Title
RESOLUTION Approving TOWER ROAD IMPROVEMENTS PROJECT FUNDING AGREEMENT
Body
Summary and Background Information:
• As presented to Council back on October 28 (See attached presentation, slides 10 & 11) there must be an IGA setting out the agreed upon terms for the funding of the Tower Road improvements.
• The IGA establishes an allocation percentage for the portion of the project cost to be paid by all four governmental entities.
• The percentage of the cost allocated to each of the governmental entities is based on an engineering study, which estimates the ultimate traffic generated from within each entity. The traffic generated regionally was allocated to the city.
• The city is to ultimately bear 15% of the total cost.
• The NIGID is to bear 33% of the total cost.
• The ECAGID is to bear 31% of the total cost.
• The ERAGID is to bear 21% of the total cost.
• The NIGID, ECAGID and ERAGID do not have adequate funds available now to pay for their respective portions; therefore, they are entering into this IGA acknowledging their obligation to pay their portions over time.
• The city will issue bonds for the total amount of the Tower Road improvements between 104th Avenue and the Denver border.
Staff Responsible (Department Head): Roger Tinklenberg
Staff Member Presenting: Roger Tinklenberg
Financial Impact: Estimated $58,500,000.
Funding Source: Sales & Use Tax Revenue Bonds
Suggested Motion: I move approval of Resolution 2014-24.