Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 26-R23, Regarding Reimbursement of Certain Costs Relating to Capital Improvements for the Torino Regional Park Project.
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Submitted By: Stephen Okiye, Finance Director, Finance Department.
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Executive Summary (General Business): This reimbursement resolution allows the General Fund to recover project costs that are incurred for the Torino Regional Park prior to issuance of bond.
Presentation Information: Staff will be available for questions.
Staff Recommendation: Move that the Council approve the Resolution regarding reimbursement of certain costs relating to Capital Improvements for the Torino Regional Park Project.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve Resolution regarding reimbursement of certain costs relating to Capital Improvements for the Torino Regional Park Project.
2. Move that the Council provide staff with direction.
Background: In 2025, the regional park project underwent a comprehensive design evaluation, including updated cost modeling by the Construction Manager at Risk (CMAR). This work incorporated more detailed information on site conditions, infrastructure needs, and constructability. The evaluation also reflected current market pricing, which differed significantly from the assumptions used in the original 2024 engineer's estimate of $21.36 million. Throughout the design process, City departments coordinated to ensure the park's layout, utilities, and operational systems were fully integrated.
Issues/Analysis: The project's funding approach incorporates a reimbursement resolution, which allows the City to use available capital funds or interim financing to keep the project on schedule while preserving eligibility for future bond reimbursement. This mechanism ensures the City can recover qualifying construction expendit...
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