City Council Minutes 2012 09 18 - Laserfiche WebLink

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City Council Meeting Minutes September 18, 2012 Page 6 of B Planning Director Russ explained CDOT has provided Superior and Louisville staff with a cost for construction of the Diverging Diamond Interchange (DDI) at $12.5 Million, which includes the price of the "Basket Handle" arch. RTD is contributing $3.5 million towards the $4,427,413 in transit improvements associated with the DDI. Superior and Louisville will be pursuing a Funding Advancement for Surface Transportation and Economic Recovery (FASTER) transit grant of $927,513 to fund the difference/gap in transit related costs. The FASTER grant is not guaranteed, but the communities believe the application is competitive and has a good chance at receiving an allocation. The remainder of the project to be funded is $8,072,487 requiring each community to pay $4,036,244. With Louisville receiving a 4% administrative fee to manage the project, Louisville's portion would be reduced by $500,000 and Superior's increased by a similar amount. Louisville would pay $3,536,244 and Superior would pay $4,536,244. Staff recommended the City Council direct the Mayor and City staff to negotiate a financing package for the DDI. COUNCIL COMMENTS Council member Loo thanked everyone involved for the financing proposal. City Manager Fleming credited Deputy City Manager Balser for her work on the financing arrangement. City Manager Fleming explained the final numbers will be a significant amount in the capital improvement plan and budget. He noted spreading the funding out over a three- year period makes the project possible. He explained because this project was included in the Phase 2 US 36 Project it will not be a stand-alone project for Louisville and Superior. Mayor Muckle noted the project includes an underpass under US 36 at McCaslin Boulevard. He stated the bridge would eventually fail with increased traffic and this opportunity provides for upgrades to the Interchange. Mayor Muckle inquired whether RTD had indicated 5 million dollars in funding was available. Deputy City Manager Balser explained RTD budgeted 4.5 million dollars for Church Ranch however that project came in at 1.5 million dollars. Mayor Muckle asked whether there is funding available for transit improvements. Deputy City Manager Balser explained there is 4.5 million dollars for transit improvement. Planning Director Russ explained there was 5 million dollars in April, but cost estimates were redefined and funds were reallocated. MOTION: Mayor Muckle moved to approve the Diverging Diamond Interchange Financing, seconded by Mayor Pro Tem Dalton. All were in favor. Mayor Pro Tem Dalton left the meeting at 2:45 pm.