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R'98-54 A RESOLUTION REQUESTING THE, VIRGINIA DEPARTMENT OF TRANSPORTATION TO CONSTRUCT THE PINNERS POINT INTERCHANGE IN THE CITY OF PORTSMOUTH, VIRGINIA USING THE CITY'S URBAN ALLOCATION TO PROVIDE TOLL REVENUE TO REPAY TRAVEL FACILITIES REVOLVING ACCOUNT LOAN. VvHEREAS, the Pinners Point Interchange consists of approximately 1.5 miles connecting the Western Freeway, the Martin Luther King Freeway, and the Midtown Tunnel, and is designated as Project No. 0164-124-F01, PE-101, RW-201, C-501; and WHEREAS, the Pinners Point Interchange has long been the number one highway transportation priority of the City of Portsmouth; and WHEREAS, after all identified regional and statewide-funding has been allocated to this project, a funding shortfall estimated at $55 million exists, and this funding shortfall can be tilled through the use of an interest-free loan from the State's Toll Facilities Revolving Account; and WHEREAS, the only identified method to repay the Toll Facilities Revolving Account in accordance with 33.1-23.03:4, Code of Virginia has been through the imposition of tolls; and WltEREAS, the Council of the City of Portsmouth, Virginia, desires to construct the Pinners Point Interchange without the necessity to construct toll facilities and individual tolls on its citizens and others who use the facility; and WHEREAS, the City of Portsmouth annually receives approximately $6.6 million in Urban Allocation funds from the Commonwealth Transportation Board to be used for eligible highway construction projects within the city; and WHEREAS, the city has proposed to use of a portion of its Urban Allocation to pay the tolls for the users of the Pinners Point Interchange. NOW, THEREFORE, BE IT RESOLVED, that the Council of the City of Portsmouth, Virginia hereby pledges the use of $4.6 million annually from its Urban Allocation funds, such use beginning in Fiscal Year 2005 and continuing until the interest-free loan from the Toll Facilities Revolving Account has been repaid. BE IT FURTHER RESOLVED, that the Council of the City of Portsmouth, Virgima urges the Virginia Department of Transportation to designate the Pinners Point Interchange as a high priority project, and to explore additional funding sources which can be applied to this project, in order that the use of Urban Allocation funds be minimized to the extent possible.