05-10-17 City Council Agenda Packet

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&5.$).' !.$ )-0,%-%.4!4)/. Based on the recommendations of the RRQZ Citizen Advisory Panel, including safety measures such as fencing and pedestrian gates at four crossings, the total cost of the project is estimated at $7.1million. Panel members considered three general approaches to funding the project: use all new revenue such as a general obligation bond; use existing revenue such as the general fund and road repair funds; or use a combination of new and existing funds, such as a bond measure coupled with money from the Riverfront Urban Renewal District (RURD), the general fund and/or road repair funds. Financing options are further detailed in a March 2, ²¤¤ !¯¯¤£¨· % 2016, memo from City Engineer Mark Schoening to the advisory panel (). The panel recommended the combination approach, with the primary sources of funding to come from RURD proceeds (about $3.5 million) and a local bond measure (about $3.6 million). Several panel members urged the council to use as broad a variety of funding sources as possible to minimize the impact on any particular fund and to reduce as much as possible the amount that would need to be funded through a local bond measure. The RURD funds could only be used for work that directly benefits the district. A five-year bond measure in the range of $4.1 million (including bond issuance costs) would cost the owner of an average $190,000 assessed value home about $15 per year. Council may wish to consult with the Street Repair Review Panel on the advisability of folding the quiet zone work into a street repair bond measure. As can be seen from the timeline graphic above, even the most optimistic scenario would require phase of constructing the actual safety measures and winning final approval of the quiet zone designation. The availability of funding is a critical factor in the timeline. Put most simply, no work can occur until the City pays Union Pacific, in advance, for its work within the railroadright of way. On the east end (Pearl to Hilyard) the use of Riverfront Urban Renewal District funds is recommended. the expenditure of RURD funds, modification of the RURD to allow expenditures on the High and Pearl street crossings, and allocation of the funds in the FY17 supplemental budget. It is possible that these actions could be completed by December 2016, which would allow work to commence on the east end in 2017, with completion estimated in 2020. There is less certainty around the initiation of work on the west end. A bond measure has been suggested as a preferred mechanism for funding the safety improvement from Lincoln to Van Buren streets. Most likely, the earliest a bond measure could be scheduled is fall 2017. If a measure were 11