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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 09/07/2004 - SECOND READING OF ORDINANCE NO. 132, 2004 AUTHORIZ ITEM NUMBER: 11 AGENDA ITEM SUMMARY DATE: September 7, 2004 FORT COLLINS CITY COUNCIL STAFF: Matt Baker SUBJECT Second Reading of Ordinance No. 132, 2004, Authorizing the Transfer of Appropriations from the Street Oversizing Fund to the Capital Project Fund-Timberline Road Improvements Project for the Engineering Design of Timberline Road from Drake Road to Prospect Road. RECOMMENDATION Staff recommends adoption of the Ordinance on Second Reading. EXECUTIVE SUMMARY Traffic congestion at the Timberline/Prospect intersection is well below the City's Level of Service requirements, with almost all legs and turn movements failing during the morning and afternoon peak rush hours. In accordance with the Adequate Public Facilities Ordinance,any new development which impacts this intersection cannot proceed until these existing deficiencies are corrected. In the absence of any City Capital Improvement funding for this intersection, two impacted developers are electing to privately fund these improvements in order to proceed with their development projects. These developers are the majority property owners and have proposed the initiation of an involuntary Special Improvement District to spread a portion of the costs through assessments to other undeveloped property in the area benefitted by the improvements. Ordinance No. 132, 2004, which was adopted 6-0 (Councilmember Kastein was absent) on First Reading on August 17,2004,appropriates$162,050 from the Street Oversizing Fund into the Capital Project account for this project. ORDINANCE NO. 132, 2004 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE TRANSFER OF APPROPRIATIONS FROM THE STREET OVERSIZING FUND TO THE CAPITAL PROJECT FUND - TIMBERLINE ROAD IMPROVEMENTS PROJECT FOR THE ENGINEERING DESIGN OF TIMBERLINE ROAD FROM DRAKE ROAD TO PROSPECT ROAD WHEREAS,a section of Timberline Road from Drake Road to Prospect Road is well below the City's level of service requirements,with almost all legs and turn movements failing during the morning and afternoon peak rush hours; and WHEREAS, City staff has been working with the developers of adjacent parcels (the "Developers") with regard to the construction of improvements to the above identified section of Timberline Road ("Project"), which the City is unable to fund at this point in time, and the Developers have elected to privately fund those improvements; and WHEREAS,the Developers have petitioned the City Council,pursuant to the provisions of Sec. 22-35 of the City Code,to create a special improvement district(the"SID")as a mechanism for repaying the cost of the improvements from assessments levied by the City against benefitted properties in the SID; and WHEREAS, the City Council approved a resolution on November 4, 2003 accepting the petition of the Developers to create the SID and directed City staff to prepare plans and cost estimates; and WHEREAS, the SID would be financed privately by the Developers, who have contributed $100,000 for the engineering design of Timberline Road From Prospect Road to Drake Road; and WHEREAS, the City wishes to complete the street oversizing portion of the design, the geotechnical reports and environmental studies of the Project and has budgeted for such work in the Street Oversizing Fund; and WHEREAS, Article V, Section 10, of the Charter of the City of Fort Collins authorizes the City Council to transfer by ordinance any unexpended and unencumbered amount or portion thereof from one fund or capital account to another fund or capital project, provided that the purpose for which the transferred funds are to be expended remains unchanged; and WHEREAS, it is the desire of the City Council to authorize the transfer of existing appropriations of ONE HUNDRED SIXTY TWO THOUSAND FIFTY DOLLARS ($162,050)in the Street Oversizing Fund to the Capital Projects Fund-Timberline Road Improvements Project to be used for the street oversizing portion of the design, the geotechnical reports and environmental studies in the Project. NOW,THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the unexpended appropriated amount of ONE HUNDRED SIXTY TWO THOUSAND FIFTY DOLLARS ($162,050) is hereby authorized for transfer from the Street Oversizing Fund to the Capital Projects Fund-Timberline Road Improvements Project to be used for the street oversizing portion of the design,the geotechnical reports and environmental studies in the Project. Introduced, considered favorably on first reading, and ordered published this 17th day of August,A.D. 2004, and to be presented for final passage on the 7th day of September, A.D. 2004. � r Mayor ATTEST: �O�UL)P� WL"A. City Clerk Passed and adopted on final reading this 7th day of September, A.D. 2004. Mayor ATTEST: City Clerk ITEM NUMBER: 15 AGENDA ITEM SUMMARY DATE: August 17, 2004 FORT COLLINS CITY COUNCIL STAFF: Matt Baker SUBJECT First Reading of Ordinance No. 132, 2004, Authorizing the Transfer of Appropriations from the Street Oversizing Fund to the rd. r ct d r 'neing Design of Timberline Road from Drake Road to Prospect RECOMMENDATION Staff recommends adoption of the Ordinance on First Reading. FINANCIAL IMPACT Developers have contributedCoad. the fe en erring design of Timberline Road from Prospect Road to Drake se f in con coon with the proposed Special Improvement District No. 95 pn yopert ers developing in the proposed district. In addition to the$100,000 contribution from the developers,another$162,050 is necessary to cover the Street Oversizing portion of the design,geotechnical reports,and environmental studies. EXECUTIVE SUMMARY Traffic congestion at the Timberline/Prospect intersection is well below the City's Level of Service requirements, with almost all s an t m pthhese yexing ng the morning and afternoon peak rush hours. In accordanc ith the equatdinance,any new development which impacts this intersectio anngyp cee neficiencies are corrected. In the absence of any City Capital Improvement funding for this intersection, two impacted developers are electing to privately fund these improvements in order to proceed with their development projects. These developers are the majority property owners and have proposed the initiation of an involuntary Special Improvement District to spread a portion of the costs through assessments to other undeveloped property in the area benefitted by the improvements. The initiating developers have provided $100,000 in funds to allow the City to prepare the Engineering plans,estimate of costs,and maps of the district. An additional$162,050 is needed for the Street Oversizing portion of the design,the geotechnical reports and environmental studies. This August 17, 2004 -2- Item No. 15 Ordinance will appropriate $162,050 from the Street Oversizing Fund into the Capital Project account for this project. BACKGROUND Timberline Road, from Drake Road to Prospect Road is currently experiencing the highest failure rate of any segment in the City' e e 'or1Th e e spect intersection experiences failing levels of service in b the in ing ai e n hours. Attempts by the City to create a funding mechanism f the nec ary iipr ements h e not been successful. The City's Adequate Public Facilities (APF)Ordinance does not allow any additional development to impact failing intersections. A conceptual estimate indicates that $2.3 million is needed to improve the intersection to meet minimum levels of service necessary to allow additional development in the area. The improvements contemplated are: • Dedicated right turn lanes on all legs of the intersection • Double left turn lanes on Timberline • Additional through lane m These interim improvements 11 add c acity t intersect' , but will not include landscaped medians,concrete paving,enh oss o er ele not necessary to increase Levels of Service. The overall project cost for the interim improvements on Timberline,Drake to Prospect is $7.144 million. It will be funded by the $2.3 million development contribution for APF plus Street Oversizing and developer local street contributions. There are no City Capital Funds involved. There are two large development parcels which are currently affected by the APF Ordinance. The James Company is proposing the Sidehill development project on the east side of Timberline Road and north of Drake Road and the Cumberland Group owns 80 acres on the west side of Timberline Road and north of Drake Road. dev me nn b ' until improvements are made to Timberline/Prospect. Thes es eve lo a ave e d t u h 2.3 million APF improvements in order to proceed with their velop t proj t There are other smaller undeveloped parcels in the one-mile radius area around Timberline/Prospect that are also affected by the City's APF Ordinance. Some have expressed interest in participating in the cost of improving the Timberline/Prospect intersection while others have indicated a desire to wait until the improvements are made in order to benefit from the improvements and avoid any costs. The James Company and the Cumberland Group have proposed the formation of an involuntary Special Improvement District ("SID") as a financing mechanism to allow for fair and equitable assessment of all benefitting property owners. The terms of the district would generally be: August 17, 2004 -3- Item No. 15 1. The amount financed will be$2.3 million,or the amount needed to make the improvements to the Timberline/Prospect intersection. 2. No municipal or City-backed bonds will be issued. Financing will be by the developers, using cash or private placement bonds. The City would be the collection agency for assessments,but would not incur any financial liability. Actual payment of the$2.3 million by the James Company and Cumberland Group will not occur until construction bidding (February 2005) to avoid capitalized interest. Security in the form of a performance bond for$2.3 million will bC in er f vel ent continue during the formation of the SID. 3. The Assessment me a ba o ors associated with benefitting undeveloped property rs enerati and proximity to the intersection within a one-mile radius. Efforts will be made to obtain consent of any potentially assessable property owner prior to the creation of the SID. 4. The properties included in the SID will begin repayment of their proportionate share (the assessments) upon completion of the construction and final accounting of the costs (tentatively in late 2006). Providing a 10 year repayment schedule for properties being assessed could be an incentive for properties to participate in the SID without opposition. However, in accordance with the TABOR Amendment, a vote of district pe o e o Y o allow the City to enter into a multi-year obligation to pay t collecte assess e ers over time. The alternative to a 10 year payback is an i diate o time s menll amount due. This one time assessment, without the option in i me wouproduce a greater protest from involuntary participants. The first step in creating a SID, the Resolution accepting the petitions and directing City staff to prepare the plans and cost estimates, was adopted by City Council on November 4, 2003. The Ordinance to create the SID will be presented to Council in late 2004. The initiating developers have provided$100,000 in funds to allow the City to prepare the plans, estimate of costs, and maps of t ct ' er n en eering design. This ordinance will appropriate $162,050 for a Stre t versi o n engineering design.