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Regular City Council Meeting Monday,June 16,2014 Page 23 Nays: None. Councilmember Etten noted that the staff memorandum indicated $160,000 from street bond #25 that remained undedicated; and advised that he would be a strong supporter of applying that money to the CIP and not using it toward the budget. Mayor Roe recognized that the CIP committee had previously recommended that funding be applied to the street infrastructure CIP funding, with a recommenda- tion to look more broadly at street funding. However, Mayor Roe noted that staff had not recommended that re-purposing in its May budget memo. Mr. Miller sought to clarify that staff had yet to reach that conclusion, but did want to have further discussion about the CIP and necessary funding strategies whenever the best opportunity to do so became available. Mr. Miller advised that staff had additional information to share at the time of that discussion; and sug- gested it be sooner rather than later, as it may not be independent of the City Manager's Recommended Budget. Mayor Roe advised that he was strongly supportive of CIP recommendations. Specific to that topic, Mayor Roe referenced a comment in the May 12, 2014 memo regarding calculating the loss of Local Government Aid (LGA) and any funds received applied to CIP funding. In his quick analysis of reserve fund lev- els versus CIP needs for the next 20 years, Mayor Roe, advised hat, based on the same methodology, the loss of LGA funding for the CIP may not have significant impacts based on the twenty-year outlook and cost impacts. Mayor Roe advised that he had sent that information to the City Manager and Finance Director for their comments; and looked forward to further discussion on that in the near fu- ture. At the request of Councilmember McGehee, Mr. Miller advised that the current median value for an average single-family home in Roseville was $194,000 in 2014, and anticipated an increase to $215,000 in 2015, an increase of 11%. 13. Business Items (Action Items) a. Consider Memorandum of Agreement for the Purchase of Right-of-Way for Twin Lakes Improvement Project City Engineer Marc Culver provided a revised draft resolution as a bench handout, following discussions at the Closed Session earlier tonight as it related to the purchase price negotiated at $1,135,200, and including permanent acquisition of 78,328 square feet of property and temporary easements valued at approxi- mately $12,000. Mr. Culver noted that the purchase price information had been intentionally redacted until tonight's Closed Session. Mr. Culver reviewed the property and proposed Memorandum of Agreement, as detailed in the RCA dated June 16, 2014. Mr. Culver noted that the changes to