Title
Department of Transportation recommending the Board receive a presentation regarding the Diamond Springs Parkway Phase 1B Project, CIP 72334/36105011, and approve the current funding plan which relies on the use of approximately $5.219 million in revenue received through the Memorandum of Understanding with the Shingle Springs Band of Miwok Indians, OR approve a revised funding plan which, in lieu of using funding from the Shingle Springs Band of Miwok Indians, advances approximately $5.219 million in designated General Fund reserves to the Community Financing District (CFD) and direct staff to prepare the appropriate documentation to provide that the CFD and potential Traffic Impact Fee Program (TIF) reimburses the designated reserves.
FUNDING: Master Circulation and Funding Plan (41.8%), Road Fund (<1%), Traffic Impact Mitigation Fees - Zone 1-7 (20.5%), Tribe Funds (18.6%), and State-Local Partnership Program Grant (18.8%). (Local and State Funds).
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DISCUSSION / BACKGROUND
The Missouri Flat Area has historically experienced high levels of traffic congestion due to its central location and existing commercial development. This corridor suffers from a higher than average number of traffic delays and accidents. The Diamond Springs Parkway Project (Project) was approved as part of the Master Circulation and Financing Plan (MC&FP) in December of 1998 and anticipated completion by 2014. The MC&FP created a special tax district from which 85% of new (incremental) sales and property taxes, resulting from development in the Missouri Flat Area, that would otherwise accrue to the General Fund, would be used to pay for the County's proportional share of improvement costs in the area. MC&FP Phase I proposed to address existing traffic circulation deficiencies and allow for approximately 732,278 square feet of additional commercial development. The ultimate goal of the MC&FP was to encourage economic development and it has effectively enabled the developmen...
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