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<br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />~ <br />~ <br /> <br />CITY COUNCIL MEETING DATE: <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />FEBRUARY 21, 2006 <br />TITLE: <br /> <br />APPROVED <br /> <br />D As Recommended <br />D As Amended <br />D Ordinance on 151 Reading <br />D Ordinance on 2nd Reading <br />D Implementing Resolution <br />D Set Public Hearing For <br /> <br />APPROPRIATION ADJUSTMENT <br />ACCEPTING FUNDS FOR THE <br />TRAFFIC SIGNAL ON MAIN STREET <br />NORTH OF 20TH STREET <br /> <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Approve an appropriation adjustment accepting funds from Steadfast <br />Courtyards, L.P. in the amount of $260,000 into the Select Street <br />Construction fund (account no. 59-01-5790) and appropriating funds to the <br />Select Street Construction fund (account no. 59-551-6631) for the traffic <br />signal installation on Main Street north of 20th Street. <br /> <br />DISCUSSION <br /> <br />As part of the Development Agreement between the City and Steadfast <br />Courtyard, L.P., the developer, Steadfast Courtyard is required to fund <br />the installation of a traffic signal on Main Street north of 20th Street. <br />The traffic signal is to provide access to the new parking lot now being <br />constructed as part of the Bowers Museum Expansion. The funds received <br />by the City will be used for design and construction of the traffic <br />signal. Construction will be completed prior to the opening of the <br />Bowers Museum Expansion. <br /> <br />ENVIRONMENTAL IMPACT <br /> <br />There is no environmental impact associated with this action. <br /> <br />FISCAL IMPACT <br /> <br />Funds in the amount of $260,000 will be deposited into the Select Street <br /> <br />20A-1 <br />