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CITY COUNCIL AGENDA ITEM BRIEFING SHEET Submittal Date: Originating Department: Presented By: Agenda Item No.: 02/24/2012 Council Date: Paris Econ Development Steve Gilbert, Executive Director 34. 02/27/2012 RECOMMENDED MOTION: Resolution to authorize and approve an Interlocal Cooperative Agreement between SURRMA, the City of Paris, Texas, Paris Economic Development Corporation, Lamar County, Texas, Delta County, Texas and the City of Cooper, Texas pertaining to funding a portion of the local participation costs for the State Highway 24 widening project from Cooper to the Delta/Hunt County Line. POLICY ISSUES): BACKGROUND: For over thirty years, the City of Paris, Texas and Lamar County, Texas and other members of the Sulphur River Regional Mobility Authority (formerly the Northeast Texas Mobility Authority) have urged the Texas Legislature, Texas Department of Transportation (TXDOT) and the Texas Transportation Commission to upgrade and widen State Highway 24 from a 2-lane undivided highway to a 4-lane divided highway from Interstate 30 Exit 101 to US 271 at the Paris city limits. The only remaining stretch of State Highway 24 which has not been upgraded to a 4-lane divided highway is the 10.4 mile segment from Cooper to the Delta/Hunt county line. TXDOT has now come forward with approximately $33,000,000.00 of state and federal highway funding to complete this project, but will require local participation from SURRMA and the governmental entities that make up SURRMA to pay for right-of-way acquisition costs and utility relocation costs associated with the Project in the estimated amount of $5,377,269.00. In order to fund the majority of the local participation costs for this Project, SURRMA is taking out a 20-year low interest loan from the State Infrastructure Bank in the amount of $4,500,000.00. SURRMA is requesting the City of Paris to commit to funding one-third of this amount along with Lamar County and Paris Economic Development Corporation. BOARD/COMMISSION RECOMMENDATION: EXHIBITS: Resolution and Interlocal Agreement ACTION: BUDGET INFO: ❑ Financial Report ❑ Minute Order Expense $ 1,450,000.00 ❑ Department Report ❑ Resolution Budgeted Amt. $ -0- ❑ Presentation ® Ordinance YTD Actual $ -0- ❑ Public Hearing ❑ Other Acct. Name Acct. Number FISCAL NOTES: REVIEWED AND APPROVED BY: ❑ Administration ❑ City Clerk ❑ Community Development ❑ EMS/IT ❑ Finance ❑ Fire ❑ Municipal Court ❑ Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Utilities 24Q