sr-112365-8lCITY OF SANTA PAONICA ~~
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<._`r., ?;ove,:;oer 16, 190'5
T0: '~r~,~ Scott, City Manager
~~~,,~; Ti1. A. hard, Director of Finance
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,~~D~ ~"; ?°operty acquisition -Speedway {Barnard Way)
5`idenirg and opening of Ocean Avenue into Barnard Way beginning
at 3ollister
r~:e subject property acquisition is a preliminary to widening the
Speedway to Kinney Place; and connecting it to Ocean Avenue at
~o'_lister via a curved approach beginning between Hart and Wads-
aor'ch.
_..e project is but one of a considerable number of public improve-
ments to be effected in and aro~d P~^c__ _(a" in accordance with
the general provisions of :;cc five ~;ert dated May 29, 1964
batx,een the City and one ~~:_ ~pme:~~ o .c,;~y and to be financed
„_
~n ,rizole o'r in part with ~ :_ ,:.:zeds o'. .,._~ tax alloca-c~cr, bonds
sold last ;Qareh.
Tre original estimate for the right-c'->iay acc~ui:-`L pion as submitted
to the Agency for inclusion ir. t:~e bcru financing was X186,340.
This estimate was based on an appraisal ~:ade in February of 1964;
and a tentative development plan calling for a street width of 60'
and no sidewalks in the two blocks fro*n Ftart south to Ocean Park
Boulevard.
Sind that time there have been several developments. First the
desirability of providing a sidewalk on the east side of the street
bet;aeer. Hart and Ocean Park Boulevard :gas become apparent and
seeord, the Divisior. of Highways has raised its street-wig: require-
ment fo-r inclusion in the Select Street System from 60' tc .
?`i1° re Sl,:lt Of these unanticipated incremen-cs as been an incl•ease
in the estimated cost of the project from a'r original 311,740,
including land acquisition ~...: street construction, to a new total
of $1~,'-X1,300, which includes ;;92,660 more for land acquisition and
~36,90c .ore for constructs:-:n.
A.'.t_,oag ~c possible that t_.~ tax allocation bond proceeds might
_i'r_a11, .,~ ~__e to absorb this increased cost, it is too soon to
make t._~c assumption with any degree of confidence. Meanwhile the
*.aork :east proceed if the improvements are to be completed concur-
rently whiz the opening. of the first unit of the project.
Perry Scott, City i~Tanager
'7oveinbe-r 16, 1965
Page 'i'wo
~'_•ope-rty acquisition -
Secticn 18o'.i Gas Tax Allocation funds, of which we currently have
an hand 585,928.00, are eligible for use on this project on a
:ra'~ching basis, using one dollar of tax allocation bond funds for
tzrc dollars of 186.1 x^unds. Unlike all other gas tax allocations,
the local e.cpenditu-re of Sec. 186.1 funds does not require prior
fo'r~^.al State approval.
Te have budgeted in 1965-66 for an expenditure of 325,000 of 186.1
_'ands, but *.aithout specifying any particular oroject therefor, being
certain of -neither the exact need or the source and amount of the
necessary matching funds.
the situation as described having arisen with respect to the Speed-
-~~ay project, it would seem appropriate that the X129,560 additional
rands required be taken from the 186.1 Allocation and that Council
approval therefor be obtained as soon as possible.
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L7. A. HARD
Director of Finanee
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