ADOPTED BUDGET RESOURCE ALLOCATION PLAN - City of ...

Project: 825970 Downtown Underground Parking Insurance
Origination Year: 2005-06
Planned Completion Year: Ongoing
Department: Human Resources
Project Description / Scope / Purpose
Project Information Sheet
Type: Gov. & Comm. Engagement
Category: Special
Project Manager: Anthony Giles
Fund: 35 City General Fund
Sub-Fund: 100 General
Project Coordinator: Anthony Giles
On November 15, 2000, the City entered into a Declaration of Covenants, Conditions, and Restrictions (CC&R) with M-F Downtown Sunnyvale, LLC (also known as “Mozart”), wherein it was
agreed that Mozart would purchase an “all risk” property and casualty policy covering the improvements (which included the City's portion of the underground parking structure) for both the City
and Developer, with Mozart paying 75% of the premium, and the City repaying Mozart for the remaining 25%.
To date, the City has paid 25% of the insurance invoices for years 2003 through 2008. The first payment of $42,414 in 2003 was deducted from a Traffic Mitigation Fee that Mozart owed to the
City. Subsequent payments have been made from the General Fund.
In November 2007, J.P. Morgan Asset Management Company (J.P. Morgan) purchased Mathilda Place, including the underground parking structure, from Mozart. The responsibilities of the CC&R
have transferred to J.P. Morgan, including the responsibility to insure the underground parking structure and invoice the City for 25% of the premium cost.
Project Evaluation and Analysis
This project protects the City's investment in the Mathilda Place underground parking structure because a designated percentage of the parking spaces are available for public use 24 hours per day /
7 days per week.
Fiscal Impact
This project is financed by the General Fund.
Project Financial Summary
Financial Data Prior
Actual
Project Costs
Revenues
Total
Transfers-In
Total
Operating Costs
Current 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 Y11-Y20
2009-10
Total
Project
Life Total
352,846 108,212 111,458 114,802 118,246 121,793 125,447 129,210 133,086 137,079 142,562 148,264 1,842,842 3,585,847
0 0 0 0 0 0 0 0 0 0 0 0
0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0
Downtown Underground Parking Insurance 825970