Posting Language
Title
Approve a resolution authorizing negotiation and execution of an advance funding agreement with the Texas Department of Transportation for the City's commitment to fund up to $265,000,000 for roadway elements for caps and stitches to be integrated into the IH-35 Capital Express Central Project. Funding: Funding up to $40,000,000 is available from the Neighborhood Access and Equity grant awarded to the City; $22,000,000 is available from the State Infrastructure Bank financial assistance loan to the City; and up to $204,000,000 is available for the remaining funding gap, from tax exempt Certificates of Obligation to be issued on or after August 2025. Related to Items #11, #49, #51, and #52.
De
Lead Department
Transportation and Public Works Department
Fiscal Note
Funding up to $40,000,000 is available from the Neighborhood Access and Equity grant awarded to the City; $22,000,000 is available from the State Infrastructure Bank financial assistance loan to the City; and up to $204,000,000 is available for the remaining funding gap, from tax exempt Certificates of Obligation to be issued on or after August 2025. The City will bear the responsibility for paying cost overruns.
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.
December 14, 2023 - Resolution No. 20231214-060 authorizing negotiation and execution of an advance funding agreement with the Texas Department of Transportation for engineering and design study for cap and stitch improvements on the IH-35 Capital Express project for a total estimated cost of $1,818,334 with the City's share of the costs estimated to be $166,667 plus any cost overrun was approved on consent on a 10-0 vote with Council Member Ryan Alter absent.
December 14, 2023 - Resolution ...
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