HomeMy WebLinkAbout16 - Reimburse Project Costs from the Proceeds of the Issuance of Bonds for Assessment District No. 120-2 / No. 124 - PowerPointFebruary 14, 2023
Item No. 16
AD- 120-2 and AD- 124
Award of Contract
(Santa Ana Avenue and North Bayfront)
City Council Meeting
February 14, 2023
STAFF RECOMMENDATIONS
� Adopt a Reimbursement Resolution for both AD-120-2 and
AD-124
➢ Award $5,097,207 Contract to Hot Line Construction of AD-
120-2 (Sana Ana Avenue/Cliff Drive) and AD-124 Phase 0
(North Bay Front)
Establish a 5% contingency ($250,000)
Staff recommending bond sale of both Districts in Summer
2023
Underground Utility Assessment District 120
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PROPOSED ASSESSMENT DISTRICT NO. 120-2
0 POLES TO REMAIN - r ASSESSMENT DISTRICT BOUNDARY
rPOLES TO BE REMOVED (27) PROPOSED JOINT TRENCH (3,000 LF)
L� GUY I RISER POLE TO BE ADDED (1)
OVERHEAD LINES TO BE REMOVED PARCELS TO RETAIN OVERHEAD CONNECTION (1 ) N
— — OVERHEAD LINES TO REMAIN FIGURE 1A '"0-
PAGE 1 OF 1 PARCELS: 44 1C-18 21
Underground Utility Assessment District lzt
Underground Utility Assessment District No. 120 was originally
approved by the property owners and Council on April 24,
2021. Expanded Boundary approved by Council on January 11,
2022
At the time of final expanded approval, UUD No. 120-2 had an
Estimated Total Project Cost of $2,625,000, of which
$1,633,000 was estimated for underground construction, with
a 15% contingency.
➢ Bids received for this District came in at $2,006,265, which is
22.8% above the AD approved estimate.
Underground Utility Assessment District 120
Recommendation
Bond Sale Summer 2023
• Proceed with AD-120 (and AD-124 Phase 0) with 5%
Construction Contingency
• Proceed with Bond Sale in Summer 2023.
• Potential cost savings (construction costs savings and utility
company invoicing) .......$100,000
Underground Utility Assessment District 124
Proposed Phasing
AD 124 (PHASE 0)1
PROJECT LIMITS
Underground Utility Assessment District!."""'
Underground Utility Assessment
District
No.
124 was approved by
the
property owners and
Council
on July
27,
2021
At the time of resident approval, UUD No. 124 had an Estimated
Total Project Cost of $32,794,000, of which $20,400,000 was
estimated for underground construction, with a 17.5%
contingency.
Due to the size of the District, the project has always been
planned for construction in phases (initial two phases were
considered, now three)
Bids for the First Phase (Phase 0) were received on December 20,
2022 and came in at $3,090,942, which is 19% above the
Assessment District's approved estimate of $2,600,000 for that
phase.
Underground Utility Assessment District 124
PHASE AD Approved
Estimate
0 $2,600,000
1 $9,300,000
2 $8,500,000
TOTAL $20,400,000
Projected Construction
Estimate Start Date
$3,100,000 February 2023
$11,600,000 January 2024
$10,200,000 January 2025
$24,900,000
Underground Utility Assessment District 124
Recommendation
Bond Sale Summer 2023
• Proceed with Phase 0 (and AD-120) with S% Construction
Contingency
• Proceed with Bond Sale in Summer 2023.
• Potential construction cost savings for entire AD-124
project (alley restoration, eliminate streetlights and utility
design modifications) .....$500,000
• Anticipate $1.5 million of savings primarily related to
investment income earned on bond proceeds.
• Possible need for Supplemental Vote after Phase 2 Bid due
to inflationary increases.
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