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3.O FINANCIAL IMPACTS <br />3.1. As described above, the estimated additional cost of undertaking this project is $2 million of which <br />$1 million is being requested from DEED, leaving the City to fund $1 million. The City has a <br />variety of tools at its disposal to obtain these funds, including existing t� increment balances, <br />which could eventually be reimbursed by the development properties as prescribed by the 2008 <br />Infrastructure Improvements Report and/or special assessments. These funding sources are outside <br />of the City's general fund and would not contribute to the City's levy. A determination of the exact <br />source of these funds do not need to be made at this time; however, it should be noted that by <br />applying for this grant, the City is acknowledging that there will be matching funds available if the <br />grant is awarded. <br />4. O STAFF RECOMMENDATION <br />4.1 Staff recommends that the City Council adopt the resolution authorizing the submission of a <br />DEED Redevelopment Grant. (See Attachment S: Draft Resolution.) Sy applying for this grant, <br />the City is taking a proactive step to leverage outside resources to assist with the redevelopment of <br />the Twin Lakes Project Area. These funds would not need to be expended immediately; the City <br />would have several years to complete the activities. In addition, if the City has difficulty <br />implementing the proposed project, such as an inability to come to terms with property owners on <br />right-of-way acquisition, at that time, Council could determine that the project is infeasible and <br />return the funds to DEED or look at alternative courses of action. <br />5. O REQUESTED COUNCIL ACTION <br />5.1 Sy resolution, allow the City to submit a grant application to DEED's Redevelopment Grant <br />Program for the acquisition of right-of-way, construction of a segment of Twin Lakes Parkway, <br />Prior Avenue, and associated pedestrian facilities, lighting, and utilities. <br />Prepared by: Jamie Radel, Economic Development Associate <br />Attachments: A: Map depicting proposed project <br />B: Draft Resolution Authorizing Submission of the DEED Grant Application <br />Page 2 of 2 <br />