BACKGROUND/DISCUSSION:
On February 2, 2021, City Council authorized an Escrow Agreement with UCD Saginaw L.P. for Median Opening and Turn Lanes to Serve UCD Saginaw Addition, Lots 1-2, Block A on the southwest corner of FM-156 and Bailey Boswell Road. The agreement allowed the developer to escrow cash with the City for the construction of a median opening and turn lanes in FM-156 currently under construction by the Texas Department of Transportation (TxDOT). The funds would be used by the City to enter into an Advance Funding Agreement with TxDOT to allow TxDOT to perform the work.
The estimated cost of the improvements used for escrow was $92,692.67 and was subject to escalation if the actual cost identified by TxDOT was greater.
The City has received the Advance Funding Agreement which includes an updated cost of $154,295.49. The developer has funded the additional cost of $61,602.82.
FINANCIAL IMPACT:
The Fiscal Impact is $154,295.49. The expenditure will come form escrowed funds from the Escrow Agreement with UCD Saginaw L.P.
RECOMMENDATION:
It is recommended that the City Council adopt Resolution No. 2021-24 and authorize the execution of Advance Funding Agreement for Voluntary Local Government Contributions to Transportation Improvement Projects With No Required Match On-System