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h ~ s ~ Y -. . ~ • EUGENE CITY C.OUNCIL - AGENDA ITEM SUn~IMARY Work Sessi~on: .Funding Alternatives for City's Shaxe of Road improvements for Crest Drive, Storey Boulevard and Friendly Street Meeting Date: September 8, 2008 ~ Agenda Item Number: C Department: Public Works - - ~. Staff Contact: Mark Schoening www. eugene-or.gov Contact Telephone Number: 682-5243 ISSUE STATEMENT , „ . The purpose of this work session is ~to present alternatives for funding the City's share of the ~ implementation of the approved design for Crest Drive, Storey Boulevard, and Friendly Street, and for the City Council to either select a funding alternative or delay implementation of the. improvements. BACKGROUND . . On January 23, 2008, the City Council held a work session on the recommended design for Crest Drive, .. ~ Storey Boulevard and Friendly Street, and a financial plan for funding the improvements. Attachment A • includes a map of the area highlighting the project streets. , , .. On April 14, 2008, the City Council approved the conceptual design of Crest Drive, Storey Boulevard and Friendly Street as recommended by the Crest Drive Community Team: The total~ estimated cost of the proposed improvements is $5,750,000. Of this cost, $3,150,000 is not assessable. The non- assessable costs include $1,500,000 for storm drainage improvements and $1,650,000 for street improvements. In addition, the estimated assessment to the Morse Ranch is $238,000. The total City cost is $3,388,000. . ' ~ On June 9, 2008, the City Council adopted the FY09 Budget., The FY09 Budget includes $2,550,000 in . the Special Assessment Capital Projects Fund to provide the interim financirig for the assessable share of the project: .The FY09 Budget includes$1,075,000 in,.the Stormwater Fund in the program area~General Stormwater Rehabilitation: This amount and previously budgeted funds for General Stormwater Rehabilitation will fund the non-assessable stormwater improvernents. The FY09 Budget includes $530;000 ~or Neighborhood and Commuriity Park D~velopment. A portion of these funds could be used for the Morse Ranch assessment. The estimated cost of $1,650,000 for the non-assessable street improvements is not included in the FY09 ~- ,Budget. The different options to fund this component of the total,project cost are listed,below. Use of any of these sources would involve trade-offs with other programs or projects. ` ~ Lane County Road Fund Exchange - The City and County entered into an intergovernmental _ • agreement to exchange $4.5 million of Lane County Road Fund money for $4.5 million of City of Eugene General Fund~money. The $4:5 million of Lane County Road Fund money has been . Z;\CM0~2008 Council Agendas~Iv1080908~5080908C.doc , r . City Council Agenda page 29 _ ~.