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Regular Council Meeting <br />November 28, 2011 <br />Page 3 <br />FOR FUNDING A PORTION OF THE RIGHT-OF-WAY ACQUISITION COSTS <br />AND UTILITY RELOCATION COSTS FOR UPGRADING AND WIDENING STATE <br />HIGHWAY 24 FROM COOPER, TEXAS SOUTHWEST TO THE DELTA/HUNT <br />COUNTY L1NE IN AN AMOUNT NOT TO EXCEED $1,500,000.00; MAKING <br />OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND <br />DECLARING AN EFFECTIVE DATE. <br />A Motion to approve this item was made by Council Member McCarthy and seconded by <br />Council Member Grossnickle. <br />PEDC Executive Director Steve Gilbert informed City Council that the PEDC, the Lamar <br />County Commissioners Court and Delta County Commissioners Court approved a similar <br />Resolution. He said they expect that the City of Cooper will consider a similar Resolution in the <br />next couple of weeks. Mr. Gilbert said if the Council approved this item, it would allow the <br />Sulphur River Regional Mobility Authority to move forward with submitting an application to <br />the State Infrastructure Bank for a low interest loan to fund the local portion. He said once the <br />legal agreements were put together that he would take them to the City Attorney for review. Mr. <br />Gilbert also said the final documents would go back to the Council for their approval. <br />Mr. Gilbert said the total project was approximately a 38 million dollar project and that <br />they had a commitment from TxDOT to bring nearly 30 million dollars for construction. He said <br />the funds for this project from the State were from two different sources, one being Proposition <br />12 of which the Paris District received about 60 million dollars. He said that Paris also received <br />some Federal bridge replacement money. Mr. Gilbert said that TxDOT required the local <br />commitment for right-of-way acquisition and utility relocation and the funding would not be <br />required until the City's fiscal year 2013. <br />SURMA Board Member Holland Harper said he would answer any questions from City <br />Council. Mayor Hashmi wanted to know if the City would have the option to pay off the loan <br />early and Mr. Harper answered in the affirmative. Mayor Hashmi inquired about the interest rate <br />and Mr. Anderson said he believed they used 4% when calculating the loan payment for the total <br />2.1 million dollars. Mr. Anderson said the City's portion would be about one-third of that total <br />amount. Mayor Hashmi asked if Council Members had any questions and there were none. <br />Following discussion, Mayor Hashmi asked for a vote on this item. Motion carried, 7 <br />ayes - 0 nays. <br />7. Consider and approve future events for City Council and/or City Staff pursuant to <br />Resolution No. 2004-081. <br />City Clerk Janice Ellis reminded City Council of the special meeting scheduled for <br />Monday, December Sth at 5:00 p.m. <br />. 14 <br />