They also voted to direct staff to develop cost estimates for clean up insurance, as soon as the Remedial Action Work plan has been approved by the State Department of Toxic Substances. Both actions were necessary in order to secure the CCHE grant funding of $870,750, which will cover a substantial portion of the estimated 2.2 million dollars in project costs. The CCHE grant requires that an equal match of $870,750 be collected in cash donations, in-kind labor and materials donation, or additional grant funds from other sources. To meet this requirement, the city has applied for two more grants, including  $400,000 of cleanup funding through the U.S. Environmental Protection Agency (EPA), as well as a $1 million dollar grant from the Sierra Nevada Conservancy.

The city anticipates that the funds to be received from grant sources will total $2,270,750. City Staff will now undergo the tasks of amending the contract, completing the insurance analysis once the Remedial Action Work plan has been certified, and completing a new budget and financing analysis to fund the additional cost once the insurance cost has been developed. These tasks should be completed by late May, at which time the city will reassess the timeline for the purchase. If all grant requirements are met, the City could assume ownership of the Foundry as early as July 1, 2008.