Laserfiche WebLink
Revitalization Commission <br />Minutes <br />June 30, 2021 <br />Page 2of6 <br />• Discussion/Direction — Draft Cooperation Agreement for Transportation <br />Master Plan Underpass Improvements <br />Economic Vitality Director Pierce said this discussion is a follow-up to direction <br />received on June 16. The LRC was supportive of a financial contribution to <br />construct underpasses in the Urban Renewal Area (URA). The LRC directed <br />staff to develop a Cooperation Agreement Annual contributing $1.25M in years <br />2023 — 2027 and $1.5M in years 2028 - 2032. This contribution schedule aligns <br />with the City financing plan. 2031 is the last year the LRC will collect property <br />tax revenue that will be received in 2032. Of the three projects being <br />contemplated in the URA, two were of most interest to the LRC for completion: <br />Main Street and South Boulder Road and Hwy 42 and South Street. <br />Council met on June 17 to discuss revised cost estimates, designs, and project <br />prioritization. Currently, none of the projects are advanced to significant design <br />level and thus carry a high contingency. Four projects were prioritized with only <br />one in the URA: <br />• Main Street and South Boulder Road <br />• Dillon and Powerline Trail <br />• Bullhead Gulch <br />• Via Appia Way and South Boulder Road <br />The City intends to limit its bonding authority request to $50M and will <br />communicate to voters the intent around projects that can be completed within <br />this limitation. If the top four projects come in under cost estimates, the City <br />may do another underpass or alternatively may make surface improvements at <br />intersections rather than underpasses. <br />Director Pierce noted that the Cooperation Agreement reflects the direction <br />from LRC on June 16, but that given Council prioritization, the LRC may want to <br />have additional dialogue about the text. Staff also provided an updated financial <br />projections chart that incorporates the funding structure outlined on June 16. <br />Director Pierce reviewed the projected timeline for development and <br />consideration of the Cooperation Agreement, which must be approved by both <br />City Council and LRC. <br />In response to a question about the cost, Director Pierce said in general, <br />underpasses have become very expensive and Main Street and South Boulder <br />Road underpass design is complex and includes gateway amenities. <br />Agenda Packet P. 10 <br />