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Approval of a Local Project Advance Funding Agreement Amendment with the Texas Department of Transportation Related to Design, Construction and Funding of Corporate Drive from Railroad Street to Josey Lane and Authorization for the City Manager, or Her Designee, to Execute the Amendment.
request
ADMINISTRATIVE COMMENTS:
The Corporate Drive project, originally funded in 2009 consists of a four-lane divided roadway extending from Waters Ridge Drive eastward to Trinity Drive. A Local Project Advance Funding Agreement (LPAFA) with TXDOT was executed in October of 2009 providing for $40,791,131 in Regional Toll Revenue (RTR) funding. Since that time, the project has advanced through design and partial completion. In 2021 TxDOT required the City to enter into a new advanced funding agreement combining all remaining segments of Corporate Drive into one project and adding another $8,379,394 to the project. That advanced funding agreement was approved and executed in May 2022. It became apparent in late 2023, prior to bidding the construction for Corporate Drive Segments 2-5 that the construction cost would exceed remaining funding levels. The City requested an additional $19,000,000 in RTR funding for Corporate Drive. The proposed funding agreement amendment will add $19,000,000 in construction funding to the unfinished Segments 2-5. The 20 % local match which can be satisfied by existing, available City and Denton County funding is $4,750,000.
RECOMMENDATION:
That the City Council approve the amendment and authorize the City Manager, or her designee, to execute the amendment as set forth in the caption above.