Form revised September 19, 2008
FISCAL NOTE FOR CAPITAL PROJECTS ONLY
|
Department: |
Contact Person/Phone: |
DOF Analyst/Phone: |
|
SDOT |
Christine Patterson/3-7806 |
Stephen Barham/3-9084 |
Summary and background of the Legislation:
This legislation authorizes the acceptance of a state Public Works Trust Fund $1.0 million loan for pre-construction activities related to the Airport Way South Viaduct over Argo Railroad Yard structure. This Public Works Trust Fund loan is a low-cost financing mechanism. The interest rate of 0.5% is much lower than the current rates for Limited Tax General Obligation Bonds.
This project is part of the City's Bridge Rehabilitation and Replacement Program, which is funded primarily from the “Bridging the Gap” (BTG) levy. Several bridges were prioritized and selected for rehabilitation/replacement based on safety, route significance, and the overall structural vulnerabilities.
The existing Airport Way South Viaduct structure is located north of the intersection of Airport Way South and South Lucile Street. The bridge carries Airport Way South over the Argo Railroad Yard. Airport Way South is classified as an arterial and is one of many heavily traveled routes for freight traffic in the area. Over the years, severe deterioration and shear cracks have developed. The bridge’s load rating was re-evaluated and it was determined that Legal Overloads should be restricted from using the bridge and that truck vehicles should only travel along the outside lanes of the bridge. Currently, this is one of several City bridges that have had a live crack monitoring program implemented so that ‘real time’ crack movement data can be collected.
In 2007, SDOT developed a feasible alternative for replacing the timber trestle approaches in a manner that could maintain two-way traffic during construction, match or improve the existing roadway geometrics, and accommodate future replacement of the main span viaduct structure over Union Pacific’s Argo Railroad Yard and the Burlington Northern Santa Fe (BNSF) Railway mainline tracks. The current project is premised upon the timber approaches being replaced and not rehabilitated or seismically retrofitted.
Project Name: |
Project I.D. |
Project Location: |
Start Date: |
End Date |
|
Bridge Rehabilitation and Replacement |
TC366850 |
Citywide |
Ongoing |
Ongoing |
· Please check any of the following that apply:
____ This legislation creates, funds, or anticipates a new CIP Project. (Please note whether the current CIP is being amended through this ordinance, or provide the Ordinance or Council Bill number of the separate legislation that has amended/is amending the CIP.)
____ This legislation does not have any financial implications. (Stop here and delete the remainder of this document prior to saving and printing.)
_X__ This legislation has financial implications. (Please complete all relevant sections that follow.)
Appropriations: This table should detail existing appropriations and reflect appropriations that are a direct result of this legislation. In the event that the projects associated with this ordinance had, or will have, appropriations in other legislation, please provide details in the Notes section below. If this legislation does not directly change an appropriation, but results in budget authority being moved within a Budget Control Level, or to another Budget Control Level (up to 10%), please explain in the Notes section below.
[$’s in Thousands]
|
Fund Name and Number |
Department |
Budget Control Level* |
Existing 2009 Appropriation |
New 2009 Appropriation (if any) |
2010 Anticipated Appropriation |
|
Transportation Operating Fund (10310) |
SDOT |
Major Maintenance/Replacement - 19001 |
12,861 |
1,000 |
32,460 |
|
TOTAL |
|
|
12,861 |
1,000 |
32,460 |
*See budget book to obtain the appropriate Budget Control Level for your department.
Notes: These appropriation amounts reflect the budget for the entire Bridge Rehabilitation and Replacement Program.
Spending Plan and Future Appropriations for Capital Projects: Please list the timing of anticipated appropriation authority requests and expected spending plan. In addition, please identify your cost estimate methodology including inflation assumptions, the projected costs of meeting applicable LEED standards, and the percent for art and design as appropriate.
|
Spending Plan and Budget |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
Total |
|
Spending Plan |
|
|
|
|
|
|
|
|
Current Year Appropriation |
|
|
|
|
|
|
|
|
Future Appropriations |
|
|
|
|
|
|
|
Note: Spending plan and future appropriations are shown in Attachment A to this fiscal note.
Funding source: Identify funding sources including revenue generated from the project and the expected level of funding from each source.
Funding Source (Fund Name and Number, if applicable) |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
Total |
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
|
|
|
|
|
Note: Funding sources are shown in Attachment A to this fiscal note.
Bond Financing Required: If the project or program requires financing, please list type of financing, amount, interest rate, term and annual debt service or payment amount. Please include issuance costs of 3% in listed amount.
Type |
Amount |
Assumed Interest Rate |
Term |
Timing |
Expected Annual Debt Service/Payment |
N/A |
|
|
|
|
|
TOTAL |
|
|
|
|
|
Note: Existing bond financing is included in the 2009 Adopted & 2010 Endorsed Budget.
Uses and Sources for Operation and Maintenance Costs for the Project: Estimate cost of one-time startup, operating and maintaining the project over a six year period and identify each fund source available. Estimate the annual savings of implementing the LEED Silver standard. Identify key assumptions such as staffing required, assumed utility usage and rates and other potential drivers of the facility’s cost.
O&M |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
Total |
Uses |
|
|
|
|
|
|
|
Start Up |
|
|
|
|
|
|
|
On-going |
|
|
|
|
|
|
|
Sources (itemize) |
|
|
|
|
|
|
|
Note: This project provides major maintenance to an existing facility.
Notes:
· Do positions sunset in the future? (If yes, identify sunset date): N/A
· What is the financial cost of not implementing the legislation: (Estimate the costs to the City of not implementing the legislation, including estimated costs to maintain or expand an existing facility or the cost avoidance due to replacement of an existing facility, potential conflicts with regulatory requirements, or other potential costs if the legislation is not implemented):
If the legislation is not implemented, the City cannot take advantage of this financing mechanism. The interest rate on this Public Works Trust Fund loan is 0.5%. This is a cost-effective way to leverage City funds in order to implement major maintenance on and improvements to the City’s bridges.
· What are the possible alternatives to the legislation that could achieve the same or similar objectives (Include any potential alternatives to the proposed legislation, including using an existing facility to fulfill the uses envisioned by the proposed project, adding components to or subtracting components from the total proposed project, contracting with an outside organization to provide the services the proposed project would fill, or other alternatives):
This Public Works Trust Fund loan is a low-cost financing mechanism. An alternative financing mechanism would be Limited Tax General Obligation (LTGO) bonds. However, the interest rate on this loan is much lower than the current rates for LTGO bonds..
· Is the legislation subject to public hearing requirements: (If yes, what public hearings have been held to date, and/or what plans are in place to hold a public hearing(s) in the future?)
No.
· Other Issues (including long-term implications of the legislation):
Please list attachments to the fiscal note below:
Attachment A – Amended 2009-2014 Adopted Capital Improvement Program project display.
Attachment B – Map of Airport over Argo Bridge
ATTACHMENT A:
Transportation
Bridge Rehabilitation and Replacement
BCL/Program Name: Major Maintenance/Replacement BCL/Program Code: 19001
Project Type: Rehabilitation or Restoration Start Date: Ongoing
Project ID: TC366850 End Date: Ongoing
Location: Citywide
Neighborhood Plan: Not in a Neighborhood Plan Neighborhood Plan Matrix: N/A
Neighborhood District: In more than one District Urban Village: In more than one Urban Village
This project addresses the major maintenance backlog for the City's bridge infrastructure. The bridges scheduled for
maintenance are: Airport Way over Argo, 15th Avenue NE at NE 105th Street, East Duwamish Waterway, Jose Rizal,
East Marginal Way at Horton Street, and NE 45th Street Viaduct.
LTD 2008 2009 2010 2011 2012 2013 2014 Total
Actuals
Revenue Sources
2009 Multipurpose LTGO Bond 0 0 11,341 3,000 0 0 0 0 14,341
Fund
Real Estate Excise Tax II 0 320 0 0 0 0 0 0 320
2008 Multipurpose LTGO Bond 0 3,965 0 0 0 0 0 0 3,965
Fund
Transportation Funding Package 0 0 0 27,756 35,645 7,583 0 0 70,984
- Bonds
City Light Fund Revenues 0 0 25 0 0 0 0 0 25
Federal Grant Funds 0 0 0 903 621 0 0 0 1,524
General Subfund Revenues 0 11 0 0 0 0 0 0 11
State Gas Taxes - Arterial City 20 0 0 0 0 0 0 0 20
Street Fund
Transportation Funding Package 0 1,544 0 0 0 0 0 0 1,544
- Business Transportation Tax
Transportation Funding Package 238 809 0 0 0 0 0 0 1,047
- Lid Lift
Transportation Funding Package 0 0 1,495 801 2,035 3,157 0 0 7,488
- Parking Tax
Public Works Trust Fund Proceeds 0 0 1,000 0 0 0 0 0 1,000
((Project
Total: 258 6,649 12,861 32,460 38,301 10,740 0 0 101,269))
Project Total: 258 6,649 13,861 32,460 38,301 10,740 0 0 102,269
Fund Appropriations/Allocations
Cumulative Reserve Subfund - Real 0 320 0 0 0 0 0 0 320
Estate Excise Tax II Subaccount
((Transportation
Operating Fund 258 6,329 12,861 32,460 38,301 10,740 0 0 100,949))
Transportation Operating Fund 258 6,329 13,861 32,460 38,301 10,740 0 0 101,949
((Appropriations
Total* 258 6,649 12,861 32,460 38,301 10,740 0 0 101,269))
Appropriations Total* 258 6,649 13,861 32,460 38,301 10,740 0 0 102,269
O && M Costs (Savings) 0 0 0 0 0 0 0
((Spending
Plan 3,685 15,825 32,460 38,301 10,740 0 0 101,011))
Spending Plan 3,685 16,825 32,460 38,301 10,740 0 0 102,011
*This detail is for information only. Funds are appropriated in the budget at the Budget Control Level. Amounts in thousands of dollars.
2009-2014 Adopted Capital Improvement Program
Fiscal Note ATTACHMENT