SUBJECT
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A Resolution of the City Council of the City of Laredo, Texas, authorizing the filing of an application for financial assistance from the State Infrastructure Bank in the amount of eight million five hundred thousand dollars and zero cents ($8,500,000.00) for West Laredo Multimodal Trade Corridor - Phase II (Flecha/Las Cruces Realignment Project) and West Laredo Multimodal Trade Corridor - Phase III (Calton Grade Separation Project).
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PREVIOUS COUNCIL ACTION
On July 22, 2024, the City Council approved: (i) a Plan of Finance as presented by the City’s Financial Advisor, which included (among other things) the issuance of a series of Certificates of Obligations (the “Proposed Certificates”) for (1) planning, constructing, improving and repairing streets, sidewalks, bridges and drainage improvements, together with rights-of-way acquisition, traffic and street signalization, landscaping, and lighting improvements, (2) purchasing real property, materials, supplies, equipment, information technology, machinery, landscaping, land, and rights of way for authorized needs and purposes related to the aforementioned capital improvements and (3) paying legal, fiscal and engineering fees in connection with such projects, and (ii) Design and Engineering to be sold to TxDOT thru their State Infrastructure Bank program, and (ii) Resolution 2024-R-228, directing publication of notice of intention to issue the Certificates, in one or more series, in the maximum principal amount of $13,000,000.
BACKGROUND
The State Infrastructure Bank, operated by the Texas Department of Transportation, is a revolving loan fund. The City of Laredo (“the City”) deems it proper and in the best interest of the City to apply for a loan from the State Infrastructure Bank in the amount of $8,500,000.00, for the following purposes:(i) three million seven hundred thousand dollars and zero cents ($3,700,000.00) as the City’s responsibility for all non- federal or non-state participation costs associated with the West Laredo Multimodal Trade Corridor - Phase II (Flecha/Las Cruces Realignment Project) - Advanced Funding Agreement (CSJ 0922-33-076) including any overruns in excess of the approved local project budget, and (ii) four million eight hundred thousand dollars and zero cents ($4,800,000.00) as City’s responsibility for all non- federal or non-state participation costs associated with the West Laredo Multimodal Trade Corridor - Phase III (Calton Grade Separation Project) - Advanced Funding Agreement (CSJ 0922-33-093) including any overruns in excess of the approved local project budget (the “Projects”). On July 22, 2024, the City Council approved: (i) a Plan of Finance as presented by the City’s Financial Advisor, which included (among other things) the issuance of a series of Certificates of Obligations (the “Proposed Certificates”) for (1) planning, constructing, improving and repairing streets, sidewalks, bridges and drainage improvements, together with rights-of-way acquisition, traffic and street signalization, landscaping, and lighting improvements, (2) purchasing real property, materials, supplies, equipment, information technology, machinery, landscaping, land, and rights of way for authorized needs and purposes related to the aforementioned capital improvements and (3) paying legal, fiscal and engineering fees in connection with such projects, and (ii) Design and Engineering to be sold to TxDOT thru their State Infrastructure Bank program, and (ii) Resolution 2024-R-228, directing publication of notice of intention to issue the Certificates, in one or more series, in the maximum principal amount of $13,000,000. The City is qualified to apply for and obtain financial assistance from the State Infrastructure Bank for this purpose
COMMITTEE RECOMMENDATION
None
STAFF RECOMMENDATION
recommendation
Staff recommends to approve this resolution.
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Fiscal Impact
Fiscal Year:
Budgeted Y/N?:
Source of Funds:
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Change Order: Exceeds 25% Y/N:
FINANCIAL IMPACT:
The City of Laredo will file a loan application from the State Infrastructure Bank in the amount of $8,500,000.00 .