Revitalization Commission Agenda and Packet 2021 07 14

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SUBJECT: RESOLUTION 21-07: COOPERATION AGREEMENT FOR TRANSPORTATION MASTER PLAN UNDERPASS IMPROVEMENTS DATE: JULY 14, 2021 PAGE 2 OF 3 If the City only constructs underpass improvements at Main/SBR, the City will receive $7.75M in annual contributions between fiscal years 2023 and 2028, as shown in the following table. 2023 2024 2025 2026 2027 2028 $1.25M $1.25M $1.25M $1.25M $1.25M $1.5M • If the City constructs both the Main/SBR AND HW42/South underpass improvements, the LRC will also contribute $6M to the HW42 project AND will provide an additional $5M in contributions to the City for these projects between 2028 and 2032, as shown in the following table. 2023 2024 2025 2026 2027 $1.25M $1.25M $1.25M $1.25M $1.25M 2028 2029 2030 2031 2032 $2.OM $2.5M $2.5M $2.5M $3.OM • The City will finance and construct the projects, with the goal of project completion in 2026. The City owns and maintains the projects upon completion. • The LRC's pledged contributions are subject to the prior financial obligations of the LRC, which substantively include the Tri Party Agreement, the Fire District Agreement, and the Core Area Bonds. • The Agreement does not prohibit the LRC from engaging in future projects or financial commitments that are lawful and are outside the required payments under the Agreement. • The LRC desires to participate in the City's design process and to be able to provide input to projects as they are advanced. In addition, the LRC wishes for the City to design and construct the underpasses with signage, art, and user amenities incorporated as part of the original project. o After design is finalized, the LRC has the right to review and approve any design change or construction change order that is estimated to result in an increase or decrease of more than 10% of the LRC's total pledged revenue payments or cost changes at any one intersection of more than $750,000. o After construction commencement, the City shall provide the LRC with at least an annual report of construction progress and costs incurred. • Nothing in the Agreement obligates the City to construct the underpasses. However, the LRC retains the right to terminate the Agreement if the City determines that neither the Main/SBR nor the HW42/South intersections will be improved with an underpass. Below is the financial chart showing the projected revenues, expenditures, and changes in fund balance for the $18.75M funding scenario. Please keep in mind that though this chart includes assumptions on the LRC's financial obligations as well as potential future development, the annual budgeting process will provide refined actual and estimate data to influence decision -making. Agenda Packet P. 20