TITLE
Recommendation to adopt the list of projects for potential funding with Proposition 1B bond proceeds, authorize staff to apply to the State Department of Finance for release of Prop 1B funds for these projects, increase appropriations in the Transportation Fund (SR 182) of the Department of Public Works (PW), and amend the approved FY 08 Adopted Capital Improvement Program to reflect the addition of $7,947,949 in Proposition 1B funds into the Citywide Residential Street Repair Program. (Citywide)
DISCUSSION
In 2006, California voters approved Proposition 1 B (Transportation Bond) authorizing the sale of over $1 billion in bonds for infrastructure improvements. Proposition 1 B specified that a portion of the bond proceeds be allocated directly to cities for infrastructure repairs. The City of Long Beach's share of this allocation will amount to $15,425,294. Under Assembly Bills 193 and 196 recently signed by the Governor, cities are entitled to apply for the release of a portion of these funds in 2007 and the remainder in 2009. The amount available for release to the City of Long Beach in this first allocation is $7,947,949. In order to apply for the funds, the City Council must adopt a list of projects (see attached list), and amend the adopted Capital Improvement Program to reflect the inclusion of Proposition 1 B funding.
Staff is anticipating that the State Department of Finance (DOF) will be accepting applications for release of this funding in January 2008. Once the applications have been accepted and the funding is released, and with further guidance regarding Council District priorities, City staff will proceed with the design and construction of the projects listed in the attachment. The funding will be equally split among the six Council Districts that do not receive compensating Redevelopment funds. The attached list reflects projects in all Council Districts, allowing for future allocation modifications if deemed appropriate. The number of pr...
Click here for full text