TITLE
Recommendation to increase appropriations in the Capital Improvement Fund (CP 201) in the Department of Public Works (PW) for the initial lump sum payment by $250,000 from Boeing Realty Company.
(District 5)
DISCUSSION
On December 21, 2004, the City Council authorized the City Manger to execute a Development Agreement (Agreement) with McDonnell-Douglas Corporation for the development of Douglas Park. The Agreement was subsequently executed, and Exhibit F, Category E of the Agreement provides for McDonnell-Douglas (in care of Boeing Realty Company) to make an initial lump sum payment of $250,000 to the City, which "... the City shall administer for the study, design and implementation of neighborhood traffic management measures to deter potential project traffic intrusions into residential areas..." Payment of the lump sum was triggered by issuance of the first building permit for the project. The check has been received from Boeing Realty Company, however, the original Council action did not provide for appropriation of the funds to be provided by Boeing Realty Company; therefore, an appropriation increase is required to move forward with initial traffic management measures.
This matter was reviewed by Deputy City Attorney Amy R. Burton on April 9, 2008, and by Budget Management Officer Victoria Bell on April 14, 2008.
TIMING CONSIDERATIONS
City Council action on this item is requested on April 22, 2008, to allow initial traffic management measures to be implemented.
FISCAL IMPACT
An appropriation increase of $250,000 is requested in the Capital Improvement Fund (CP 201) in the Department of Public Works (PW). No matching funds are required and there is no impact to the General Fund.
SUGGESTED ACTION
Approve recommendation.
Respectfully Submitted,
Michel P. Conway
Director of Public Works
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APPROVED: |
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PATRICK H. WEST |
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CITY MANAGER |