Title
Consider/Discuss/Act on a Resolution Authorizing the Interim City Manager to Enter into an Advance Funding Agreement (LPAFA) with the Texas Department of Transportation (TxDOT) to Provide the Regional Toll Revenue (RTR) Local Match for the FM 546 Relocation Project
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
MEETING DATE: April 19, 2016
DEPARTMENT: Development Services/Engineering
CONTACT: Gary Graham, PE, PTOE, CIP and Transportation Engineering Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approval of the Resolution
ITEM SUMMARY:
• This Resolution authorizes the Interim City Manager to execute an Advance Funding Agreement with the Texas Department of Transportation for the Regional Toll Revenue (RTR) local match of $216,937 for the FM 546 Relocation project.
BACKGROUND INFORMATION:
• The City of McKinney had previously planned to fund the construction of the FM 546 Relocation project through a variety of funding sources including RTR funds allocated by Collin County, Collin County transportation bonds, impact fees, and City bond dollars.
• Through the project development process, TxDOT has agreed to fund the construction of the FM 546 Relocation project.
• TxDOT is funding the construction of the FM 546 Relocation Project through a variety of funding sources by TxDOT, including RTR funds.
• The estimated construction cost of the project is $19,000,000.
• Projects using RTR funding require a local match. The local match for the RTR funding for this project has been set at $216,937.
• Construction for the project is expected to start in October of 2016 and last about 18 months.
FINANCIAL SUMMARY:
• Funding for this agreement is included in the Capital Improvements Project ST1232.
• With the approval of $216,937 for this item, $13,677,726 will remain in project ST1232.
• With TxDOT leading the construction of the project, this will allow the City to relocate the remaining dollars in ST 1232 to other street improvement projects.
BOARD OR COMMISSION RECOMMENDATION:
• N/A