Laserfiche WebLink
SUBJECT: EXISTING FUNDS AND CIP BUDGET IMPACTS <br />DATE: MAY 4, 2021 <br />PAGE5OF6 <br />staff will work with the City Attorney to determine the appropriate agreement to address <br />these constraints. <br />Staff is also actively pursuing grant funding opportunities, including the "Revitalizing <br />Main Streets" grant through the Colorado Department of Transportation. This grant has <br />approximately $22 Million available statewide, in which applicants can be awarded up to <br />$2 Million to improve safety along urban arterials. It is especially intended to assist in <br />projects that improve safety for vulnerable users such as pedestrians, bikers, elderly <br />adults, people with disabilities, and others. Staff is currently working on an application <br />for this grant for the Underpass Project conceptually designed at South Boulder Road <br />and Via Appia. Any funds awarded could reduce the total cost of projects. <br />Staff is seeking City Council direction around how to address these budget impacts, if <br />the ballot measure proposal is advanced: <br />What amount of existing Capital Projects Fund sales tax does Council want to <br />dedicate to bond repayment in future years? <br />o What previously approved CIP projects would Council like to suspend or <br />remove in order to support bond repayment? <br />What's the expectation from City Council for the use of urban renewal funds from <br />the Louisville Revitalization Commission? <br />o Does City Council want to request a specific annual or one-time <br />contribution to bond repayment for these projects over the course of the <br />life of the urban renewal district? <br />o Is City Council seeking a contribution commitment to the package prior to <br />ballot question approval (before first reading on July)? <br />Are there other funding sources that City Council would like to consider for the <br />bond repayment? <br />How would City Council like to address the ongoing operational costs (staffing <br />and maintenance) for the completion of the new capital projects associated with <br />a ballot measure? <br />FISCAL IMPACT: <br />The fiscal impact to the City's budget will depend on the direction provided by City <br />Council. <br />PROGRAM/SUB-PROGRAM IMPACT: <br />The TMP supports the City's Transportation goal to maintain a safe, well -maintained, <br />effective and efficient multi -modal transportation system at a reasonable cost. This also <br />impacts the City's Administration & Support Services program area and Finance, <br />Accounting & Tax Administration subprogram goals of an efficient, effective, and <br />transparent budget developing, reporting, and monitoring process. <br />CITY COUNCIL COMMUNICATION <br />