City Council Minutes 2001 01 16 - Laserfiche WebLink

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Louisville City Council Meeting January 16, 2001 Page 5. Steve Hogan, Executive Director of the Northwest Parkway Authority, 555 Eldorado Blvd. 4/130, Broomfield, CO stated that he was available to answer Council questions. He noted that all of the other jurisdictions have approved the earlier version and that he has spoken to each about the new language and administrative changes. He did not believe that another vote of the other jurisdictions was necessary. He stated that with the City of Louisville's approval, the Northwest Parkway Authority would have the agreement in place. COUNCIL COMMENTS Sisk thanked Hogan for attending the Council meeting and work session. He asked Hogan why the $11 million dollars dedicated to the Dillon Road improvements comes directly from the bond proceeds, whereas the 96th Street Improvements do not. He asked if Dillon Road was more urgent or would occur more readily. Hogan stated that it would occur more readily. He noted that it would be necessary to relocate Dillon Road at the interchange of Dillon Road, Highway 287 and the Northwest Parkway. A large interchange would have to be built to meet the requirements of the Colorado Department of Transportation. Sisk asked if the $11 million dollars used in the construction of Dillon Road would be paid to some entity immediately after the bond proceeds are received. Hogan stated that the work done on Dillon Road cannot be separated from the rest of the project. As a result, the Authority must consider the $11 million dollars allocated toward construction as payment to the contractor. Those funds will not be spent until the later part of 2002 and 2003, when the construction will actually occur. Sisk asked how that process would differ from how the South 96th Street project would be handled. Hogan stated that the Dillon Road Project plan of finance differs from South 96th Street project. The Authority will carry up to $12 million dollars from the bond proceeds, with the remaining $10 million dollars coming over the next two to three years. The difference is, when the bonds are sold, the Authority will have all the improvements necessary to build the project, including the Dillon Road improvements. For the South 96th Street project there may be environmental or right-of-way approval issues. Assuming there are no delays, all of the money will be available on the same timeframe. Once construction is finished and there is traffic on the road, there will be tolls collected. Sisk stated that it appears that the Dillon Interchange will get first priority in terms of when the road is built. Hogan stated that it does not have a first priority. He noted that the agreement states that the Authority will make every effort to make sure that the 96th