04. Meridian Road Project Report - Pecciar-MrAFTIRTMIQ RIP
front pocket of your notebook)
Cons traction
Mobe/Traff Contra/Engr
$750,000
Grading
$347,000
Drainage
$260,000
Surfacing
$617,000
Concrete
$541,000
Signals
$475,000
Signing & Striping
$215,000
$3,205,000 Subtotal -Construction
$545,000 Subtotal -Right -of -Way Acquisition
$376,919 Subtotal -Engineering
Total -construction -site specific costs
$500,000 Subtotal -Estimated storm sewer cost -city costs only
$4,596,919 Estimated Grand Total for right-of-way acquisition,
engineering fees, storm sewer improvements, and
street construction
Sources of funding
$1,500,000 Current balance for construction in STP funds
$4 ,000 Current reserve for planning/engineering
$1,968,000 Total current available funds
Based upon the projections of the Engineer and Council direction to
the staff at the workshop, we will be researching funding sources
that may be available for this project. We will present those
findings to you in the near future.
Direction to Staff (located in front pocket of your notebook)
BACKGROUND/CONSIDERATION: Peccia & Associates have completed field
work, preliminary design options, and preliminary cost estimates.
The staff has been involved with the project throughout the
process. We have concerns about the options in terms of
engineering and costs. The best design, in my opinion, to handle
the volume of traffic that is projected for this street is, of
course, considerably more expensive than the option that can handle
the traffic in an improved and satisfactory manner.
The options that will be reviewed are like comparing a compact car
to a luxury car. The initial costs are considerably different.
They both get you where you want to go. However, they are quite
4 different in providing the basic transportation, safety, and
efficiency.
Option 1 will be a combination of a two/three lanes with turning
lanes at a preliminary estimated cost of $3.1 million for the
street improvements. There would be an additional cost of
approximately $500,000 of City share of storm sewer improvements.
A total project of $3.6 million would be the result.
Option 2 will be four lanes with turning lanes at a preliminary
estimate of $3.6 million for the street improvements plus the
$500,000 for storm sewer improvements resulting in a total project
of $4.1 million.
The current level of funding for the STP federal funds is
approximately $1.5 million, with a projected (and hoped for) annual
amount of funding of $200,000 to $225,000. (The federal funding
levels have been reduced by approximately 17%.)
Option 1 - Estimated Funding Breakdown
$ 3,100,000 Total street construction with directly
associated storm sewer improvement
1,500,000 Current STP funding available
$ 1,600,000 Current unfunded balance
225,000 Estimated annual STP allocation
1,600,000 _ 225,000
7.1 Years of STP funding needed to fund
project from STP funds only
This would put this project into funding
possibility in the year 2004/2005 without
inflation factor
$ 3,100,000 Inflation factor could add approximately
.25 25% to the project during the time frame
$ 775,000
$ 3,100,000
$ 3,875,000
Inflation factor adds approximately 3.5
more years of our allocation to the cost
of the project. In effect pushing this
project to 2007/2010 era.
$ 500,000 In addition to the street construction
cost, we must add an additional (non
inflation factored) $500,000 from other
funds - enterprise and a long term debt.
Option 2
$ 3,600,000 Total street construction with directly
associated storm sewer improvement
$ 1,500,000 Current STP funding available
$ 2,100,000 Current unfunded balance
$ 225,000 Estimated annual STP allocation
$ 2,100,000 = 225,000 = 1
9.3 Years of STP funding needed to fund
project from STP funds only
This would put this project into funding
possibility in the year 2007/2008 without
inflation factor
$ 3,600,000 Inflation factor could add approximately
.30 30% to the project during the time frame
$ 11080,000
$ 4,680,000
t Inflation factor adds approximately 4.8
t
more years of our allocation to the cost
of the project. In effect pushing this
project to 2009/2012 era.
500,000 In addition to the street construction
cost, we must add an additional (non
inflation factored) $500,000 from other
funds - enterprise and a long term debt.
The additional problem with the funding will be the allocation of
funds through the T.A.C. Committee. The T.A.C. committee plans for
and allocates the federal funds for the county. These priorities
are set throughout the state for the limited funds in the state
pool. If all of the other cities are proceeding with these
projects and expenditures, we will not be able to "borrow ahead".
If,
by luck, the other cities
are
not using
their
funds, then we
may
get additional funds from
the
pool for
this
project. This
would, however, prohibit us from using state/federal funds for
future improvements until we have "caught -up" with our allocation
that we "borrow ahead". This would mean that for 9-10 years there
would be no other projects funded from federal funds.
It is quite apparent that due to the scope of this project, we:
1. cannot fund the street construction solely from STP
funds unless the "Pool" is open for us (we will not
know this for several months);
2. cannot fund the storm sewer improvements from funds
on hand or projected since we have operations
within this budget; and
3. may not be able to complete the project without
bonding in amount of $2 million plus.
Staff needs direction from the Council for this project.