Fiscal Note
Traffic Engineering's 2022 adopted capital budget includes $830,000 in total funding within the Traffic Signal Installation capital program. This funding includes $360,000 in General Fund general obligation borrowing. Traffic Engineering is requesting additional funding to allow for traffic signal installation at Henry Street & West Washington Avenue in 2022. Additionally, Traffic Engineering is requesting that this signal installation be fully funded by City borrowing, as it does not fit qualifications for establishing an assessment district. The project is expected to cost $250,000. This resolution would amend Traffic Engineering's 2022 adopted capital budget to add an additional $250,000 in General Fund general obligation borrowing, bringing total 2022 borrowing authority within the Traffic Signal Installation program to $610,000. Annual debt service on this additional $250,000 in borrowing is estimated to be $32,500 over 10 years.
Title
Amending Traffic Engineering’s 2022 Capital Budget to include the funding for the traffic signal installation at Henry Street & West Washington Avenue. (4th AD)
Body
WHEREAS, the intersection of Henry Street & West Washington Avenue was evaluated for traffic signal control by City Traffic Engineering based on public request and this location was verified as: having experienced a relatively high crash rate with trends that are likely addressed by the installation of traffic signals, meeting a traffic signal warrant as defined by the Manual of Uniform Control Devices (MUTCD), and a location that accommodates frequent use by pedestrian traffic; and
WHEREAS, City Traffic Engineering has recommended the installation of a traffic signal at the intersection of Henry Street & West Washington Avenue to the Transportation Commission; and
WHEREAS, the Transportation Commission adopted the Traffic Engineering Staff Recommendation report on February 10, 2021; and
WHEREAS, after careful considerations and according to the City’s traffic signal assessment policy, Traffic Engineering has determined that establishing an assessment district for this project would be challenged due to the following combination of factors: limited benefits for motor vehicle traffic for specific land uses within the immediate area, existing limited property access and restrictions, rationale for the installation of a traffic signal based on public safety and pedestrian traffic, and presence of existing traffic signals at adjacent intersections; and
WHEREAS, It is most reasonable for the City to pay 100% of the cost of this specific project.
NOW, THEREFORE, BE IT RESOLVED that Traffic Engineering’s 2022 Capital Budget is amended to by an increase of $ 250,000.00 to cover the full cost of the traffic signal installation at Henry Street & West Washington Avenue.