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[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 240602
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Sponsor: Mayor Quinton Lucas
Authorizing the City Manager to solicit credit assistance through the Transportation Infrastructure Finance and Innovation Act ("TIFIA") in an amount not to exceed $65 million to assist with the design and construction of the South Loop Link Project ("the Project"); authorizing the City Manager to submit an application to the Partnership Development Cost Share program to solicit assistance with certain elements of the South Loop Project; directing the Director of Finance to develop a plan of finance; and authorizing the City Manager to negotiate and execute any related documents and loan agreements subject to the Council's approval of the plan of finance.
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WHEREAS, the Project anticipates the construction of an urban park over Interstate 670 from Wyandotte Street to Grand Boulevard on the south side of the downtown loop to be funded from a variety of federal, state, local, and private sources; and
WHEREAS, the City has identified the Transportation Infrastructure Finance and Innovation Act of 1998 ("TIFIA") program administered by the Department of Transportation's Build America Bureau ("the Bureau") as a potential source of financing for the Project; and
WHEREAS, the City and the Bureau have executed an Emerging Projects Agreement, dated October 23, 2023, to establish a framework for the City to receive technical assistance from the Bureau to address extensive, complex, multi-modal, and multi-jurisdictional projects; and
WHEREAS, the City and the Bureau have reviewed the Project and have determined that the Project is eligible under the relevant Build America Bureau credit program; and
WHEREAS, the City needs to evaluate the borrowing costs and fees which may become due if the Project is approved to proceed; and
WHEREAS, the City wishes to submit a Letter of Interest to the Bureau...
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