HomeMy WebLinkAboutAGENDA REPORT 1997 0319 CC REG ITEM 10FAGENDA REPORT 10• F.
ITEM
CITY OF MOORPARK
TO: Honorable City Council
FROM: Kenneth C. Gilbert, Director
Department of Public Works
CPTY OF MOORP"X CALIFORNIA
City Cot CH Meeting of 199-7
Martin R. Cole, Management Analyst
Department of Administrative Services By .
DATE: March 10, 1997 (CC Meeting of March 19, 1997)
SUBJECT: Consider Resolution 97- J 2P7. Amending the FY 96/97 Budget for
Expenses Related to Assessment District 92 -1 and a Capital
Improvement Project to Construct a Traffic Signal at Park Lane and Los
Angeles Avenue and Funding Said Expenses with a Loan from the Los
Angeles Avenue Area of Contribution Account (Account 211.901) to the
Assessment District 92 -1 Account (Account 210.712) in the Amount of
$42,461
BACKGROUND
In 1992, the City Council took several actions which established Assessment District 92 -1
(AD 92 -1). The $2,595,000 in proceeds of the bonds issued in connection with AD 92 -1
were used to construct road and drainage improvements serving the Mission Bell Phase
I and II properties and other benefitted properties
At the time of bond issuance, there were three funds created with the bond trustee: an
Administrative Fund, a Construction Improvement Fund and a Redemption Fund. The
monies deposited in the Improvement Fund have been used to construct the various
improvements. The Administrative Fund paid the costs of issuing and servicing the
bonds. The monies in the Redemption Fund are used to make principal and/or interest
payments to the bondholders.
In June of 1996, the City transferred the balance remaining in the Construction
Improvement Fund to the Redemption Fund. The City has subsequently received invoices
related to the construction of certain improvements not included in the initial work. A
portion of these improvements include the relocation of traffic signal facilities at the
intersection of Park Lane and Los Angeles Avenue. Since the monies in the Redemption
Fund are restricted to principal and/or interest payments only, there are no funds currently
available from AD 92 -1 to pay these invoices or construct the traffic signal. However,
future revenues generated by the assessments will be available for such payments.
IMPROVEMENT RELATED INVOICES
Attachment "A" to this Agenda Report summarizes the outstanding invoices for
improvement related items. The total of these outstanding invoices is $13,081.45. In
addition to the invoice totals, there are additional obligations totaling $302.25, for a
total required appropriation of $13,383.70 for performed services. owosS
Memorandum to the Honorable City Council
Budget Amendment - Assessment District 92 -1
March 10, 1997
Page two
CONSTRUCTION OF A TRAFFIC SIGNAL AT PARK LANE AND NEW LOS ANGELES
AVENUE
The Department of Public Works, pursuant to prior City Council direction, has issued a
contract for construction of a traffic signal at Park Lane and Los Angeles Avenue. The
costs associated with the construction are summarized in the following table:
ITEM
COSTS
Design /Eng. Invoices Pending
$6,885.00
Design /Engineering Remaining Obligation (ASA 96 -10)
$391.25
Construction of Signal
$15,451.00
20% Contingency
$3,349.00
Inspection /Administration
$3,000.00
TOTAL CIP APPROPRIATION REQUESTED:
$29,076.25
The project design is complete. Informal bids were solicited and a contractor has been
selected. The required CalTrans permit has been obtained.
It is anticipated that the construction should begin in March, with completion expected a
few days after start of construction. The construction project will be coordinated with
certain off -site street improvements being constructed by Simi Valley Bank.
RECOMMENDATION (ROLL CALL VOTE)
That the City Council adopt Resolution 97 - Q��.amending the FY 96/97 Budget for
expenses related to Assessment District 92 -1 and a capital improvement project to
construct a traffic signal at Park Lane and Los Angeles Avenue and funding said
expenses with a loan from the Los Angeles Avenue Area of Contribution Account (Account
211.901) to the Assessment District 92 -1 Account (Account 210.712) in the amount of
$42,461.
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