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HomeMy WebLinkAboutIR 9478 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9478 March 27, 2012 To the Mayor and Members of the City Council Page 1 of 2 SUBJECT: FUNDING FOR THE HENDERSON STREET BRIDGE PROJECT The new Henderson Street Bridge will soon be under construction Downtown Fort Worth. The bridge will replace the at-grade intersection that currently exists between Henderson Street and the Fort Worth & Western Railroad c will enable the U.S. Army Corps of Engineers to construct the new bypass channel areas surrounding Downtown and the Near North Side. Constructio begin in December 2012 with completion scheduled for October 2015. The total cost of the new Henderson Street Bridge is estimated to be $32.2 million includi-of-way acquisition and construction. The bridge is fully funded with $ funds and $4.0 million in City bond funds as local match for construction. Additionally, million in City bond funds were used for design of the bridge an District provided $5.2 million for right-of-way acquisition. The Texas Department of Transportation (TxDOT) allocated $250 million in funding for the 2011 Pass-Through Finance Program and qualifying projects had to be part o system ("on-system") in order to be eligible for selection. Reimbursement u program is only provided to a local agency for local dollars contributed towa full reimbursement normally occurs over a 10-15 year period beginning one year after project completion. On average, 80-90% of local costs for construction of an on-system project are reimbursed with respect to selected projects. The actual reimbur project selection and is primarily based upon the amount of traf transportation improvement. Staff reviewed multiple city projects to determine which projects would be eligi- Through Finance Program. The only project meeting TxDOT's crite Street Bridge, which will be constructed on State Highway 199. OCity Council approved M&C C-24837 to ratify an application to TxDOT, and authorize the City accept, if awarded, a grant in an amount up to $10,510,000 in Pa-Through Finance Project Funds from TxDOT for construction of the Henderson Street Bridge project. The City's application was approved and, as a result of the negotiation process that la grant award by $1,175,000. On December 6, 2011, the City Counci-25333 increasing the grant amount to $11,685,000 for the Henderson Street Bridge project. Since the award of the Pass-Through Finance grant, an additional $7.5 million in regional to revenue (RTR) funds have been awarded to the new Henderson Stree an additional $7.5 million was awarded to the new North Main Street Bridge project t part of the Trinity River Vision. Both bridges are now fully fu-local funding has reduced the need for City bond funds to be used for e Henderson Street Bridge project beyond that required for local matching pu therefore, that the bond funding be re-allocated for construction of the North Main Street bridge project. ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9478 March 27, 2012 To the Mayor and Members of the City Council Page 2 of 2 SUBJECT: FUNDING FOR THE HENDERSON STREET BRIDGE PROJECT Following is a summary of funding sources for construction of the Henderson and North Main Street bridges: Henderson Bridge Construction Federal Funds $12.1 million Local Match 1.6 million Regional Toll Revenue 7.5 million Local Match 1.8 million 2004/2008 CIP .6 million TOTAL $23.6 million North Main Bridge Construction Federal Funds $12.9 million Local Match 3.2 million 2004/2008 CIP 1.4 million TOTAL $17.5 million Under requirements of the Pass-Through Finance program, reimbursement from TxDOT was expected to begin in 2015 or 2016 at a rate of $0.07 per vehicle utilizing the Street Bridge. Full reimbursement was expected to take 10-20 years depending on traffic volumes, and the minimum annual reimbursement amount was set at maximum annual reimbursement amount set at $1,168,500. However, the valu non-local funding recently awarded to the Henderson Street Bridge pr -Through reimbursement process expected to begin three to four years from now. In order to utilize the Pass-Through grant, the City would need to reject a significant portion of the $7.5 million of non-local award recently applied to the Henderson Bridge ds instead of allocating the bond funds over both the Henderson and Main Street Bridge projects. Staff has determ eligible projects where this pass through grant funding could be determined i-Through Finance grant previously awarded by TxDOT. Should you have any questions or require additional information, of the Planning and Development Department at (817) 392-2446. Tom Higgins City Manager ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS Figure 1 SH 199 at Bypass Channel CSJ: 0171-05-081 Project Location