Title
Consider/Discuss/Act on a Resolution Designating and Approving Certain CIP Projects Eligible for Funding under the Transportation Infrastructure Initiative and Economic Development Program by MEDC and MCDC Sales Tax Revenues for FY 2023-2024
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(2B: Balance available resources to accommodate the growth and maintenance of the City)
MEETING DATE: February 6, 2024
DEPARTMENT: Development Services / Engineering
CONTACT: Gary Graham, PE, Director of Engineering
RECOMMENDED CITY COUNCIL ACTION:
• Approval of Resolution.
ITEM SUMMARY:
• This item adopts a list of projects eligible for funding by sales tax revenue from the MEDC and MCDC pursuant to Section 11 of Resolution No. 2022-06-088 (R), the Transportation Infrastructure Initiative and Economic Development Program, adopted June 21, 2022.
• The list of eligible projects is shown in Exhibit A.
• In FY 23, $559,423.54 in sales tax revenue was funded by both MEDC and MEDC for a total of $1,118,847.08 to be used on CIP projects that support economic development.
BACKGROUND INFORMATION:
• The Resolution establishing this Program was adopted by the City Council at the June 21, 2022, City Council Meeting.
• The MEDC and MCDC Boards amended their respective bylaws accordingly and approved the Program as a “Project” at subsequent Board meetings.
FINANCIAL SUMMARY:
• As the previous year's sales Tax Revenues are finalized, the funding will be earmarked for the Capital Improvements Program on projects identified by this Resolution.
BOARD OR COMMISSION RECOMMENDATION:
• N/A
ATTACHMENTS:
• Resolution 2022-06-088 (R)