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Resolution Related to Streetlight Acquisition and Upgrades Project <br />April 3, 2018 <br />Page 5 <br />change to LED pricing) to ensure the savings determined by the Tanko Lighting Study are <br />realized. <br />TABLE A — Breakout of Project Costs <br />Fiscal Year <br />Principal <br />Interest <br />I Total P&I <br />Streetlight Retrofit* <br />7,052,662 <br />1,555,390.64 <br />8,608,052.04 <br />* Based on ten payments payable over 11 years. Includes $5,000 documentation fee. <br />Currently, the City pays for its streetlight electricity usage within the following General Fund <br />accounting unit. <br />Street Light Maintenance 01117630-62000 Contractual Services <br />On a budgetary basis, deferral of the initial debt service payment will allow for a one-year <br />reduction of the above -referenced accounting unit totaling approximately $350,000 (2-3 months <br />of electricity usage). Please note as part of the financing arrangement, the City will defer <br />payments until July 2019. <br />If the proposed financing plan is approved, the debt service amount, $782,550.24, would be re - <br />appropriated as debt service and the amount remaining to pay utilities will be $1,521,494.76. <br />Please note any additional savings generated as a result of the upgrades (net of debt service) <br />may be utilized to offset any potential/projected budget shortfalls. Additional, any unused monies <br />will go to offsetting future debt service obligations. <br />Recommended Action 2 — Upgrade Streetlights by Approving a Contract with Siemens <br />On August 2, 2017, PWA released a Request for Proposals (RFP) on the City's website and <br />notified qualified consulting firms to provide citywide streetlight upgrade to convert fixtures from <br />HPS to LED. Four proposals were received and evaluated by a review committee from the <br />Public Works Agency. Each firm was rated according to its organization, credentials, resumes, <br />references, and fees to provide the required services. The list of the firms and their respective <br />scores are listed below: <br />FIRM SCORE <br />Siemens 95 <br />Tanko Lighting <br />Northwest Edison <br />r1• <br />Sierra Pacific Electrical Contracting 70 <br />55A-5 <br />