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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 21, 2006 <br />TITLE: <br />APPROPRIATION ADJUSTMENT <br />ACCEPTING FUNDS FOR THE <br />TRAFFIC SIGNAL ON MAIN STREET <br />NORTH OF 20TH STREET <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 151 Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <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 />DISCUSSION <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 />ENVIRONMENTAL IMPACT <br />There is no environmental impact associated with this action. <br />FISCAL IMPACT <br />Funds in the amount of $260,000 will be deposited into the Select Street <br />~~ <br />~auption lac <br />20A-1 <br />RECOMMENDED ACTIVN <br />