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APPROVE MOTION TO RATIFY EXECUTION OF A FUNDS TRANSFER AGREEMENT FOR THE REDEVELOPMENT ON THE MIRACLE MILE: PUBLIC SAFTETY/MAINTENANCE SUBSTATION/PARKING
recommended action
RECOMMENDATION
It is recommended that the City Council approve a motion to ratify the City Manager executing a Funds Transfer Agreement between the City of Stockton and the California Department of Transportation for a total of $3,100,000 for the Redevelopment on the Miracle Mile: Public Safety/Maintenance Substation/Parking.
It is also recommended that the City Manager be authorized to take appropriate and necessary actions to carry out the purpose and intent of this motion.
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Summary
Section 19.561, subdivision (g) (46) of the Budget Act of 2023 appropriated $3,100,000 from the State General Fund to Caltrans, to be allocated to the City of Stockton for the Redevelopment on the Miracle Mile: Public Safety/Maintenance Substation/Parking. The California Department of Transportation (Caltrans) is the authorizing agency for the proper distribution of the funding provided by this legislation. The funding will allow for increased public safety improvements, acquisition of a maintenance substation and enhance parking improvements along Pacific Avenue between Alpine Avenue and Harding Way and the immediate surrounding area (Attachment A - Vicinity Map). Improvements may include areas along Harding Way between Lincoln Street and El Dorado Street.
It is recommended that Council approve a motion ratifying the City Manager executing a Funds Transfer Agreement in the amount of $3,100,000 with Caltrans for the Redevelopment on the Miracle Mile: Public Safety/Maintenance Substation/Parking Improvements Project (Attachment B).
DISCUSSION
Background
Section 19.561, subdivision (g) (46) of the Budget Act of 2023 appropriated $3,100,000 from the State General Fund to Caltrans, to be allocated to the City of Stockton for the Redevelopment on the Miracle Mile: Public Safety/Maintenance Substation/Parking. Caltrans is the authorizing agency for the proper distribution of the funding provided by this legislation. The funds are not attached to an established State program or subject to the authority of the California Transportation Commission or the California State Transportation Agency, unless specified in the legislation.
Caltrans determined the best method for allocation to ensure the funds are used for the purposes specified in Section 19.56 of the Act is a Funds Transfer Agreement. Funds shall only be used for the project specified in the Act. The funds will be encumbered within two days of the effective date of the agreement. Pursuant to Section 19.56 of the Act, funds must be encumbered by June 30, 2025, and expended by June 30, 2027, or funds will revert to the State’s General Fund by operation of law.
Present Situation
The Miracle Mile is predominantly a shopping and dining district within the City of Stockton. The Miracle Mile includes businesses fronting along Pacific Avenue from Alpine Avenue to Harding Way, and businesses along Harding Way between El Dorado Street and Lincoln Street.
The Redevelopment on the Miracle Mile: Public Safety/Maintenance Substation/Parking will provide funding for increased public safety improvements, acquisition of a maintenance substation and enhanced parking improvements along Pacific Avenue between Alpine Avenue and Harding Way.
Caltrans has identified $3.1 million of available funding to aid in the safety improvements along the Miracle Mile.
It is recommended that Council approve a motion ratifying the City Manager’s execution of a Funds Transfer Agreement in the amount of $3,100,000 with Caltrans for the Redevelopment on the Miracle Mile: Public Safety/ Maintenance Substation/Parking Improvement.
FINANCIAL SUMMARY
Approval of the Funds Transfer Agreement will result in $3,100,000 of State General funds being applied to the Redevelopment on the Miracle Mile: Public Safety/Maintenance Substation/Parking Improvement Project.
There is no impact to the City’s General Fund or any other unrestricted fund as a result of taking the recommended action.
Attachment A - Vicinity Map
Attachment B - Funds Transfer Agreement