Item C: Funding Crest Drive/Friendly Street/Storey Boulevard Improvements

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ECC UGENE ITY OUNCIL AIS GENDA TEM UMMARY Work Session: Funding Alternatives for City’s Share of Road Improvements for Crest Drive, Storey Boulevard and Friendly Street Meeting Date: September 8, 2008 Agenda Item Number: C Department: Public Works Staff Contact: Mark Schoening www.eugene-or.gov Contact Telephone Number: 682-5243 ISSUE STATEMENT The purpose of this work session is to present alternatives for funding the City’s share of the implementation of the approved design for Crest Drive, Storey Boulevard, and Friendly Street, and for the City Council to either select a funding alternative or delay implementation of the improvements. BACKGROUND On January 23, 2008, the City Council held a work session on the recommended design for Crest Drive, Storey Boulevard and Friendly Street, and a financial plan for funding the improvements. Attachment A includes a map of the area highlighting the project streets. On April 14, 2008, the City Council approved the conceptual design of Crest Drive, Storey Boulevard and Friendly Street as recommended by the Crest Drive Community Team. The total estimated cost of the proposed improvements is $5,750,000. Of this cost, $3,150,000 is not assessable. The non- assessable costs include $1,500,000 for storm drainage improvements and $1,650,000 for street improvements. In addition, the estimated assessment to the Morse Ranch is $238,000. The total City cost is $3,388,000. On June 9, 2008, the City Council adopted the FY09 Budget. The FY09 Budget includes $2,550,000 in the Special Assessment Capital Projects Fund to provide the interim financing for the assessable share of the project. The FY09 Budget includes $1,075,000 in the Stormwater Fund in the program area General Stormwater Rehabilitation. This amount and previously budgeted funds for General Stormwater Rehabilitation will fund the non-assessable stormwater improvements. The FY09 Budget includes $530,000 for Neighborhood and Community Park Development. A portion of these funds could be used for the Morse Ranch assessment. The estimated cost of $1,650,000 for the non-assessable street improvements is not included in the FY09 Budget. The different options to fund this component of the total project cost are listed below. Use of any of these sources would involve trade-offs with other programs or projects. Lane County Road Fund Exchange – The City and County entered into an intergovernmental agreement to exchange $4.5 million of Lane County Road Fund money for $4.5 million of City of Eugene General Fund money. The $4.5 million of Lane County Road Fund money has been Z:\CMO\2008 Council Agendas\M080908\S080908C.doc