HomeMy WebLinkAboutMINUTES - 05241988 - S.7 r
TO BOARD OF SUPERVISORS
FROM: Tom Torlakson Contra
Supervisor, District V Costa
DATE'. May 24, 1988 County
SUBJECT: State Route 4 Interim Project, Westbound Lane Over Willow Pass
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) a BACKGROUND AND JUSTIFICATION
RECOMMENDATION•
1. Approve, in substantially the form presented, the Joint Exercise
of Powers Agreement and creating the Contra Costa Delta Highway
Joint Financing Authority and authorize its signature by the
Chair; and
2 . Appoint a representative from the Board to the Contra Costa
Delta Highway Joint Financing Authority:
FINANCIAL IMPACT:
The start-up cost for creating the Financing Authority
is not expected to exceed $3,000. This cost will be shared by the
County and the cities of Antioch and Pittsburg. Following creation
of the Authority, financial documents specifying the County' s share
of the project' s cost will be submitted to the Board for approval.
All County obligations are expected to be paid through the
East/Central Travel Corridor Area of Benefit.
REASONS FOR RECOMMENDATIONS/BACKGROUND:
The purpose of creating the Contra Costa Delta Highway Joint
Financing Authority is to obtain the funds to construct a third
westbound freeway lane on State Route 4 over the Willow Pass Grade.
Creation of the Authority will be through the. mutual consent of the
County and the cities of Antioch and Pittsburg, and will be a public
entity separate from the County and the cities. The Authority will
fulfill its purpose by considering the sale and issuance of limited
obligation bonds.
The obligations for bond repayment will be outlined in separate
financial documents to be executed between the Authority and the
County and cities. These documents will disclose that revenues paid
by the County or cities to the Authority are subject to annual
appropriations, and that no guarantee would_.]?.q.,_.p.r-.ovided.-tha:t.. the
County or cities will appropriate revenues to the Authority.
However, the County and the cities will acknowledge in the documents
that they fully intend to make the necessary annual appropriations.
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CONTINUED ON ATTACHMENT:
X� YES SIGNATURE: /(/ /s(/ /
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S): p
ACTION OF BOARD ON Play 24, 1988 APPROVED AS RECOMMENDED X OTHER
In accordance with recommendation No. 2 above, the Board appointed
Supervisor Tom Torlakson as the Board's representative to the
Contra Costa Delta Highway Joint Financing Authority.
VOTE OF SUPERVISORS
1 HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS (ABSENT AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
CC: CAO ATTESTED ji
CDD/TPD PHIL BATC ELOR, CLERK OF THE BOARD OF
Clerk - Maddy Book SUPERVISORS AND COUNTY ADMINISTRATOR
M382/7-83 BY .DEPUTY
In 1987 , the County and the cities of Antioch and Pittsburg approved
the terms and conditions for sharing the cost of the financing.
Initially, the County and the City of Antioch will each pay 39 . 5
percent of the cost, while the City of Pittsburg will pay the
remaining balance of 21 percent. Later, these percentages will be
adjusted to reflect each agency' s prorata share of housing
construction activity during the term of the financing ( five years) .
The County intends to pay its portion of the project through fees
from the East/Central Travel Corridor Area of Benefit which the Board
established in 1986 .
Creation of the Authority is an intermediate step in obtaining funds
for the widening project. Financial documents specifying the
obligations of the Authority, the County, and the cities will be
submitted to the Board in June.
This Board Order is scheduled for review by the Transportation
Committee on May 23 . I will report to the Board on the action taken
by the Transportation Committee.
CONSEQUENCES OF NEGATIVE ACTION:
Withholding approval of these actions will cause a delay in
construction of this project. Rejecting these actions will require
preparation of a new financial plan acceptable to the County and the
cities, and delay construction of this project indefinitely. Without
this project, traffic congestion will get worse.
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