Title
RESOLUTION APPROVING AN AMENDMENT TO THE INTERGOVERNMENTAL AGREEMENT WITH THE E-470 PUBLIC HIGHWAY AUTHORITY REGARDING FUNDING RELATED TO TOWER ROAD/PENA BOULEVARD INTERCHANGE
Body
Summary and Background Information: The City is undertaking a project to construct an on-ramp from Tower Road to westbound Pena Boulevard. The City and the E-470 Public Highway Authority entered into an intergovernmental agreement (IGA) in 2014 related to funding of the on-ramp in order to satisfy the Authority’s obligations under a 1995 intergovernmental agreement. The 2014 IGA capped the Authority’s contribution at $3,207,700. The design of the interchange has been modified and the resulting changes have caused additional costs which the Authority has agreed to pay for. Thus the intergovernmental agreement is being modified to increase the funding responsibilities of the Authority by an additional $1,022,600, for a total contribution of $4,230,300.
Staff Responsible (Department Head): Maria D’Andrea, Director of Public Works
Staff Member Presenting: N/A
Financial Impact: $1,022,600.00
Funding Source: N/A
Staff Recommendation: Approval of Resolution