Title
Department of Transportation recommending the Board authorize the Department to loan up to $1,990,000 from the Zones 1-7 Traffic Impact Mitigation Fee fund to the Zone 8 Traffic Impact Mitigation Fee fund to construct the Silva Valley Parkway Widening Project and the White Rock Road Widening - Latrobe Road to Monte Verde Drive/Windfield Intersection Signalization Project. (Cont'd 6-15-10, Item 16)
FUNDING: 2004 General Plan Traffic Impact Mitigation Fee Program.
Body
BUDGET SUMMARY:
Total Estimated Cost $1,990,000
Funding
Budgeted $
New Funding $
Savings $
Other* $1,990,000
Total Funding Available $1,990,000
Change To Net County Cost $0
*will include in 10/11 addenda or future budget transfer
Fiscal Impact/Change to Net County Cost:
The Department proposes to fund the construction of the Silva Valley Parkway Widening Project (72370) and the White Rock Road Widening - Latrobe Road to Monte Verde Drive/Windfield Intersection Signalization (72372) Project by utilizing up to $1,990,000 of Zones 1-7 Traffic Impact Mitigation Fee (TIM) funds. Zone 8 Traffic Impact Mitigation Fee (EDH TIM) fund will be obligated to pay back the loan, with interest at the County Treasurer's pooled rate. Pay back is anticipated to be in FY 15/16. There is no change in Net County Cost.
Reason for Recommendation:
Silva Valley Parkway Widening, White Rock Road Widening - Latrobe Road to Monte Verde Drive/Windfield Intersection Signalization and Durock Road/Business Drive Intersection Signalization Projects were awarded State and Local Partnership Program (SLPP) grants totaling $2,200,000 on October 15, 2009. In April 2010, Caltrans executed a bond sale and allocated the proceeds to the three projects. Provisions of the SLPP grant is that the projects have to be awarded within six months following receipt of the allocation or the funds will be deobligated, and that matching funds must be provide...
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