Minutes 05/28/2002 - Laserfiche WebLink

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May 28, 2002 Financial Impact: · The City incurs no financial liability from adoption of this resolution or passage of the transportation referendum. Costs to residents, businesses and visitors will be offset by the benefits resulting from the completed transportation projects. There will also be economic benefits resulting from the significant investments made in these projects during their construction period. Operation and maintenance of the completed projects will become the responsibility of the Virginia Department of Transportation. The tax increase has a sunset provision and will cease when all borrowings to construct the six- project plan have been repaid. 1. Sanford Pankin, 143 Claremont Avenue, Hampton, spoke in opposition to this item. 2. Mark Geduldig-Yatrofsky, 363 Middle Street, spoke in opposition to this item. Amended motion by Mr. Pitts, and seconded by Mr. Griffin, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION ENDORSING THE SiX PROJECT PLAN OF MAJOR TRANSPORTATION IMPROVEMENT PROJECTS IN THE HAMPTON ROADS AREA WHICH IS THE SUBJECT OF A REGIONAL TRANSPORTATION REFERENDUM AND GIVING THE VOTERS OF PORTSMOUTH AND THE REGION THE OPPORTUNITY FOR THE PASSAGE OF THE REFERENDUM ON NOVEMBER 5, 2002. WHEREAS, the Hampton Roads several years has identified and built a transportation improvement projects as growth and development of the area: regional plan development process over broad consensus for the following major being critical for the continued economic 2. 3. 4. Third Crossing of Hampton Roads Widening of Interstate 64 on the Peninsula Improvement of the Rt. 460 corridor Provision of a second Midtown Tunnel and extension of the Martin Luther King, Jr., Freeway Extension of the Southeastern Parkway and Greenbelt Various regional rail and transit improvements; and WHEREAS, it is widely acknowledged that the funding available to the region from the Commonwealth of Virginia is inadequate to address the costs of these six major transportation projects throughout Hampton Roads, and WHEREAS, Hampton Roads' legislative delegation serving the cities and counties of the Hampton Roads, with the assistance and support of the Hampton Roads Planning District Commission, and after extensive debate, succeeded in passing legislation that was signed into law by the Governor to offer the residents of Hampton Roads the opportunity to raise the necessary funds for such projects through approval of a referendum providing for a temporary increase of one cent in the rate of the local sales tax, and WHEREAS, this referendum represents a unique one time opportunity for the voters of Hampton Roads to take action to improve their transportation infrastructure beyond what could otherwise be accommodated and thereby benefit immeasurably the regional economy and quality of life, and WHEREAS, two of the plan's highway projects directly address highway capacity needs involving the highway system in Portsmouth and completion of these projects will upgrade the City and the region's transportation mobility and help protect Portsmouth neighborhoods from traffic congestion associated with heavy volumes of non-local traffic.