Minutes 11/24/1998 - Laserfiche WebLink

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November~24, 1998 - ~ 93 Sections 15.2-4906 and 36-29 (Sf the Virginia Code, the Bonds, if issued, shall provide that neither the City r~or the Authori~ shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and moneys ple~lged therefor, and neither the fa!th or credit nor .t. he taxing power of the Commonwealth of Virginia, the C~ty or the Authonty shall be pledge thereteL 4. The City Manager is 'hereby authorized and directed, if and to the extent necessary in the opinion of bond, to submit an application to the Virginia Small Business Financing Authority requesting an allocation of $3,50(1,000.00 pursuant to Title 15.2, Chapter 50 of the Code of Virginia of 1950, as amended, with respect to the issuance of the Bonds. 5. This Resolution shall take effect immediately upon the date of its adoption." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None 98-265 Adoption of a resolution authorizing the Virginia Department of Transportation to construct the Pinners Point Interchange in the City, using a portion of the City's Urban Allocation to provide toll revenue. Recommendation: Adoption of a resolution approving the use of a portion of the City's future Urban Allocation from the Virginia Department of Transportation to provide the toll revenue required for the completion of this project. Purpose and Need: The Pinners Point Interchange has long been the City's top priority transportation project, but after all available regional and statewide funding has been applied, there remains a funding shortfall of approximately $55 million. This shortfall can be filled through the use of an interest-free loan from VDOT's Toll Facilities Revolving Account. State law requires that loans from this account be paid through the use of toll revenue, but VDOT has agreed that Portsmouth's Urban Allocation can be used to pay the tolls on behalf of the users of the Interchange. This funding source would serve as a gross toll for all users in place of individual tolls, and it would eliminate the need and expense to build toll collection facilities. Financial Impact: There would be no direct financial impact on the City. However, beginning in Fiscal Year 2005, and continuing for a period of approximately 11 years, the City would commit annually $4.6 million of its approximately $6.6 million in Urban Allocation from VDOT. Approximately $2 million annually in Urban Allocation would remain available for additional urban construction projects. Edmund Giles, 1729 Bradford Terrace, spoke concerning the ecology of Scott's Creek and the engineering aspect of drainage of the Pinners Point project, especially no provisions for retention ponds. · Mr. Moody requested that the City Manager provide more information to the citizen on storm drainage for the project.