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 cap and stitch roadway elements to be integrated into the IH-35 Capital Express Central Project letting package. Funding: $41,000,000 is available in the Capital Budget of the Transportation and Public Works Department from a State Infrastructure Bank financial assistance loan and up to $224,000,000 from tax-exempt Certificates of Obligation that are expected to be issued on or after August 2025. The availability of these funds is contingent upon the finalization of the loan and appropriation and issuance of Certificates of Obligation. The City will be responsible for covering any cost overruns. Related to Items #41 and #43
De
Lead Department
Transportation and Public Works Department
Fiscal Note
Funding in the amount of $41,000,000 is available in the Capital Budget of the Transportation and Public Works Department from a State Infrastructure Bank financial assistance loan and up to $224,000,000 from tax-exempt Certificates of Obligation that are expected to be issued on or after August 2025. The availability funds are contingent upon the finalization of the loan and appropriation of Certificates of Obligation. The City will be responsible for covering any 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 an 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...
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