25F - AGMT - JEROME PARK LIGHTING

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Award an Agreement for the Lighting Retrofit Project at Jerome Park and Agreement for On -Bill Financing October 1, 2019 Page 3 The City is requesting approval of a loan amount up to $44,998.92 plus $6,749.84, if needed. The calculation for the final financing amount is determined at the end of the project after SCE performs an audit of the actual number of lighting fixtures that are in place at project completion. Incentive Rebates Additionally, as part of the program the City anticipates receiving $10,663.25 in incentive rebates from SCE. SCE pays the contractor directly for the financed amount and incentive amount, thereby reducing the upfront out-of-pocket costs to the City. The Acquisition and Development District 4 fund will cover the balance of the costs. STRATEGIC PLAN ALIGNMENT Approval of this item allows the City to meet Goal #6 - Community Health, Livability, Engagement & Sustainability, Objective #2 (Address deferred maintenance on City buildings and equipment), Strategy A (Prepare a Deferred Maintenance Plan that assesses safety, adequacy, and liability implications, and estimates repair costs to be programmed in the responsible agency's future budget). FISCAL IMPACT Aoreement with Nila Sports: SCE estimates to pay $55,662.17 ($44,998.92-loan, $10,663.25- rebate) of the total $140,983.10 agreement directly to the vendor. Funds have been budgeted and are available for the balance of the agreement ($85,320.93) in the following account for the specified year: Fiscal Accounting Fund Accounting Unit, Account Amount Year Unit -Account # Description Description 31413260- Acquisition and Expenditure, Acquisition and FY 19-20 66220 Development Development, Improvements Other $85,320.93 Than Building The final loan amount will be determined at the end of the project and therefore the amount funded by the City may be more or less than $85,320.93, but will not exceed the amount of the agreement to the vendor. 25F-3