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Resolution Related to Streetlight Acquisition and Upgrades Project <br />April 3, 2018 <br />Page 3 <br />Item <br />Streetlights Acquisition <br />LED Purchase and Installation <br />Contingencies (5%) <br />Vendor <br />Amount <br />SCE <br />$3,995,392 <br />Siemens <br />$2,050,000 <br />Illuminate Underlit Areas <br />$302,270 <br />Subtotal <br />$6,347,662 <br />The following related improvements are included in the financing project (per PWA's <br />recommendation). <br />Item Vendor <br />Amount <br />Fiber -optics & Wireless Master Plan Magellan <br />$300,000 <br />(Leverage asset revenue potential) <br />Illuminate Underlit Areas <br />$100,000 <br />(Approximately 25 poles) <br />Install Metering & Controllers <br />$200,000 <br />(One-time allowance) <br />Reserve Contingency <br />$100,000 <br />Documentation Fee <br />$5,000 <br />Subtotal <br />$705,000 <br />Grand Total Cost $7,052,662 <br />The above -referenced costs were included in the financing of the project as determined by PWA. <br />Specifically, per PWA's recommendation, the upgrade of the future City -owned streetlights would <br />be a great opportunity to leverage the savings expected to occur as a result of the City <br />streetlights utilizing LED lighting. PWA commissioned a study to determine the value and/or <br />potential energy savings as a result of making the switch from non -LED to LED lighting. The <br />Study, prepared by Tanko Lighting (Exhibit 3) and also reviewed by Alliance Building Solutions <br />(Exhibit 4), determined the City's projected annual savings to be $968,822. Thus, when <br />calculating the City's capacity to finance the project it was determined the City could finance up to <br />$968,822 (projected savings from the LED conversion) for the Streetlight Project. <br />Below is a further description of the projects funding by this arrangement: <br />Master Plan for Fiber -optics & Wireless Networking — Per PWA, an agreement with Magellan <br />Advisors will be entered into (approximately $225,000-$300,000) to explore the feasibility of the <br />development of a Fiber-optic Plan and Wireless Networking for the City. <br />Install Lights in Under -lit Areas — Per PWA, installation of lights will allow for increased lighting for <br />City under -lit areas. The project includes $100,000 for this project. <br />55A-3 <br />