R2001-147 AUTHORIZING TERMINATION OF AGREEMENT

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. e issues will exist. It is also reasonable to expect that the agreement may change hands in another few years and the City will be in a similar situation. An issue that must be considered is the precedent that may be set if the City assumes ownership of the Oakwood Lighting. In taking over the Oakwood Lighting the City will have agreements with private property owners for the installation, maintenance and operation of ornamental street lights. This could provide a basis for similar requests from other neighborhoods. Whether similar circumstances would exist to support a similar arrangement in another area of the City is a possibility. However, for it to occur the property owners would have to pay for the lighting, the lighting would have to be in the public right-of-way, and be of benefit to the property owner and the City. The property owners in the Oakwood Lighting in their individual agreements acknowledged that the lighting would have a positive impact on real estate value, improve aesthetics, security and safety. If in the future, the City should receive requests for lighting agreements similar circumstances and benefits will have to exist. It is the recommendation of City staff that the City assume the ownership of the Oakwood Lighting. This recommendation is based on the estimated savings to the City and the benefits of the City having ownership of the Oakwood Lighting. The attached agreement between Dynegy and the City for this transfer has been approved by the City's Corporation Counsel. POTENTIAL OBJECTION: There are no known obj ectors to this action. Dynegy will inform the property owners if the termination and assignment agreement is approved by City Council. INPUT FROM OTHER SOURCES: Input was obtained from Dynegy Energy Services, Inc., on this matter. STAFF REFERENCE: Stephen Swanson, Director of Engineering &Infrastructure at 424-2747. Matt Newell, City Engineer at 424-2747 BUDGET/TIME IMPLICATIONS: The payment to Dynegy and energy costs are included in the approved budget for this year. These funds would be used for the City to assume the ownership and maintenance of the Oakwood Lighting. cc: John Smith, Asst. City Manager for Public Services John Couter, Corporation Counsel Beth Couter, Finance Director Mike Beck,Dynegy Energy Services, Inc.