Posting Language
Title
Approve an ordinance amending the Fiscal Year 2024-2025 Transportation and Public Works Department Capital Budget (Ordinance No. 20240814-007) to increase appropriations by $41,000,000 for City costs related to the I-35 Cap and Stitch Program. Funding: Funding is available from a State Infrastructure Bank Loan. Related to Items #11, #49, #50 and #52.
De
Lead Department
Transportation and Public Works
Fiscal Note
Funding is available from a State Infrastructure Bank (SIB) Loan. A fiscal note is attached.
Prior Council Action:
March 21, 2024 -Resolution No. 20240321-067 authorizing the City Manager to apply for financial assistance from the State Infrastructure Bank for the I-35 Cap and Stitch Program in an amount not to exceed $191,000,000 was approved on consent on a 11-0 vote.
For More Information:
Richard Mendoza, Director, 512-974-2488; Upal Barua, Assistant Director, 512-974-7110; Michelle Marx, Transportation Officer, 512-974-2856; Gilda Powers, Quality Consultant, 512-974-7092.
Additional Backup Information:
This item will amend the Transportation and Public Works Department Capital Budget to appropriate $41,000,000 available from a State Infrastructure Bank Loan. The overall goal of the SIB program is to provide innovative financing methods to communities to assist them in meeting their transportation infrastructure needs. The appropriation will be used for City costs related to the I-35 Cap and Stitch Program, including the $19,000,000 due in December for TxDOT to complete 100% design for City-funded caps and stitches.