13 - Ground Lease Assignment for A-7 frorm Carter to Hadley

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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS DECLARING THE CITY OF PARIS' INTENT TO PROVIDE 1% OF THE NEEDED FUNDING FOR THE NORTHEAST LOOP 286, TXDOT IMPROVEMENT PROJECT; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Texas Department of Transportation (TxDOT), has long planned major improvements to Loop 286 around the City of Paris that are critical to the infrastructure for our community and economy; and WHEREAS, one phase is the Northeast Loop from Stillhouse Road to Pine Mill Road consisting of building a new overpass at North Collegiate, rebuilding the overpass at FM195, adding one-way frontage roads along both sides of Northeast Loop 286, and replacing Northeast Loop 286 from Stillhouse Road to Pine Mill Road.; and WHEREAS, TxDOT estimates these improvements could help reduce crashes by 65% given the area at North Collegiate Drive accounts for nearly a third of crashes on the entire Loop; and WHEREAS, the project is approximately 90% through schematic drawing and nearly 30% through construction design and is estimated to cost nearly ($90,000,000.00) NINETY MILLION DOLLARS; and WHEREAS, TxDOT, working with the Sulphur River Regional Mobility Authority (SURRMA), have recommended that both the City of Paris and Lamar County agree to contribute approximately 1% each of the necessary funds for the project (approximately $900,000.00 each) to help secure funding from the State; and WHEREAS, in the event that the State funds said project, City Staff recommends long term financing for the City's share of the funding in the form of Certificate of obligation or SIB Loans; and NOW THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved. Section 2. The City Council hereby declares the City of Paris' intent to provide 1% of the needed funding for the Northeast Loop 286 TxDOT Improvement Project, in the sum of approximately $900,000.00.