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:                     December 3, 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 24, $1,347,867 in sales tax revenue was funded by both MEDC and MEDC for a total of $2,695,734 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)