AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 3/21/2018
TO: Honorable Mayor and City Council Members
FROM: Public Works Department
SUBJECT:
Title
City Council consideration to authorize payment of $381,860 to buyout from the Federal Transit Administration the federal interest in 730 Public Safety Way; Authorize a budgetary transfer of $381,860 from the General Fund; Authorize transfers between the Transit Fund and General Fund to account for the net book value of the facility.
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RECOMMENDED ACTION:
Recommended action
That the City Council:
1. Authorize payment of $381,860 to compensate the Federal Transit Administration (FTA) for the federal interest in the facility located at 730 Public Safety Way (the "Facility").
2. Authorize a budgetary transfer of $381,860 in the General Fund, from the General Government operating budget to the Public Works operating budget for the payment to the FTA.
3. Authorize the General Fund to purchase the federal portion of the Facility from the Transit Fund in the amount of $138,273 (net book value).
4. Authorize a transfer of $138,273 to the General Fund from the Transit Fund to assist with the payment to the FTA.
5. Authorize the Assistant City Manager/Administrative Services Director to make accounting or budgetary adjustments needed to account for the buyout of the federal portion of the facility at 730 Public Safety Way.
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ANALYSIS:
In March 2017, City of Corona Transit Service had a FTA Triennial Review which resulted in a finding under the category of Satisfactory Continual Control for real estate disposition for the 730 Public Safety Way facility.
The facility in question was constructed in 2002 and was partially funded with Federal Transit Administration (FTA) funds ($200,000). These funds were contributed by City of Corona Transit Service to offset construction costs, as the facility housed Transportation Concepts, the vendor operating the Corona Cruiser and Dial-A-Ride Service. Approxi...
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