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

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RELATED CITY POLICIES Transplan Goal #2: Transportation System Characteristics Enhance the Eugene-Springfield metropolitan area’s quality of life and economic opportunity by providing a transportation system that is: a.Balanced b.Accessible c.Efficient d.Safe e.Interconnected f.Environmentally responsible g.Supportive of responsible and sustainable development h.Responsive to community needs and neighborhood impacts i.Economically viable and financially stable. COUNCIL OPTIONS The council may: 1.Direct the City Manager to proceed with the final design and construction with a single source of funding for the $1,650,000 non-assessable street improvements with the intent to appropriate the funds in FY09 on supplemental budget #1. 2.Direct the City Manager to proceed with the final design and construction with a combination of funding sources for the $1,650,000 non-assessable street improvements with the intent to appropriate the funds in FY09 on supplemental budget #1. 3.Take no action and delay implementation of the improvements to Crest Drive, Storey Boulevard and Friendly Street. CITY MANAGER’S RECOMMENDATION The City Manager recommends proceeding with the final design and construction with a combination of $700,000 in funding from the Delayed Assessment Fund and $950,000 from the Lane County Road Fund exchange. As a result, the overall project financing would be as follows: Type of Cost Amount Funding Source Private Property owner share of $2,362,000 Property owner assessments improvements Morse Ranch assessment $238,000 Neighborhood & Community Park Development City’s share of storm drainage $1,500,000 Stormwater Fund – General Stormwater improvements Rehabilitation City’s share of street improvements $1,650,000 Delayed Assmt Fund ($700,000) + Lane County Road Fund exchange ($950,000) $5,750,000 Z:\CMO\2008 Council Agendas\M080908\S080908C.doc