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*prior to Phase I, the City received funding to complete the <br />following segments: <br />^ St. Andrews Place to McFadden Avenue <br />^ Elm Street to Memory Lane <br />^ Pine to Third Street <br />• Current Funding Commitment from OCTA <br />o $125 million to fund with Gas Tax for Phases I and II <br />o $100 million to collaboratively seek additional funding for Phases <br />III and IV (Local Funds, State Grants, or Federal Appropriations) <br />for a total of $225 million <br />• Status of OCTA's Project Funding <br />Phase Limits Cost Received Remaining <br />Millions to Date Millions <br />Millions <br />Phase I McFadden to 60 52 8 <br />Pine <br />Phase II Third Street to 47 11 37 <br />Civic Center <br />Drive <br />Total 107 63 45 <br />• Immediate Fiscal Impact of losing Bristol Project funding <br />o Phase I $10.3 million <br />Contractors profit <br />Payment for material purchased <br />Restore street to a safe condition <br />Maintain vacant lots <br />Restart project at a later date <br />Loss of jobs (200) <br />o Phase II $5.5 million <br />Rescind contract to acquire three properties <br />Legal and consultant costs <br />Maintain vacant lots <br />Restart the project <br />• Council discussion ensued. <br />COMMENTS <br />90A <br />90B <br />CITY MANAGER'S COMMENTS -None <br />CITY COUNCILMEMBER COMMENTS <br />Councilmember Benavides <br />• Commented on the recent California Endowment meeting he attended; <br />• Looks forward to creative alternatives for the Station District area <br />project; and <br />• Staff to return to a future Work Study Session with the Youth and <br />Family Master plan for discussion. <br />CITY COUNCIL MINUTES 287 NOVEMBER 16, 2009 <br />