Laserfiche WebLink
Revitalization Commission <br />Minutes <br />May 12, 2021 <br />Page 4 of 8 <br />Director Pierce said this item was before the LRC in April and is in the 2021 <br />budget. The LRC budgeted $22,000 to fund planned sidewalk improvements at <br />Griffith and Pine Streets at existing railroad crossings. This work is in <br />conjunction with the City overall Quiet Zone project, which is now beginning. <br />The price is lower than anticipated and came in at $15,000. Staff suggests LRC <br />approve a not -to -exceed amount of $16,500 to cover any cost variations as <br />work progresses. <br />If there is consensus, this agreement would be forwarded to City Council for <br />approval then come back to the LRC for final approval. <br />Director Pierce feels comfortable with the contingency amount. <br />Commissioner Tofte said he is happy this is coming to fruition. <br />Chair Adler asked for a show of hands to give direction for staff to forward the <br />agreement to Council. All in favor. <br />• Discussion/Direction — 2021 Potential Ballot Measure for Transportation <br />Master Plan Implementation <br />Chair Adler asked everyone to be mindful of time in addressing their questions <br />so that the meeting can end on schedule. <br />Director Pierce said this item was discussed briefly as a result of the Council's <br />April 13th discussion and provided an update based on materials in the packet. <br />The Council is considering six underpass projects, three of which are in the <br />Urban Renewal Area (URA). Council is considering debt financing and currently <br />has a concept budget of $50M. City Council has discussed a desire for LRC's <br />funding participation at a range between $500,000 and $1.5M annually. <br />Council contemplates there will be a bond initiative and has had dialogue about <br />changing their priorities and using money from the CIP and potentially using <br />fund balance to repay debt. The bonds could stretch 20 — 30 years. The URA <br />will sunset in 2032. By 2032, the LRC will need to have pledged or paid -out all <br />of its TIF revenues. Otherwise, funds may need to be repaid to other <br />governmental units. <br />Director Pierce noted two key tasks for LRC's discussion: <br />Agenda Packet P. 6 <br />