HomeMy WebLinkAboutItem 4.5 Purchase FAU Funds City of Foster City ao �-qo
AGENDA STATEMENT
City Council Meeting Date: November 25 , 1985
SUBJECT: Purchase of FAU funds from the City of
Foster City.
EXHIBITS ATTACHED: None.
RECOMMENDATION: Authorize Staff to negotiate with the
Staff of the City of Foster City for
purchase of $600 , 000 of FAU monies at
. 75 on the dollar and to return to
Council with a draft resolution for
review and approval .
FINANCIAL STATEMENT: The City of Dublin would pay $450 ,000
for $600 , 000 in FAU monies for a net
gain to the City of Dublin of $150 , 000 .
DESCRIPTION:
Staff has been pursuing additional FAU funds to help finance
projects within Dublin that are eligible for FAU funds. The
Public Works Director of Foster City has expressed a desire to
sell his FAU funds to the City of Dublin and is going to his
Council for approval of this procedure .
The City of Dublin will pay to the City of Foster City FAU
monies after they have been received from the State . The
projects on which the City would use these monies would be San
Ramon Road, Phase II , and Amador Valley Blvd. median
reconstruction and landscaping. In order to fully utilize the
monies, it may be necessary to combine the median work and
landscape work on Amador Valley Blvd. as one project .
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ITEM NO. ' �� COPIES TO:
C