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HRA Regular Session Meeting Date: 06/26/2012 By: Darren Lazan, Housing & Redevelopment Authority Information Title: Consider HRA contribution to Sunwood Drive Relocation Project 5. 2. Background: At previous meetings, there has been considerable discussion with regard to the HRA's participation in the Sunwood Drive Relocation project. To date, the HRA has participated in a number of ways towards the project to include: • Site Planning and alignment feasibility • Coordination of the Traffic/AUAR considerations • Preparation of TAZ data and traffic analysis necessary to obtain design volumes • Use of HRA land for construction staging • Use of fill material from HRA sites There has generally been an understanding that the HRA would participate financially in the cost of the relocation. This contribution has fluctuated as the cost estimates and potential funding sources have been contemplated. Notification: Observations: At a case before the City Council prior to this meeting, the final bids and funding sources will be presented to the city council, and available to the HRA for review. The current funding plan includes a place holder of $500,000 in HRA contribution to the project. Several options exist to consider this contribution. The two most likely to be easily facilitated are described below: Option A The HRA contributes $500,000 in funds from the proceeds of land sales towards the project. This option would require a waiver, or modification to the current policy on the disbursement of land sale proceeds to allow all of the net proceeds be dedicated to the project, rather than disbursing to the allocated funds per the policy. Option B The HRA contributes Lot 3, Block 1, COR TWO, the proposed Wiser Choice parcel, to the City. The City in turn uses the parcel to offset the acquisition cost of the existing Wiser Choice parcel, reducing the cost of the project by roughly $500,000. This option would not require any modification to the current policy for the distribution of land sale proceeds. Following the opening of bids, the development team will complete and update development pro -forma for the Sunwood Retail area to further assist the HRA in their consideration of these options. Recommendation: