Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2021 - 2022 Annual Budget and Amending the 2022 - 2026 Capital Improvements Program to Provide Funds for the Eldorado and Custer Intersection / Bridge Improvements Project
Summary
COUNCIL GOAL: Operational Excellence
(2B: Balance available resources to accommodate the growth and maintenance needs of the city)
MEETING DATE: April 5, 2022
DEPARTMENT: Development Services / Engineering
CONTACT: Nicholas Ataie, P.E., Engineering CIP Manager
Gary Graham, P.E., Director of Engineering
RECOMMENDED CITY COUNCIL ACTION:
* Approval of the Ordinance.
ITEM SUMMARY:
* This Ordinance amends the Fiscal Year 2021 - 2022 Annual Budget and the 2022 - 2026 Capital Improvement Program to provide additional project funding associated with a Chapter 380 Economic Development Agreement ("Agreement") for expanded improvements along Eldorado Parkway from the Globe Life driveway to Orion Drive as part of the Eldorado and Custer Intersection / Bridge Improvements Project (CIP Project ST1838) for a total increase of $900,000.
* Additional funding necessary for the expanded improvement limits along Eldorado Parkway (up to a capped amount) per the Agreement are available in CIP Project ST1838.
BACKGROUND INFORMATION:
* CIP Project ST1838 (Eldorado and Custer Intersection / Bridge Improvements Project) is currently fully-funded in the FY22 annual budget and includes a widening of Eldorado Parkway from Custer Road to approximately 850 feet east of Custer Road. The project will expand Eldorado Parkway to 6-lanes including a widening of an existing bridge structure and various intersection capacity improvements at Custer Road.
* In preparation for the incoming H-E-B grocery store development (the "Developer") at the northeast corner of Custer Road and Eldorado Parkway, the City and Developer executed a non-binding term sheet in February 2022 which would provide additional city funding participation to expand the...
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