonds. Because the project is not going forward, and because the property tax revenues from the grocery store that would have paid a portion of the debt service on those bonds will not be available, the Urban Renewal Revenue Bonds will not be issued. As a result, that funding source is not available for other projects. The draft 2008-2013 CIP includes three projects related to the garage:the Parking Structure Siting Design and Construction on page 159; the 8th Avenue, High to Lincoln, Two-Way Conversion on page 185; and the Mill Alley Storm Drain on page 175. With the decision by Whole Foods to not enter into a development agreement, these three projects do not need to go forward as planned. The staff recommendation on the CIP will include the following amendments: -Remove the Parking Structure Siting Design and Construction on page 159 -Remove the 8th Avenue, High to Lincoln, Two-Way Conversion on page 191 -Remove the Mill Alley Storm Drain on page 175 and reallocate the funding to General Stormwater Rehabilitation on page 173 as follows: $100,000 in FY09, $100,000 in FY10 and $90,000 in FY11. The only action required at this time is to approve the CIP staff amendments related to this project. The City Manager’s FY08 Proposed Budget will be proposed incorporating the changes described above. (See Next Page)