07 Staff Report - Budget Adjustment 224 West Main Projectt wM OF MEETING DATE: 08/17/09
ITEM NO: 7
SOS caSOS COUNCIL/AGENCY AGENDA REPORT
DATE: AUGUST 13, 2009
TO: MAYOR AND TOWN COUNCIL/
CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY
FROM: GREG LARSON, TOWN MANAGER/EXECUTIVE DIRECTOR
SUBJECT: AUTHORIZE BUDGET ADJUSTMENT ESTABLISHING THE 224 WEST
MAIN PROJECT, FUNDED ($1,467,270) FROM THE RDA LOW AND
MODERATE HOUSING FUND BALANCE FOR PURCHASE OF
PROPERTY, AND RELATED ACQUISITION COSTS AND ($370,000) FOR
ASSOCIATED PARKING IMPROVEMENTS PAID FROM THE GENERAL
FUND APPROPRIATED RESERVE DESIGNATED FOR PARKING
RECOMMENDATION:
Authorize budget adjustment establishing the 224 West Main project, funded ($1,467,270) from
the Redevelopment Agency (RDA) low and moderate housing fund balance for purchase of
property, and related acquisition costs and ($370,000) for associated parking improvements paid
from the General Fund Appropriated Reserve designated for parking.
BACKGROUND:
At the direction of the Board of Directors of the Los Gatos Redevelopment Agency, negotiations
were successfully completed between the Town and the owners of property located at 224 West
Main Street in Los Gatos, The Town/Agency long-term plan is to pursue the site as a mixed use
development, including low and moderate income housing. During the project development
phase, temporary parking opportunities are expected to be available on the site. The Town closed
escrow on the property on July 17, 2009. Total cost estimates are as follows:
Purchase price of land and buildings
$1,350,270
Appraisal costs
3,500
Relocation Assistance
53,500
Building demolition and site preparation
60,000
Total RDA Low & Moderate Housing, Fund
$1,467,270
Parkin Lot Reconstruction
340,000
Engineering Design
30,000
Total Parldn Reserve
$370,000
PREPARED BY: STEPHEN CONWAY
Administrative Service r
NAMGR\AdminWorkFilcs12009 Council Repoctsl8-1 7-09 224 W. Main
Reviewed by: _f5 ,_Assistant Town Manager/Deputy Director
Counsel Clerk Administrator/Secretary Financc
Community Development
Attorney/General
PAGE 2
SUBJECT: AUTHORIZE BUDGET ADJUSTMENT ESTABLISHING THE 224 WEST
MAIN PROJECT, FUNDED ($1,467,270) FROM THE RDA LOW AND
MODERATE HOUSING FUND BALANCE FOR PURCHASE OF PROPERTY,
AND RELATED ACQUISITION COSTS AND ($370,000) FOR ASSOCIATED
PARKING IMPROVEMENTS PAID FROM THE GENERAL FUND
APPROPRIATED RESERVE DESIGNATED FOR PARKING
August 13, 2009
FISCAL IMPACT:
Sufficient funds for this budget adjustment are available from the Redevelopment Agency Low
and Moderate Housing Fund (estimated $8.6 million) and the General Fund Appropriated
Reserves designated for parking ($1,757,000).