Recommendation
A. Authorize the City Manager to execute an Irrevocable Standby Letter of Credit, Reimbursement Agreement, Pledge Agreement, and related documents, with approval as to form by the City Attorney, in an amount not to exceed $1,000,000 to act as security for the City’s mitigation required by the California Department of Fish and Wildlife permit for the San Jose Creek Multipurpose Path Project,
B. Authorize the City Manager to make any mitigation fee payment conditioned by the California Department of Fish and Wildlife permit so long as the amount of the payment can be absorbed by the project budget and execute all documents necessary to effectuate payment with approval as to form by the City Attorney, and
C. Authorize the City Manager to execute a substitute form of security for the Letter of Credit as approved to form by the City Attorney.
Staff
Luz “Nina” Buelna, Public Works Director
Luke Rioux, Finance Director
Sarah Fox, Public Works Business & Administration Manager