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Legislation #: 130842 Introduction Date: 10/24/2013
Type: Resolution Effective Date: none
Sponsor: COUNCILMEMBER JOHNSON
Title: Directing the City Manager to solicit bids for a $10 million loan to finance environmental work and advanced conceptual engineering for the expansion of the City’s streetcar system and directing the City Manager to include the recommended payments in the City’s five-year capital budget.

Legislation History
DateMinutesDescription
10/24/2013 Filed by the Clerk's office
10/24/2013 Referred to Finance, Governance & Ethics Committee
10/30/2013 Immediate Adoption as a Committee Substitute
10/31/2013 Passed as Substituted

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130842.pdf Authenticated 124K Authenticated

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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 130842

 

Directing the City Manager to solicit bids for a $10 million loan to finance environmental work and advanced conceptual engineering for the expansion of the City’s streetcar system and directing the City Manager to include the recommended payments in the City’s five-year capital budget.

 

WHEREAS, study and public input is currently underway to define the Phase II expansion for the streetcar project; and

 

WHEREAS, the initial corridor screenings will be communicated to the City Council for review and approval in November, 2013 and a Phase II expansion plan will be communicated to the City Council for review and approval by April, 2014, which will include the definition of the next corridors to be developed and a preferred financing plan; and

 

WHEREAS, once defined, the City must study the environmental impacts and perform advanced conceptual engineering on the approved expansion; and

 

WHEREAS, the cost of environmental and conceptual engineering work has been estimated at $10 million which amount will be needed after May 1, 2014; and

 

WHEREAS, staff has done preliminary research to define the best method to obtain $10 million in funding and recommends a bank loan or line of credit; and,

 

WHEREAS, the Public Improvements Advisory Committee (PIAC), at its October 18, 2013, meeting, approved funding in the amount of $100,000.00 per year for five years from the PIAC-reviewed capital budget to cover interest payments and a small amount of principal retirement on a bank loan or line of credit with the understanding that when a permanent source of funding for the streetcar expansion is identified, the PIAC-reviewed capital budget would be made whole for any amounts used to pay interest and principal on the loan or line of credit; NOW THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is hereby directed to take steps necessary to solicit bids to obtain a $10 million loan or line of credit for the purpose of funding environmental assessment and advanced conceptual engineering for the streetcar expansion with such funding to be made available after May 1, 2014; and

 

Section 2. That the City Manager is hereby directed to include the repayments in the five-year capital budget.

 

Section 3. That the City Manager is hereby directed to initiate a consultant selection process, with the goal that the consultant’s work will begin on May 1, 2014.

 

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