65B - MATER DEI PROJECT FUND OPTIONS

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Third Amendment to Development Agreement No. 1999-01 Mater Dei High School Parking Structure Expansion Project June 5, 2018 Page 2 would be delayed in favor of public improvements Item 1 and/or Item 2 above. The funding options analysis is discussed under Background below. BACKGROUND 1) Traffic Signal at Bristol St /St Andrew PI — Est. Cost $482,000 The City's Bristol Street Project did not include a traffic signal at the intersection. Instead, a median on Bristol Street was intended to be installed through the intersection. The Mater Dei Parking Structure project proposed a traffic signal, which would allow left tum in and out access between Bristol Street and Saint Andrew Place, with a break in the Bristol Street median at Saint Andrew Place. The traffic signal was warranted through the Traffic Study portion of the Environmental Impact Report. Staff requested the Orange County Transportation Authority (OCTA) to provide Measure M2 competitive funding to fund the installation of the traffic signal as part of the Bristol Improvement project between Saint Andrew Place and Warner Avenue. OCTA indicated that any realized savings from an earlier phase (i.e. design or right-of-way phase) of that project segment may potentially be used to fund the signal, subject to approval of OCTA's committees and board. Unfortunately, no savings have been realized from those earlier phases. Potential funding sources include Measure M2 Fairshare (MM2FS). A description and analysis of the funding sources are included below. Delay of the signal installation would be possible with a temporary median constructed on Bristol Street. However, additional thru-traffic in the Santa Ana Memorial Park neighborhood would likely result from students leaving the parking structure in the afternoon. 2) Pavement Rehabilitation — St Andrew PI. Bristol to East Project Limit — Est. Cost $250,000 The requirement to remove and replace the asphalt was imposed during site plan to mitigate the pavement damage during construction and impacts from the additional traffic on Saint Andrew Place accessing the parking structure. Staff has re-evaluated the pavement condition and determined that a 2" grind and overlay treatment of the existing asphalt after completion of the structure would sufficiently handle the additional vehicle traffic. The revised requirement is estimated to cost about $250,000, resulting in a cost savings of $446,000 to Mater Dei. Because there is no significant grant funding available to cover the cost of the Saint Andrew Place pavement rehabilitation, the potential funding sources if the City were to fund the work would be Measure M2 Fairshare and SB1 funding. Delay of the pavement rehabilitation is possible; however, project construction and additional traffic would accelerate distress of the pavement and require full reconstruction soon after parking structure completion. 65B-2