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HomeMy WebLinkAboutResolution 3369-06-2006A Resolution NO 3369-06-2006 A RESOLUTION IN SUPPORT OF LAND USE DEVELOPMENT AND PROJECT TIMING FOR THE SIERRA VISTA TRANSIT PLAZA SUSTAINABLE DEVELOPMENT PROJECT AND AUTHORIZING THE CITY MANAGER TO EXECUTE AN INTERLOCAL AGREEMENT WITH NORTH CENTRAL TEXAS COUNCIL OF GOVERNMENTS WHEREAS the Regional Transportation Council (RTC), comprised primarily of local elected officials, is the regional transportation policy board associated with North Central Texas Council of Governments ("NCTCOG'), and is the regional forum for cooperative decisions on transportation, and, WHEREAS on October 14 2005 NCTCOG issued a formal Sustainable Development Call for Projects seeking proposals for projects m the following areas sustainable development projects, land banking, and local sustainable development planning programs, and WHEREAS the Fort Worth Transportation Authority submitted a sustainable development project application to NCTCOG on January 20 2006 for the Sierra Vista Transit Plaza project and other amenities for a total prod ect cost of $1.2 million, and, WHEREAS on April 13 2006 the RTC approved local funds in the amount of $400 000 for the Sierra Vista Transit Plaza, and WHEREAS the RTC approved the `Resolution Establishing Management of Sustainable Development Projects" on May 11 2006 and, WHEREAS the RTC requires the submittal of this resolution prior to the execution of an mterlocal agreement with NCTCOG• and, WHEREAS the City of Fort Worth concurs that the Fort Worth Transportation Authority will serve as the lead project sponsor and the Fort Worth Transportation Authority Board adopted a resolution m support of this project on May 18, 2006 and, WHEREAS the City of Fort Worth supports the overall land use concept and development of the Sierra Vista Transit Plaza and the Project scope as applied for m the original Sustainable Development Call for Projects application (Attachments 1 3) endorses the Project scope• and approves project timing to be complete by May 1 2009 and, WHEREAS the City of Fort Worth concurs that the Fort Worth Transportation Authority as the lead public sponsor will fund or pass through funds from the private sector for a minimum local cash match of 20 percent ($100 000) of the total grant amount ($400 000) and, Resolution No. 3369-06-2006 WHEREAS the City of Fort Worth concurs with the Fort Worth Transportation Authority that any cost overruns will be the responsibility of the local partners (The Fort Worth Transportation Authority and Vertex Asset Partners, LP) and not the RTC and, WHEREAS the City of Fort Worth concurs with the Fort Worth Transportation Authority that infrastructure built with local funds will follow the administrative process and design standards of the Fort Worth. Transportation Authority or if federal funds must be used that the Fort Worth Transportation Authority supports the use of state and federal design guidelines, and, WHEREAS the City of Fort Worth concurs with the Fort Worth Transportation Authority that all funding will be handled on a reimbursement basis and that expenditures made prior to sigmng an mterlocal agreement on the project and receipt of a Notice to Proceed from NCTCOG will not be eligible expenses, and, WHEREAS the Crty of Fort Worth concurs with the Fort Worth Transportation Authority m selecting Option 2, `Local Float Option for receiving funds associated with this project m which the assigned project staging date of October 2008 will be used for reimbursement only and the project will begin on a locally set time schedule that will begin after an mterlocal agreement is signed with NCTCOG and NCTCOG issues a Notice to Proceed and understands that the Fort Worth Transportation Authority acknowledges and understands the risks associated with Option 2 (Attachments 4 and 5) and, WHEREAS as of June 20 2006 this Project does not require special exceptions, variances or require action on other outstanding local regulation issues, and, WHEREAS the Crty of Fort Worth understands that the Fort Worth Transportation Authority and its private sector partner Vertex Asset Partners LP will utilize the grant funds for work on the Project as outlined in an mterlocal agreement that the Fort Worth Transportation Authority and the Crty of Fort Worth must execute with NCTCOG in accordance with the Project Scope descriptions and project total as described m Attachment 6 and, WHEREAS Crty of Fort Worth concurs with the RTC resolution (Attachment 7) and program rules (Attachment 8) and understands that the Fort Worth Transportation Authority concurs with the RTC resolution and program rules. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH THAT The City Council hereby authorizes the City Manager to execute an mterlocal agreement with NCTCOG for the Sierra Vista Transit Plaza project. AND IT IS SO RESOLVED Resolution No 3369 06 2006 Adopted this 20t" day of June , 2006 ATTE~S T' ~.,'' "~ ~~' ~,., ~ .~ .~~ ,~ ,~ ~ ~ m ,~ . By _ -~ ~~_ ~ _~ ~~Marty Hendrtx" ;, ~* ~~ ~~ .,~ ~-,~ ~, Ctty Secreta Y ~..~r~- ;~,.• ~~~„ ~Yi y~ R s'~ ~f R~ ~~0 JUN 2 0 ZUU6 ~~~~ City Secretary of the City of Fort Worth, Texas Boa a _ mss- ~ ~~~ '~i11'~R"l'~ Attachment 1 Sierra Vista Transit Plaza Project Description The Sierra Vista Transit Plaza is located m an area recently designated by the Crty of Fort Worth as the Berry/Riverside Urban Village. The Sierra Vista redevelopment project includes 232 single family homes to be built by History Maker Homes. The homes range m size from about 1,200 to 3 400 square feet and will cost $80 000 to $130 000 Additionally a 60 000-square foot retail center will be built on the site of the old Oakbrook Mall. Due to this increase m residential and commercial activity the mobility needs of this revrtahzed cominunrty will be changed. The Sierra Vista Transit Plaza will be specifically designed to meet this community's needs. Currently there are three bus routes which serve this community and the greater southeast Fort Worth area. The current routes are Route 3 S Riverside/Tarrant County College South Campus, which also serves the Resource Connection, Route 5 Evans Avenue, and Routes 24/4 which serve Minyards, Texas Christian University Berry/Stalcup, and downtown Fort Worth (See Attached Map) The proposed transit plaza will have five bus bays to accommodate future service expansions that may better link residents throughout the City of Fort Worth to the proposed retail and employment m Sierra Vista. The bus routes feeding into the transit plaza will also provide a link for Fort Worth residents to over 250 000 square feet of retail and new residential development. The development of a quality transit plaza is a key ingredient to this transit oriented development. The proposed `big box" developer also recognizes the important air quality and congestion management benefits the transit plaza will provide to the community at large Due to the fact that the Sierra Vista redevelopment initiative is located in an area projected to have severe peak period congestion by 2025 and currently has daily traffic volumes over 26 000 vehicles, the integration of transit into the project will greatly reduce traffic congestion m this sector of Tarrant County and improve air quality Relationship to NCTCOG s Sustainable Development Areas of Interest The Sierra Vista Transit Plaza project falls within the Sustainable Development Areas of Interest as described by NCTCOG and approved by the RTC on October 13 2005 The project is m an Infill focus area consisting of low income households with hmrted access to retail or employment. The location of this project lies within the urban core of Fort Worth, which will take advantage of existing public infrastructure thereby reducing costs and preserving natural resources. Once complete, this project will help create a Sense of Place and will help restore vitality to a once deteriorating community Air ualrty and Congestion Impacts The design of the Sierra Vista Transit Plaza will emphasize apedestrian-oriented environment and encourage the use of public transit resulting in a reduced dependence on single-occupancy vehicles. The positive impacts of this project on air quality and congestion include * Increased transit use which decreases dependence on single-occupant vehicle use * Improved pedestrian environment, which encourages wallcmg and biking Attachment 1 Sierra Vista Transit Plaza Sustainable Development Project Attachment 1 Sierra Vista Transit Plaza Sustainable Development Project * Infill development providing neighborhood workers and residents with commercial and neighborhood retail close to where they live which reduces Vehicle Miles Traveled (VMT) * Improved air quality and reduced energy consumption due to reduced auto use (Note The T's buses are CNG) * Development of a SUSTAINABLE COMMUNITY! The proposed transit plaza will provide a number of enhanced amenities for transit passengers with associated elements reflective of the Sierra Vista community The vision of the transit plaza is that rt would be a functioning public space and a center for transit and pedestrian traffic. The plaza will feature covered seating m a well lit, landscaped setting adjacent to retail. This will facilitate the access to retail by both employees and customers. As an extension of the Transit Plaza, a streetscape plan would be designed to provide safe pedestrian-friendly connection between retail and single as well as multi family housing m the Sierra Vista Development and surrounding communities. The streetscape plans will include sidewalk construction, crosswalk paving, tree placements, street furniture, and pedestrian scale street lighting. Due to the proximity to public transit and ability to easily use The T to commute, homebuyers could qualify for the added benefits of a home mortgage through the Smart Commute TM Initiative. 2 W V Q t~ _~ ~. ~; ~'' y~ '"~~ ~" I y~ •~ r' {~/ ~' .~ ~ ' ~-- ~~ ~;' ''t ~ f.~:. r;. . ~ f ~~i ` ._ I_ ,~ I ~ ~ ~~ ~~ ~" ~ ~ l r' i ~ ~ i ~ ~ 1 ~ -j Y 1 1 1 ~_Tw «l, .4_ ~Y ~ +~ ~_~ V ~' ~ „" W ~ x ~ ~~ .~1 ~ 'V~VVV T- ^ i ~ '4Fl~ ~, .~ p ~ ~ ~ ~ ~ '~ ~ ~ CQ ~ ~~ ~ ~ tip.. ~ ~ ~ ~ _ ~',~ ~ ~~ry ~' ~- ~'~~~ sip .?~'~' ~~~~~~~~'' _~ ~~~?~~ :_ _ _ ~ ~ ~_ ~~ ~ ~ ~ ~ ~ ~ OC3 ~ ~ cv ~! ~! a ~:. ~ Qr •" ~' ~' W M/ ~. 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Attachment 4 II TIP # Project Narne __ Lead Project Sponsor' Second Sponsor RTC Local I Required Funds 'Local Match Approved Reimbursement Available Date leave Sierra Vista Transit Plaza The Fort Worth The City of $400 000 $100,000 October 2008 blank Transportation Authority Fort Worth Attachment 5 NCTCOG Sustainable Development Call for Projects Project Implementation Process RTC Action to Approve Sustainable Development Projects (04/13/06) 1 Lead Public Sponsor chooses Option 1 `Standard Practice Option Resolution of Governing Body submitted to NCTCOG (no later than 5 p.m., July 14 2006)' 1 RTC Action to Approve Project Scope and Placement in TIP 1 Sign Interlocal Agreement with NCTCOG' i Lead Public Sponsor provides 20% cash match to NCTCOG i NCTCOG issues Notice to Proceed z 1 Begin construction using Project Staging" date as a start date 1 Collect invoices for 80% RTC Local Fund portion 1 Reimburse 20J° local match 1 o .. ..... Reimbursement of $tJ to RTG Local Fund .,..,_ portion.. upon completion 1 Lead Public Sponsor chooses Option 2, `Local Float Option" i Resolution of Governing Body submitted to NCTCOG (no later than 5 p.m. July 14 2006)' 1 RTC Action to Approve Project Scope and Placement in TIP i Sign Interlocal Agreement with NCTCOG' 1 Lead ~+~blis-Sponsor-~~les-20%-sas# 1 NCTCOG issues Notice to Proceed (at sponsor's risk/ s, s j Begin construction on a locally set time schedule 1 Project Completion i Reimbursement of 80% RTC Local Fund portion after assigned "Project Staging Group" date __ . _ _._ ~ For Lead Project Sponsors without land use authority, the City within which the project is located must also provide a Governing Body F2esoluton and sign,the Interlocal Agreement. z Expenses incurred prior to Notice to Proceed are ineligible for reimbursement. s ProjectR~fiv~sye~~~~~~wever NCTCOG reimbursement is contingent upon NCTCOG recei~f~l~ ~ocal Funds. NCTCOG Sustainable Development Call for Projects Required Lead Public Sponsor Decision Regarding Project Start Date The impact of the staging group on project timing is dependent on a local choice between two options. Option 1 Standard Practice Option means the project waits until funds for the project are in a North Central Texas Council of Governments (NCTCOG) account. Option 2, `Local Float Option means the project begins after NCTCOG signs a contract with a local agency providing RTC Local Funds to NCTCOG and the local project sponsor (public or private) `floats the project until NCTCOG receives payment of RTC Local Funds to a NCTCOG account. A required element of the Governing Body Resolution is the lead public sponsor decision to select Option 1 or Option 2. In either case transportation improvements cannot be reimbursed prior to the assigned 'project staging" date OR Option 1 'Standard Practice Option Lead public sponsor uses the assigned 'project staging" date as a start date for the project, pending the receipt of a Notice to Proceed If RTC Local Funds are not available due to a default of local funds being paid to NCTCOG the project may be switched to federal funding. This default situation would require a new contract with TxDOT and may result in a delay in the project. For example this default situation would occur if a NCTCOG member local government with a contract with NCTCOG to make payment of RTC Local Funds to NCTCOG is in violation of their contract with NCTCOG. Option 2 Local Float Option Lead public sponsor uses the assigned `project staging" date as a date for reimbursement only and begins the project on a locally set time schedule that begins after a project agreement is signed with NCTCOG Staff is authorized to develop interlocal agreements with RTC Local Funds that allow immediate construction with reimbursement to the lead public sponsor contingent upon the receipt of RTC Local Funds by NCTCOG Please note, NCTCOG will not sign Sustainable Development Project interlocal agreements until NCTCOG signs agreement(s) to receive RTC Local Funds. If a lead public sponsor selects this option choosing to move forward and complete their project prior to the assigned reimbursement date the lead public sponsor will be at risk" with regard to the default of local funds being paid to NCTCOG This option may preclude switching to Federal Funds in the event that RTC Local Funds are unavailable. For example this default situation would occur if a NCTCOG member local government with a contract with NCTCOG to make payment of RTC Local Funds to NCTCOG is in violation of their contract with NCTCOG Revised May 2006 Page 2 of 2 Attachment 6 Project #• Project Name 193 Sierra Vista Transit Plaza Category'.. Description I Budget I Sidewalks, crosswalks, benches, trash receptacles, shade Pedestrian Amenities trees, li htin edestrian laza $0 00 Construction of new/extended trails or connection to existing/planned trail route signage landscaping lighting Bic cle Trail a ress/access from existin /tanned trail $0 00 Installation of landscaping features along transportation Landsca in facilities $0 00 Pedestrian shelters pedestrian linkages to transit center signage passenger waiting areas, trash receptacles, Bus Transit landsca in $500,000 00 Station construction pedestrian linkages to station Rail Transit si na e, landsca in $0 00 Traffic Si Hats Si Hal installation, si Hal retimin , e ui ment u rades $0 00 Intersection Left turn lanes, right turn lanes, improvements to Im rovements' intersection eomet ,landsca in $0 00 Capacity expansion reconstruction, frontage road Street Construction z ad'ustments, ram reversals, landsca in $0 00 TOTAL PROJECT COST (Federal + Local Funds) $500,000.00 1 Required Information for Intersection Improvements Description of exact intersection of cross streets Description of the work to be performed on each a roach to intersection uirea IntormaUOn for Street construction Street Name To/From Limits Number of Lanes Divided/Undivided Faci RESOLUTION ESTABLISHING MANAGEMENT OF SUSTAINABLE DEVELOPMENT PROJECTS R06-05 WHEREAS the North Central Texas Council of Governments has been designated as the Metropolitan Planning Organization for the Dallas-Fort Worth Metropolitan Area by the Governor of Texas in accordance with federal law• and WHEREAS the Regional Transportation Council comprised primarily of local elected officials, is the regional transportation policy body associated with the North Central Texas Council of Governments, and has been and continues to be a forum for cooperative decisions on transportation and WHEREAS the Dallas-Fort Worth area is a federally designated nonattainment area for the pollutant ozone and air quality impacts the public and economic health of the entire region; and WHEREAS the Regional Transportation Council is responsible for air quality conformity and the Clean Air Act Amendments of 1990 require that in air quality nonattainment areas, transportation plans and improvement programs conform to the applicable air quality implementation plan, and WHEREAS the Regional Transportation Council's first Sustainable Development Call for Projects successfully implemented a wide variety of projects and was awarded the inaugural Smart Moves Transportation Strategies for Smart Growth Award sponsored by the Environmental Protection Agency the American Association of State Highway and Transportation Officials, and the Federal Highway Administration, and WHEREAS the Regional Transportation Council approved $40 61 million for the current Sustainable Development Call for Projects on April 14 2005 and WHEREAS on April 13 2006 the Regional Transportation Council approved the projects under the Sustainable Development Call for Projects, the use of Regional Transportation Council Local Funds pending the receipt of local funding agreement(s) and the requirement that a resolution of the lead public sponsor's governing body for each project be submitted to NCTCOG offices by 5 p m. July 14 2006 NOW THEREFORE, BE IT HEREBY RESOLVED THAT Section 1 The Regional Transportation Council approves the project scope and timing for inclusion in the Transportation Improvement Program after receiving Governing Body Resolutions for individual projects Section 2. Standard practice is to issue a notice to proceed in the year that funds are available In order to expedite benefits of the program staff is authorized to develop agreements that allow immediate construction with reimbursement pending receipt of Regional Transportation Council Local Funds The lead Public Sponsor will sign an agreement that states they understand the risk of such construction Section 3. Funds returned from infrastructure investments and planning projects unable to move forward will be reallocated to the next Sustainable Development Call for Projects Section 4. Selected land banking projects will be required to return to the North Central Texas Council of Governments, at a minimum the Regional Transportation Council Local Funds upon resale or lease of land acquired under the program Reasonable costs will be considered. A Land Banking Program will be established for future projects Section 5. The Land Banking Program is to be administered as land acquisition for economic development purposes Section 6. Regional Transportation Council action is required to reprogram funds from any Sustainable Development Program or Projects Section 7. This resolution will be transmitted to all local governments with Regional Transportation Council selected projects under the Sustainable Development Call for Projects resolution shall be in effect immediately upon its adoption Wendy Davis Ch it Regional Transpo tion Council Councilmember City of Fort Worth I hereby certify that this resolution was adopted by the Regional Transportation Council of the North Central Texas Council of Governments for the D Ilas-Fort Worth Metropolitan Area on May 11 2006 ~~'~"'~' T Oscar Trevino P E. Secretary Regional Transportation Council Mayor City of North Richland Hills Attachment 8 RULES FOR NCTCOG'S SUSTAINABLE DEVELOPMENT CALL FOR PROJECTS General Conditions Project applicants may access the online application beginning November 1 2005 at: www.dfwinfo.com/trans/landuse/joint venture/2005.html Online applications must be submitted by 5 p.m. January 20, 2006 2 In addition to an electronic submittal all applicants must submit two paper copies of a completed and signed application to NCTCOG offices by 5 p.m., January 20 2006 Incomplete applications or those not received by the deadline will not be accepted Supplemental information will not be accepted after the deadline 3 Projects must be consistent with the Regional Transportation Council approved Screening/Project Selection Process and the Regional Transportation Council approved Sustainable Development Areas of Interest. 4 Projects may be funded with federal or local funds Projects built with federal funds will follow the standard Texas Department of Transportation (TxDOT)/Federal administrative process and design standards Projects built with local funds will follow the administrative process and design standards of the public sector sponsor under an interlocal agreement with NCTCOG 5 All funding is handled on a reimbursement basis and expenditures made prior to signing an agreement on the project will not be eligible expenses If federal funds are involved expenditures made prior to receipt of a Federal Project Authorization and Agreement (FPAA) are not eligible 6 A public agency must sponsor each application The sponsoring public agency will serve as the lead project contact. 7 All projects require a minimum local cash match of 20% of the total project cost. Over-matching the project is allowed 8 Cost overruns will not be the responsibility of the Regional Transportation Council Local partners will be responsible for any cost overruns 9 The Western subregion allocation is $12.59 million The combined total requests from each individual public sector agency in the Western subregion shall not exceed this amount. RULES FOR NCTCOG'S SUSTAINABLE DEVELOPMENT CALL FOR PROJECTS Page 1 General Conditions (continued) 10 The Eastern subregion allocation is $28 02 million The combined total requests from each individual public sector agency in the Eastern subregion shall not exceed this amount. 11 The Regional Transportation. Council will approve all final projects and funding levels 12. The Regional Transportation Council reserves the right to remove funding from a project that is no longer supported by both local partners 13 The Regional Transportation Council reserves the right to remove funding from a project for which the local sponsor is unable or unwilling to sign a local agreement to implement the project or cannot provide the required 20% local match 14 All funds that are unexpended or removed from a project return to the regional Sustainable Development Program for future funding initiatives Conditions for Local Sustainable Development Planning Programs 1 No individual project funding request may exceed $300 000 2 Proposals must create the planning foundation or strategic assistance necessary for a development project that would be eligible and competitive for the Sustainable Development Call for Projects Applicants are encouraged to submit Sustainable Development programs that include (but are not limited to) objectives creating urban design standards for an area creating a tax increment refinance zone or implementing a public outreach campaign promoting livable communities 3 No private sector sponsor is required Conditions for Land Banking Projects The Regional Transportation Council has established that no more than 20% of the total funding allocated to the Sustainable Development Program be spent on land banking Thus no individual land banking funding request may exceed $8 1 million RULES FOR NCTCOG'S SUSTAINABLE DEVELOPMENT CALL FOR PROJECTS Page 2 Conditions for Land Banking Projects (continued) 2 Individual project meetings will be required for land banking applicants NCTCOG staff will schedule these meetings after January 20 2006 3 No private sector sponsor is required. 4 The sponsoring public agency must provide to NCTCOG a resolution of its governing body endorsing receipt of the award and intent to participate in a land banking program within 90 days of Regional Transportation Council action to select the project. Conditions for Transportation Infrastructure Projects 1 No individual project funding request may exceed $7 million 2 Zoning and development codes necessary to allow the development to be built must be in place by the January 20 2006 deadline 3 A letter of support from an active private-sector partner currently working on a development in the impacted area is required. 4 The sponsoring public agency must demonstrate apublic/private partnership Public entities may include a county city transit authority or special district. Private sector partners may include for-profit private developers not-for-profit homebuilders Independent School Districts, housing authorities colleges universities tax increment refinance zones and public improvement districts Local government support is required for all applications 5 Items ineligible for reimbursement include but are not limited to construction or rehabilitation of private buildings artwork, fountains installation and/or rehabilitation of water and sewer lines parking garages earthwork necessary to raise proposed buildings out of the floodplain and other items not directly related to mobility Certain categories of federal funds may be more restrictive 6 Transportation infrastructure eligible for reimbursement include but are not limited to roadways intersection improvements bus stops sidewalks shade trees landscaping pedestrian/bicyclist amenities crosswalks bicycle paths transit stations, right of way or easements necessary for transportation facilities Certain categories of federal funds may be more restrictive RULES FOR NCTCOG'S SUSTAINABLE DEVELOPMENT CALL FOR PROJECTS Page 3 Conditions for Transportation Infrastructure Projects (continued) 7 .Eligible transportation infrastructure must be (a) physically located within or along the limits of the proposed development/redevelopment zone or (b) located within walking distance of the proposed project (1/2 mile or less depending on site conditions) or (c) directly related to either the roadway or rail access necessary to make the development viable 8 The sponsoring public agency must provide to NCTCOG a resolution of its governing body endorsing receipt of the award and confirming the private sector partner within 90 days of Regional Transportation Council action to select the project. RULES FOR NCTCOG'S SUSTAINABLE DEVELOPMENT CALL FOR PROJECTS Page 4 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION Approved on 6/20/2006 Resolutio No 3369-06-2006 DATE Tuesday June 20 2006 LOG NAME 22SD SIERRAVIST REFERENCE NO **G 15242 SUBJECT Adopt a Resolution in Support of the Land Use and Project Timing for the Sierra Vista Transit Plaza Sustainable Development Project and Authorize Entering into an Interlocal Agreement with North Central Texas Council of Governments RECOMMENDATION It is recommended that the City Council 1 Adopt the attached resolution in support of the proposed larid use and project timing for the Sierra Vista Transit Plaza Sustainable Development project (Project) and 2. Authorize entering into an interlocal agreement with the North Central Texas Council of Governments (NCTCOG) for the Project. DISCUSSION On January 20 2006 the Fort Worth Transportation Authority (The T) submitted a Sustainable Development project application to NCTCOG requesting $1.2 million for the Sierra Vista Transit Plaza project. The Project includes a transit plaza pedestrian and streetscape improvements designed to support the proposed Sierra Vista Redevelopment Initiative located in the Berry/Riverside Urban Village The transit plaza would be constructed on one acre of land provided by the private developer Vertex Asset Partners, LP The Sierra Vista Redevelopment Initiative will create 232 single-family homes and construct a 60 000 square foot retail center on the site of the former Oakbrook Mall Project timing is to be complete by May 1 2009 On April 13 2006 the Regional Transportation Council (RTC) approved grant funding in the amount of $400 000 for the Project. This grant requires a 20 percent local cash match of $100 000 The Fort Worth Transportation Authority as the lead public sponsor for the project, has committed to fund a portion of and pass through funds from the private sector for the local cash match of $100 000 In addition the Fort Worth Transportation Authority confirms that any cost overruns will be the responsibility of the local partners (The T and Vertex Asset Partners, LP) The Fort Worth Transportation Authority is seeking additional funding to fill the funding gap since the RTC only funded one-third of the grant request. Due to the fact that the Fort Worth Transportation Authority does not have land use authority over the project site NCTCOG requires a resolution from both the Fort Worth Transportation Authority and the City of Fort Worth Additionally both the Fort Worth Transportation Authority and the City of Fort Worth will be required to sign an interlocal agreement with NCTCOG before a notice to proceed will be issued for the project. Upon approval of this M&C staff will complete the following activities Logname 22SD SIERRAVIST Page 1 of 2 Submit the resolution to NCTCOG on or before Friday July 14 for consideration by the Surface Transportation Technical Committee the Regional Transportation Council and the Executive Board of NCTCOG and Upon approval by the aforementioned bodies work with NCTCOG to execute an interlocal agreement. This project is located in COUNCIL DISTRICT 8 FISCAL INFORMATION/CERTIFICATION The Finance Director certifies that this action will require no direct expenditure from City funds in the current fiscal year TO Fund/Account/Centers FROM Fund/Account/Centers Submitted for City Manager's Office by. Libby Watson (6183) Originating Department Head. Fernando Costa (8048) Additional Information Contact: Patrina Newton (8068) Logname 22SD SIERRAVIST Page 2 of 2