Town Of Moraga

Palos Colorados Funds Discussion - January 2019

Staff presented a brief history, overview and update on the current financial position of Fund 100 – One Time Developer Fees (Palos Colorados). The 2007 Palos Colorados agreement could bring $17M combined General Plan and Golf Course fees to Moraga. To date, $6M has been received and $4.72M in funds have been used and committed to various expenses. Including other deposits made to the fund, the fund currently has a fund balance of $1.5M and is expected to increase to $2.5M at the end of this fiscal year once the $1M Canyon Bridge Emergency cost reimbursement is received. The presentation opened a Council discussion on the future use of the funds. Council decided to maintain the current balance for emergencies and to fund the Canyon Road replacement bridge prior to receipt of grant reimbursements. The Town could receive $4.7M if Richfield, the developer, pulls the grading permit for the project. View the staff report on the Town’s website. Council will consider the use and designation of future funds when there is greater certainty that the funds will be received.

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