Revitalization Commission Agenda and Packet 2021 06 30

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SUBJECT: DRAFT COOPERATION AGREEMENT FOR TRANSPORTATION MASTER PLAN UNDERPASS IMPROVEMENTS DATE: JUNE 30, 2021 PAGE 4 OF 5 contribution from LRC over 10 years would not cover the projected cost of the Main Street & South Boulder Road underpass improvement, especially considering the additional financing and staffing costs the City will incur for these capital projects. If the LRC wants to continue to prioritize two projects to be constructed in the URA, it may wish to reconsider the funding contribution. Otherwise, it is likely the City may only consider at -grade (surface) crossing improvements at both Hwy 42 & South Street and South Boulder Road & Hwy 42. It is possible the scope of the Main Street & South Boulder underpass is reduced through design iteration to reduce costs, but Council expressed this project was the most important to also serve as a community gateway. Since the LRC has participated with the City in funding prior underpass projects, the South Street Gateway Project Cooperation Agreement also provided direction for drafting a new agreement between the City and LRC. A copy of the 2012 South Street Gateway agreement is included as Attachment #3. Staff and City Attorney have prepared a draft Cooperation Agreement for LRC's consideration; please see Attachment #4. The draft is substantially similar in form and obligations to the South Street Gateway agreement. The agreement provides the LRC opportunity to review and approve substantial project design and/or cost changes, receive at least annual reports on project progress, and also allows for termination if the City does not proceed with the projects. Please note that the agreement has been drafted to indicate the LRC's priorities as expressed on June 16, but staff has also incorporated language about the possibility of surface improvements rather than underpass projects being constructed by the City. With the goal to have an agreement adopted prior to when City Council will finalize potential ballot language for November 2021, staff seeks feedback on the draft agreement and direction about advancing an agreement to City Council for consideration. If the LRC directs staff to proceed, the Cooperation Agreement can be presented to City Council for approval on July 13 and then returned for final LRC approval at the regular July 14 meeting. It is anticipated City Council will have the second reading and adopt final ballot language for the Transportation Master Plan projects at its July 27 meeting. The timeline provides the City assurance of the LRC's intent before approving the ballot language. RECOMMENDATION: Staff seeks direction from the LRC on the draft Cooperation Agreement for Transportation Master Plan Underpass Improvements. ATTACHMENTS: • Attachment #1: June 17, 2021 City Council Materials, "Underpass Cost Estimates & Prioritization, Financial Considerations, and Possible Ballot Language for Potential Transportation Tax" • Attachment #2: Urban Revitalization District Fund Revenues, Expenditures, and Changes in Fund Balance Agenda Packet P. 5