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REQUEST FOR COUNCIL ACTION Date: 8/12/2002 Item No: V. H. Manager Approved: Agenda Section: Reports & Recommendations Item Description: Report on Project Financing Activities Introduction At the July 22, 2002 Council Meeting, the Council directed Staff to provide a summary of the fmancial activity for the Josephine, West Owasso, and McCarron's construction projects. City Staff from both the Engineering and Finance Department have completed their review and has prepared a summary of those activities in the attached document. The document provides both a summary of the project costs and funding sources that were identified in the feasibility study, as well as a summary of the proj ects' activities to date. Discussion Items With respect to the feasibility study, it's worth noting that the costs and funding sources �t have been identified merely indicate that the project is indeed fmancially feasible. It is fairly commonplace to have project elements change (in some cases substantially), from the time the feasibility study is prepared to the time the project is completed. Likewise, the funding sources can also change throughout the process. As is evident in the attached summary, the scope of the projects identified above did indeed change substantially in some cases, as did the ultimate funding sources. It should also be noted, that it has been the City's past practice to include administrative, engineering, legal, and other professional services costs applicable to the project, in the total project costs. This is a common practice and reflects the principle that these costs would not have been incurred were it not for the project itself. Finally, it is clear from our review, that the City has not collected revenues in excess of project costs. Staff will remain available to answer any further inquiries Attachment Please see attached summary document. Council Action Requested For information purposes only, no action is being requested.