Title
Amending the financing and spending plans for several 8 80 projects in order to get them fully funded for construction and to replace the Randolph at Lexington Left Turn Lane project with the installation of medians along Snelling Avenue from Randolph to Highland Parkway called South Snelling Median 8 80 Project.
Body
WHEREAS, the various Departments that have projects identified for 8 80 funding have reviewed their project scopes, design details and budgets in order to identify either cost savings or additional funding needs to construct the projects; and
WHEREAS, the various Departments have reviewed the other financing sources included in their 8 80 projects in order to identify where these funds can be fully utilized to reduce the amount of 8 80 funds needed for their project(s) thereby allowing the 8 80 funds to be transferred to other 8 80 projects that have an identified need; and
WHEREAS, the 8 80 projects that have assessment financing associated with them have the rates proposed and the final amounts calculated for each project; and
WHEREAS, additional funding is needed for the Jackson Street Reconstruction and Bikeway Project as a result of the final design details nearing completion and final estimates being prepared; and
WHEREAS, the additional funding needed for Jackson Street and the Capital City Bikeway will come from scope and cost savings on other 8 80 projects, an increase in assessments from what was originally budgeted, and an increase in the amount of Tax Increment Financing (TIF) being used on the project; and
WHEREAS, the HRA Board of Commissioners will be requested at its February 24, 2016 meeting to authorize the transfer of $885,000.00 of HRA TIF funds to the Jackson Street improvement project; and
WHEREAS, the funding changes identified on the attached financial analysis will also allow the Payne Avenue at Bedford Geometric Changes and the Payne Avenue at 7th Street Roadway Realignment Projects to be fully funded;...
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