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Louisville City Council Meeting <br />January 16, 2001 <br />Page 6. <br /> <br />Street Connection will be open by the time that the Northwest Parkway is completed. <br /> <br />Sisk asked if there would be cost recovery along the Dillon Road Interchange for <br />commercial ventures. Hogan stated that the Northwest Parkway Authority would not <br />realize any commercial cost recovery, only the revenue derived from tolls. <br /> <br />Sisk asked Mr. Hogan how the $10 million for open space was calculated and negotiated. <br />Hogan stated that he did not know the specifics, however the Authority indicated that <br />they would commit an additional $10 million dollars. Sisk stated that the Authority <br />committed to the $10 million dollars because Louisville agreed to move the alignment to <br />the north to avoid the wetlands. Hogan stated that the amount determined would be <br />available out of future revenues. <br /> <br />Simmons noted for clarification that, according to the language of the Agreement in <br />paragraph 2 concerning 96th Street, there will be no delays, and the $12 million dollars <br />would be fully funded for the roads to be constructed in the time period specified. <br />Simmons also noted that the Authority will make every effort to fund the 96th <br />Street project with all the improvements prior to the time the Northwest Parkway opens <br />for toll collection. <br /> <br />Brown voiced his concerned that the City might be at risk to encumber a debt in the <br />project. <br /> <br />Simmons stated that in the original agreement Dillon Road had priority, but that all <br />projects including the 96th Street would be funded out of the proceeds. That money <br />would be available however, there was no protection for inflation in the original $22 <br />million dollars. <br /> <br />Davidson noted that under the original agreement, the 96th Street project would have only <br />been allocated $9 million dollars out of bond proceeds. <br /> <br />Hogan stated that if the City chose the option of the Authority contractor completing the <br />project, there would be no risk and the project would be completed on schedule. If the <br />City decided to do the project on its own, there is a risk factor related to inflation. He <br />noted that the Authority must identify where the money is going and the amount of the <br />expenditures. <br /> <br />Simmons stated that if Council approves the Agreement, there would be further <br />agreements between the Authority and the City. <br /> <br />6 <br /> <br /> <br />