STRATEGIC PRIORITY: Economic Development
AGENDA DATE: December 14, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
______________________________________________________________________
SUBJECT
title
Authorize (1) the transfer of $10,400,000.00 from the Cedars TIF District Fund to the Transportation Special Projects Fund to (a) replace three traffic signals on Akard Street ("Akard Street Traffic Signal Project') in the Cedars TIF District and (b) implement City-requested betterments (enhancements) ("I-30 Canyon Redesign Betterments Project") to the Texas Department of Transportation I-30 Canyon Redesign Project located both within and outside of Tax Increment Reinvestment Zone Number Four ("Cedars TIF District"); (2) an increase in appropriations in an amount not to exceed $10,400,000.00 in the Transportation Special Projects Fund; and (3) the disbursement of funds in an amount not to exceed $10,400,000.00 from the Transportation Special Projects Fund to deliver the Akard Street Traffic Signal Project and the I-30 Canyon Redesign Betterments Project, such improvements being necessary and convenient to the implementation of the Cedars TIF District Project Plan and Reinvestment Zone Financing Plan, as amended - Not to exceed $10,400,000.00 - Financing: Cedars TIF District Fund Transportation Special Projects Fund (subject to current and annual appropriations from tax increments, see Fiscal Information)
body
BACKGROUND
To improve traffic signal progression and support Smart City infrastructure initiatives, the City's Department of Transportation has requested $1,500,000.00 in Cedars TIF District funding to reconstruct and upgrade three traffic signals on Akard Street between Corinth Street and Griffin Street within the Cedars TIF District. All three existing signals are well over 40 years in age. In conjunction with the upgraded traffic signal improvements, the City's Department of Transportation has also requ...
Click here for full text