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<br />Possible funding sources to facilitate thi~ proposal could be as follows; <br /> <br />Source Amount <br />Sewer <br />Trunk Fund $ 49,000 <br />Water <br />Trunk Fund $ 5,000 <br />PIR Fund $ 136,000 to $196,000 <br /> <br />Comments <br />The eIP has anticipated $75,000 however the reduced cost of <br />the sewer installation would be $26,000 <br />This represents a contnbution from -the water trunk fund <br />toward the cost of the property to make this looping feasible <br />The Public Improvement Revolving Fund would be the <br />remaining source available for this project. <br /> <br />Recommendation: <br /> <br />Staff recommends that the Committee recommend to the City Council that the 't\Vo contingencies <br />regarding the appraisal snppor6ng the offered purchase price and the traffic study being <br />favorable to the Neon Stre~t connection have been satisfied. Staff further recommends that the <br />City Administrator be directed to close on the purchase of the property and that plans be <br />prepared for the relocation of the structure. <br /> <br />Action: <br /> <br />. Motion -to recommend to the City Council that the two contingencies regarding the appraisal <br />supporting the offered purchase price and the traffic study being favorable to the Neon Street <br />connection have been satisfied, and that the staffbe directed to close on the purchase of the <br />.property. and that plans be prepared for the relocation of the structure. <br /> <br />Reviewed By: <br />Director of Public WorkslPrincipal Engineer <br />Interim eity Administrator <br />City Attorney <br />TlF Specialist <br /> <br />PW: 03/20/07 <br /> <br />-171- <br />