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<br />REQUEST FOR LPEDC BOARD AGENDA ITEM <br /> <br /> <br />Bud2et <br /> <br />Requested By: <br /> <br />Source of Funds: <br /> <br />EDC <br /> <br />Department: <br /> <br />Account Number: Fund 038 <br /> <br />Report: X Resolution: <br /> <br />Amount Budgeted: <br /> <br />$0 <br /> <br />Exhibits: Previous Council Actions and SB Project Cost <br />Estimates <br /> <br />Amount Requested: <br /> <br />$600.000 <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />As you know the Sylvan Beach Shoreline Protection and Beach Renourishment Project was <br />approved as project in the original TIRZ Project Plan. However, it will be many years before <br />any funds would be available from the TIRZ for payment of their portion of the funds. <br />Because the funds have to be available during the FY 2009 Budget cycle, the LPEDC Board <br />was asked in February of this year whether or not they would consider providing the <br />necessary funding. At the meeting of February 25, 2008 the Board conducted a public <br />hearing and accepted the Sylvan Beach Shoreline Protection and Beach Renourishment <br />Project as a Project of the Board. At that meeting staff indicated that this item would be <br />returned to the Board after April 28. As you can see from the attached information the Parks <br />Department now has much better cost estimate for the Project. Rather than needing an <br />estimated $800,000 you now need to consider allocating an amount not to exceed $600,000 <br />in support of the Project. Although we are very confident of the numbers provided we would <br />ask that you keep in mind that these figures are nonetheless costs estimates. If necessary, <br />we would return to the Board to ask that you consider any necessary adjustments at a future <br />meeting. <br /> <br />In addition to this request for funding, the Board must also determine whether or not the <br />funding will be required to be reimbursed to the Corporation from the TIRZ as funds are <br />available. The Executive Director of the TIRZ, David Hawes, has indicated that he will draft a <br />repayment agreement between the TIRZ and the Corporation for consideration and approval <br />at an upcoming LPRAlTRIZ meeting if necessary. He also reaffirmed that the Project was a <br />part of the original 1999 TIRZ Project Plan and that the Board had already approved their <br />participation in the proposed Project in 2004. <br /> <br /> <br />the recommended budget adjustment for the Sylvan Beach Shoreline Protection and <br />enourishment Project in an amount not to exceed $600,000 and determine if <br />nt of the funds will be required from the LPRAlTIRZ Board. <br /> <br />U~/b; <br /> <br />Da e <br />