Title
Consider/Discuss/Act on a Resolution Adopting the Project Priorities for Funding by the Regional Transportation Council
Summary
MEETING DATE: March 6, 2012
DEPARTMENT: Development Services/Engineering
CONTACT: Gary Graham, PE, PTOE, Transportation Engineering Manager
RECOMMENDED CITY COUNCIL ACTION:
· Approval of Resolution.
ITEM SUMMARY:
· This Resolution formally approves the list of City of McKinney roadway projects to be submitted as candidate projects to be funded by surplus RTR funds or by other sources, as discussed during the work sessions on February 21, 2012 and on February 27, 2012.
BACKGROUND INFORMATION:
· Michael Morris with the North Central Texas Council of Governments has indicated that another $2 billion in possible funding sources has been identified for the State. It still has not been determined how much of that $2 billion will come to our region.
· Collin County Commissioner Duncan Webb has informed us that the County has requested North Central Texas Council of Governments staff prepare an audit of all of the projects that have been funded by the RTR.
· The purpose of the audit is to identify how much money is available to fund future projects. The audit will identify which projects have come in over and under budget and which projects have been cancelled. Any costs savings will first be used to fund those projects that have a funding shortfall and projects that have cost overruns. Any monies available after that phase should be available for funding of future projects.
· The County also has monies available from the interest that was earned when the upfront pavement of $3.2 billion dollars was first received from the NTTA. The County is estimating that the interest could be in excess of $60 million dollars.
· City staff has prepared a list of potential projects with regional significance that could be candidates for funding if the County has a call for projects to allocate any surplus RTR monies. A descriptio...
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