HomeMy WebLinkAboutMINUTES - 03031987 - S.4 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY
Adopted this Order on March 3 , 1987 by the following vote:
AYES: Supervisors Fanden, Schroder, Torlakson, McPeak
NOES: None
ABSENT: Supervisor Powers
ABSTAIN: None
SUBJECT: Vasco Road Interim Projects
As recommended by Supervisor Tom Torlakson, IT IS BY
THE BOARD ORDERED that the proposed interim improvements to Vasco
Road as a jointly funded project by the County and the Cities of
Antioch, Brentwood and Pittsburg is REFERRED to the Transportation
Committee (Supervisors Schroder and Torlakson) .
cc: Supervisor Schroder
Supervisor Torlakson
County Administrator
Public Works Director
Community Development Director
I hereby certify that this Is a true and correct copy of
an action taken and entered on the minutes of the
Board of Supervisors on the date shown.
ATTESTG^: a, /gr
PH EAPMMEL09, Clerl( cf the Board
of Supervisors and County Administrator
BY Depu ly
TO: BOARD OF SUPERVISORS
FROM: SUPERVISOR TOM TORLAKSON, DISTRICT V
DATE: February 23, 1987
SUBJECT: Highway 4/Vasco Road Interim Projects
Specific Request(s) or Recommendation(s) & Background & Justification
RECOMMENDATION
Conceptually approve the proposed interim improvements to Vasco Road as a project
that should be jointly funded by the County and the' cities of Antioch, Brentwood,
and Pittsburg.
Conceptually approve the Moral Obligation Bond technique as an option for
financing the Highway 4/Vasco Road interim projects and declare the County' s
willingness to join with the cities in eastern Contra Costa County to issue Moral
Obligation Bonds for this purpose.
FINANCIAL IMPACT
None. A financial impact on the County will not occur until the Board approves
specific financial agreements for the Highway 4/Vasco Road interim projects.
REASONS FOR RECOMMENDATIONS/BACKGROUND
The Highway 4 Interim Project involves adding a westbound lane to Highway 4 from
West Pittsburg to Concord. Antioch, Brentwood-, Pittsburg, and the County have
agreed to contribute a total of $100,000 to develop the construction plans for
this project. The estimated cost for design and construction of the project is
$2.8 million. Brentwood is not willing to participate in the financing of any
construction costs for this project because improvements to Vasco Road are of
greater importance to that city.
County staff is investigating the need for safety related improvements to Vasco
Road that could be constructed in the near future. Possible improvements include
enhanced striping and signage,. and construction of turnouts for slower moving
traffic. County staff is proposing that- the $300,000 be allocated for these
types of improvements to Vasco Road, and that both the Highway 4 and Vasco Road
projects be funded jointly by Antioch, Brentwood, Pittsburg, and the County.
This proposal recognizes that if all jurisdictions in eastern Contra Costa County
are to participate in financing regional transportation improvements, the
benefits from such improvements should be equally shared.
Continued on attachment: X Yes Signature:
Recommendation of County Administrator _ Recommendation of Board Committee
pprove Other:
Si nature
Action of Board on: Approved as Recommended Other
Vote of Supervisors I HEREBY CERTIFY THAT THIS IS A TRUE
AND CORRECT COPY OF AN ACTION TAKEN
Unanimous (Absent ) AND ENTERED ON THE MINUTES OF THE
Ayes: Noes: RD OF SUPERVISORS ON DATE SHOWN.
Absent: Abstain:
Attest
Orig.Div. : CDD T/P Div. (dp5:hwy4bo.tO2) IL BATCHELOR, CLERK OF
TH OARD OF SUPERVISORS
cc: County Administrator AND C TY ADMINISTRATOR
Public Works
Community Development By
DEPUTY CLER
Moral Obligation Bonds have been proposed by Pittsburg as the method for
financing the Highway 4 interim project, which would be repaid by the
participating agencies over a five-year period. Moral Obligation Bonds require
no pledge of municipal assets or collateral , but default would adversely impact
the credit standing of the respective public agency. The bonds could be issued
to each agency separately, or jointly through a cooperative agreement, with each
agency responsible for payment of a specified share of debt service. These bonds
could also be used to finance the Vasco Road interim project.
The net debt service payments to fund the $2.8 million Highway 4 project, and the
$.3 million Vasco Road project, would total approximately $3.8 million. This
amount includes interest (6.25 percent) , and the cost of issuance. The net debt
service payments would be allocated according to a cost allocation formula using
housing construction activity. Assuming a projected housing growth of 11.324
units during the next five years, the net debt service cost would be $336 per
dwelling unit.
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