32 - Declaring the City of Paris' intent to provide 1% of the needed funding for the Northeast Loop 286 TxDOT Improvement Project

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we have a strong case to prove to TxDOT's main office in Austin that this project would meet all necessary criteria to warrant funding and implementation. However, given how competitive projects are across all of Texas and how limited funding is, the local regional office and members of SURRMA have recommended that both the City of Paris and Lamar County agree to contribute approximately 1% (each) of the necessary funds for this project. That would be approximately $900,000.00 each (strictly an estimate given known data). To do this, the City Council would need to approve a Resolution to that effect. It must be known that given this project is still two or more years away, the current City Council cannot bind a future City Council to this Resolution, but it would provide appropriate guidance to current staff, TxDOT, and the future City Council that this is an important project that we today believe must be funded. This Resolution would need to be included in our Regional TxDOT Office's submittal to the Main Office in Austin in January. Representatives from our Regional TxDOT Office as well as SURRMA are present tonight to discuss this project and answer any questions they can. You can also find more information about this protect by visiting lvr IC � Given this project, if funded, is not slated to begin for a few more years, there is no financial impact to the City in FY21/22. However, assuming TxDOT approves this project and we are indeed asked to contribute, City Staff will recommend long term financing for our share of the funding. This can take the form of a Certificate of Obligation or perhaps some SIB Loans as have occurred in the past. Those decisions will come at a future point. If this project does receive funding, the City will automatically have a 10% financial obligation for ROW and Utility Easement expenses, but our I% can be applied towards this expense. OPTIONS: 1. Approve a Resolution declaring the City of Paris' intent to provide 1% of the needed funding for the Northeast Loop 286 TxDOT Improvement Project. 2. Request additional information. 3. Reject this resolution and/or edit it. •uuhR:•► 1. Approve a Resolution declaring the City of Paris' intent to provide 1% of the needed funding for the Northeast Loop 286 TxDOT Improvement Project.