City Council Agenda and Packet 2023 02 28 SP

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SUBJECT: LONG TERM TRANSPORTATION IMPROVEMENT FUNDING DATE: FEBRUARY 28, 2023 PAGE 2 OF 3 Long term forecasting for program costs indicates the goal PCI of 75 may be reached in 2025/2026 and the annual street improvement program could be reviewed for an annual reduction to maintain at a network average PCI of 75. Current approved budget versus program cost forecasting indicates a surplus of $1,000,000 and up to $10,000,000 over the 6-year planning period. These estimates are dependent on many external factors but provide a high-level perspective for discussion. High level street conditions and necessary funding levels are reviewed annually. Future 42 Conceptual Phasing Timelines and Funding Potential Staff will be presenting conceptual phases and implementation of the adopted Future 42 Plan. Timelines for completion of various phases is dependent on significant outside funding potential from Federal, CDOT, DRCOG, Boulder County, and other miscellaneous agencies. Ongoing unbudgeted internal funding from the City or the Louisville Revitalization Commission (LRC) will be necessary to achieve required grant matches or self -funded portions of work. This may be achieved through reallocation of funding from sources such as the Street Improvement Program or the TMP First Steps. Discussion and direction from City Council will provide guidance on staff work plans, grant applications, and potential LRC Agreements to support desired timelines and outcomes. PROGRAM/SUB-PROGRAM IMPACT: This discussion will help support the Program Goal of a safe, well -maintained, effective and efficient multi -modal transportation system at a reasonable cost. This project will increase the safety of pedestrian users and traveling motorists. ALTERNATIVES: Suggested alternative ideas to be considered for this discussion could be as follows: • Do Nothing — Street PCI will climb to almost 80 by 2029. Staff will make minimal effort towards grant applications and prioritize other City funded projects. Future 42 will receive minimal funding and see minimal progress without external funding and only likely to complete Phases 1 and 2. • Reallocate Funding to Future 42/Hold 75 PCI — Staff will manage future street improvement budgets to hit a 75 PCI and maintain 75 then on. Staff would aggressively push/prioritize the project and grant applications. Future 42 would receive moderate funding and likely achieve Phases 1 — 3 in the next 10 years. CITY COUNCIL COMMUNICATION