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Home My WebLink AboutCouncil 10/08/2012AGENDA RENTON CITY COUNCIL REGULAR MEETING October 8, 2012 Monday, 7 p.m. 1.CALL TO ORDER AND PLEDGE OF ALLEGIANCE 2.ROLL CALL 3.PROCLAMATION a. Fire Prevention Week ‐ October 7 to 13, 2012 4.SPECIAL PRESENTATION a. Public Works Department Employee Recognition 5.ADMINISTRATIVE REPORT 6.AUDIENCE COMMENT (Speakers must sign up prior to the Council meeting. Each speaker is allowed five minutes. The comment period will be limited to one‐half hour. The second comment poeriod later on in the agenda is unlimited in duration.) When you are recognized by the Presiding Officer, please walk to the podium and state your name and city of residence for the record, SPELLING YOUR LAST NAME. NOTICE to all participants: pursuant to state law, RCW 42.17A.555, campaigning for any ballot measure or candidate in City Hall and/or during any portion of the council meeting, including the audience comment portion of the meeting, is PROHIBITED. 7.CONSENT AGENDA The following items are distributed to Councilmembers in advance for study and review, and the recommended actions will be accepted in a single motion. Any item may be removed for further discussion if requested by a Councilmember. a. Approval of Council meeting minutes of 10/1/2012. Council concur. b. Administrative Services Department recommends a public hearing be set on 11/5/2012 to consider the 2013/2014 Revenue Sources and Biennial Budget. Refer to Committee of the Whole; set public hearing. c. Administrative Services Department requests approval of an interfund loan for early redemption of remaining 2002 General Obligation Bonds in the amount of $2.315 million, saving $658,845 in interest over ten years. Refer to Finance Committee. d. Executive Department recommends confirmation of the nominations of Councilmembers for Suburban Cities Association (SCA) 2013 Regional Boards and Committees. Council concur. e. Fire and Emergency Services Department recommends setting a public hearing on 10/22/2012 to consider adopting the 2012 City of Renton Comprehensive Emergency Management Plan. Refer to Public Safety Committee; set public hearing. f. Transportation Systems Division recommends approval of an agreement with the Washington State Department of Transportation to accept $3.241 million in grant funds for the SW 43rd St./SE Carr Road/SE 176th St./SE Petrovitsky Road Corridor Safety Project. Council concur. Page 1 of 206 8.UNFINISHED BUSINESS Topics listed below were discussed in Council committees during the past week. Those topics marked with an asterisk (*) may include legislation. Committee reports on any topics may be held by the Chair if further review is necessary. a. Finance Committee: 3rd Quarter Budget Amendment*; Refinance of 2004 Water & Sewer Revenue Bonds* 9.RESOLUTIONS AND ORDINANCES Ordinances for first reading: a. 3rd Quarter Budget Amendment (See 8.a.) b. Refinance 2004 Water & Sewer Revenue Bond (See 8.a.) Ordinance for second and final reading: a. Fire Protection, Parks, and Transportation Impact Fees Updates (1st reading 10/1/2012) 10.NEW BUSINESS (Includes Council Committee agenda topics; call 425‐430‐6512 for recorded information.) 11.AUDIENCE COMMENT 12.ADJOURNMENT COMMITTEE OF THE WHOLE AGENDA (Preceding Council Meeting) COUNCIL CHAMBERS October 8, 2012 Monday, 5:15 p.m. 2013/2014 Utility Rates 7TH FLOOR CONFERENCING CENTER 6:15 p.m. Public Works Department Employee Recognition Reception • Hearing assistance devices for use in the Council Chambers are available upon request to the City Clerk • CITY COUNCIL MEETINGS ARE TELEVISED LIVE ON GOVERNMENT ACCESS CHANNEL 21 AND ARE RECABLECAST: Tues. & Thurs. at 11 AM & 9 PM, Wed. & Fri at 9 AM & 7 PM and Sat. & Sun. at 1 PM & 9 PM Page 2 of 206 3 a . ‐ F i r e P r e v e n t i o n W e e k ‐ O c t o b e r 7 t o 1 3 , 2 0 1 2 P a g e 3 o f 2 0 6 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: 2013/2014 Biennial Budget Meeting: Regular Council - 08 Oct 2012 Exhibits: 2013-2014 Budget Meeting Calendar Submitting Data: Dept/Div/Board: Administrative Services Staff Contact: Iwen Wang Recommended Action: Refer to Committee of the Whole Set Public Hearing on Revenue Sources and Preliminary Budget for November 5, 2012 Fiscal Impact: Expenditure Required: $ Transfer Amendment: $ Amount Budgeted: $ Revenue Generated: $ Total Project Budget: $ City Share Total Project: $ SUMMARY OF ACTION: In compliance with RCW 35A.34, the proposed 2013/2014 Biennial Budget will be submitted to the City Council, and City Clerk by October 15, 2012. This agenda bill sets the time and place for a public hearing on November 5, 2012. The following Ordinances/Resolution will be presented in November as part of the public hearing process: 1. Proposed 2013/2014 Biennial Budget 2. Set 2013 Property Tax levy 3. Proposed utility tax adjustment related to city operated utilities 4. Proposed business license fee adjustment 5. Proposed general service fees resolution STAFF RECOMMENDATION: Set public hearing date of November 5, 2012, to consider the 2013/2014 Budget, with potential adoption of the ordinances by November 26 to establish the 2013/2014 Budget. 7b. ‐ Administrative Services Department recommends a public hearing be set on 11/5/2012 to consider the 2013/2014 Revenue Sources Page 4 of 206 7b. ‐ Administrative Services Department recommends a public hearing be set on 11/5/2012 to consider the 2013/2014 Revenue Sources Page 5 of 206 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: Early retirement of the 2002 General Obligation Bonds Meeting: Regular Council - 08 Oct 2012 Exhibits: Issue Paper and Draft Notice of Redemption Resolution Submitting Data: Dept/Div/Board: Administrative Services Staff Contact: Kristi Rowland, Sr. Financial Analyst x6947 Recommended Action: Refer to Finance Committee Fiscal Impact: Expenditure Required: $ $2,315,000 Transfer Amendment: $ Amount Budgeted: $ Revenue Generated: $ Total Project Budget: $ City Share Total Project: $ SUMMARY OF ACTION: The City issued $3.89 million of LTGO Bonds (“Bonds”) in 2002 to finance the construction of Fire Station 12. The Bonds were for 20 years and bore interest rates of 2.5% to 5%. Of The $3.89 million, $1.6 million would have been paid by December 1, 2012. The remaining $2.3 million, maturing 2013 through 2022 and bearing interest rates between 4.2% and 5%, can be pre-paid without penalty on December 1, 2012. The City has an option to either refinance these bonds at the current market rate of around 2%, which will generate a savings of $361k in interest cost, or to pre-pay the amount and save $658,845 in interest expense over the remaining 10 years. Considering the likely investment return on City funds and the proposed refunding of 2004 Water/Sewer Revenues bonds this year, the lowest cost option would be to pre-pay the 2002 Bonds. The funding source for the prepayment of the Bonds is from transferring $1.7 million of interfund loans General Fund is holding to the Insurance Fund; a $400k transfer from the Fire Mitigation Fund (including $164k of proceeds from surplusing the old Fire Station 13); and $200k from higher than anticipated Real Estate Excise Tax received this year. These changes are reflected in the proposed 3rd quarter budget adjustments. STAFF RECOMMENDATION: Approve the early redemption of the remaining 2002 Bonds and authorize the Administrative Services Administrator to issue the notice pursuant to the bond ordinance. 7c. ‐ Administrative Services Department requests approval of an interfund loan for early redemption of remaining 2002 General Page 6 of 206 ADMINISTRATIVE SERVICES DEPARTMENT M E M O R A N D U M DATE:September 24, 2012 TO:Rich Zwicker, Council President Members of the Renton City Council VIA:Denis Law, Mayor FROM:Iwen Wang, ASD Administrator x6858 STAFF CONTACT Kristi Rowland, Sr. Financial Analyst x6947 SUBJECT:Early Retirement of 2002 LTGO Bonds ISSUE Should the City prepay the $2.3 million balance for the 2002 Limited Tax General Obligation (LTGO) Bonds issued to finance the construction of Fire Station 12? RECOMMENDATION Staff recommends approval of the proposed prepayment and adoption of the necessary resolution authorizing and directing the Administrative Services Administrator to give notice to redeem all bonds outstanding in accordance with the 2002 LTGO Bond Ordinance. BACKGROUND The City issued $3.89 million of LTGO Bonds (“Bonds”) in 2002 to finance the construction of Fire Station 12. The Bonds were for 20 years and bore interest rates of 2.5% to 5%. Of The $3.89 million, $1.6 million would have been paid by December 1, 2012. The remaining $2.3 million, maturing 2013 through 2022 and bearing interest rates between 4.2% and 5%, can be pre-paid without penalty on December 1, 2012. The City has an option to either refinance these bonds at the current market rate of around 2%, which will generate a savings of $361k in interest cost, or to pre-pay the amount and save $658,845 in interest expense over the remaining 10 years. Considering the likely investment return on City funds and the proposed refunding of 2004 Water/Sewer Revenues bonds this year, the lowest cost option would be to pre-pay the 2002 Bonds. The funding source for the prepayment of the Bonds is from transferring $1.7 million of interfund loan to the Insurance Fund; a $400k transfer from the Fire Mitigation Fund (including $164k of surplus proceeds from the old Fire Station 13); and $200k from higher than anticipated Real Estate Excise Tax received this year. These changes are reflected in the proposed 3rd quarter budget adjustments. CONCLUSION Based on the review of the interest cost savings, City Fund investment return, and other financing plans, the early retirement of the 2002 LTGO is the most cost effective option for the City and therefore staff recommends Council authorization of the issuance of the early redemption notice in accordance with the Bond Ordinance 4977. Attachment: Exhibit A. Notice of Redemption 7c. ‐ Administrative Services Department requests approval of an interfund loan for early redemption of remaining 2002 General Page 7 of 206 Rich Zwicker, Council President Members of the Renton City Council Page 2 of 2 September 24, 2012 Exhibit A NOTICE OF REDEMPTION* City of Renton, Washington Limited Tax General Obligation Bonds, 2002 NOTICE IS HEREBY GIVEN that the City of Renton, Washington (the “City”) has called for redemption on December 1, 2012, its outstanding Limited Tax General Obligation Bonds, 2002 (the “Bonds”). The Bonds to be refunded will be redeemed at a price of one hundred percent (100%) of their principal amount, plus interest accrued to December 1, 2012. The redemption price of the Bonds is payable on presentation and surrender of the Bonds at the office of: The Bank of New York Mellon Worldwide Series Processing 2001 Bryan Street, 9th Floor Dallas, Texas 75021 -or- Wells Fargo Bank National Association Corporate Trust Department 14th Floor - M/S 257 999 Third Avenue Seattle, Washington 98104 Interest on the Bonds to be refunded or portions thereof which are redeemed shall cease to accrue on December 1, 2012. The following Bonds are being redeemed: Maturity Dates (December 1) Principal Amounts Interest Rates CUSIP Numbers 2013 $ 190,000 4.20%760133QA9 2014 200,000 4.35 760133QB7 2015 205,000 4.45 760133QC5 2016 210,000 4.55 760133QD3 2017 220,000 4.65 760133QE1 2018 230,000 4.75 760133QF8 2019 245,000 4.85 760133QG6 2020 260,000 5.00 760133QH4 2022**555,000 5.00 760133QK7 **Term Bond By Order of the City of Renton, Washington The Bank of New York Mellon, as Paying Agent Dated: . Withholding of 28% of gross redemption proceeds of any payment made within the United States may be required by the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”) unless the Paying Agent has the correct taxpayer identification number (social security or employer identification number) or exemption certificate of the payee. Please furnish a properly completed Form W-9 or exemption certificate or equivalent when presenting your Bonds. 7c. ‐ Administrative Services Department requests approval of an interfund loan for early redemption of remaining 2002 General Page 8 of 206 Rich Zwicker, Council President Members of the Renton City Council Page 3 of 2 September 24, 2012 7c. ‐ Administrative Services Department requests approval of an interfund loan for early redemption of remaining 2002 General Page 9 of 206 CITY OF RENTON, WASHINGTON RESOLUTION NO. _______ A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, AUTHORIZING THE REDEMPTION OF THE CITY’S LIMITED TAX GENERAL OBLIGATION BONDS, 2002 AND THE TRANSFER OF AN INTER-FUND LOAN; AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS RELATED THERETO. WHEREAS, the City of Renton, Washington (the “City”) has outstanding its Limited Tax General Obligation Bonds, 2002, issued on July 1, 2002 pursuant to Ordinance No. 4977 (the “2002 Bond Ordinance”), which remain outstanding as follows: Maturity Dates (December 1) Principal Amounts Interest Rates 2012 $ 200,000 4.10% 2013 190,000 4.20 2014 200,000 4.35 2015 205,000 4.45 2016 210,000 4.55 2017 220,000 4.65 2018 230,000 4.75 2019 245,000 4.85 2020 260,000 5.00 2022*555,000 5.00 * Term Bond. (the “2002 Bonds”); and WHEREAS, the 2002 Bond Ordinance provides that the City may call the 2002 Bonds maturing on and after December 1, 2013 (the “Refunded Bonds”) for redemption on and after December 1, 2012, in whole or in part on any date, at the price of par plus accrued interest, if any, to the date of redemption; and WHEREAS, after due consideration it appears that all of the Refunded Bonds may be refunded with available funds of the City at a savings to the City and its taxpayers; and 7c. ‐ Administrative Services Department requests approval of an interfund loan for early redemption of remaining 2002 General Page 10 of 206 - 2 -09/24/12 WHEREAS, the BARS manual at Part 3, Chapter 4, section A, provides guidelines for loans between City funds; and WHEREAS, Resolution No. 3811 of the City granted authority for temporary loans between City funds; and WHEREAS, pursuant to Resolution No. 4070, the City’s General Fund (Fund 000) has previously made an inter-fund loan to the Golf Fund (404) (the “Fund 404 Inter-fund Loan”); and WHEREAS, pursuant to Resolution No. 4096, the City’s General Fund (Fund 000) has previously made an inter-fund loan to the Capital Fund (317) (the “Fund 317 Inter-fund Loan”); and WHEREAS, the City now desires to transfer the Fund 404 Inter-fund Loans from the City’s General Fund (Fund 000) to the Insurance Fund (Fund 502) in exchange for cash in order to provide sufficient funds to refund the Refunded Bonds on the date of redemption; and WHEREAS, the City now desires to transfer the Fund 317 Inter-fund Loan from the City’s General Fund (Fund 000) to the Insurance Fund (Fund 502) in exchange for cash in order to provide sufficient funds to refund the Refunded Bonds on the date of redemption; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON DOES RESOLVE AS FOLLOWS: Section 1.Transfer of Fund 404 Inter-Fund Loan. The Inter-fund Loans authorized by Resolution No. 4070 is hereby authorized to be transferred from the General Fund (Fund 000) to the Insurance Fund (Fund 502). Proceeds from the transfer shall be deposited in the General Fund (Fund 000) and used, together with other available funds of the City, to retire the Refunded Bonds as authorized in Section 3 hereof. Section 2.Transfer of Fund 317 Inter-Fund Loan. The Inter-fund Loans authorized 7c. ‐ Administrative Services Department requests approval of an interfund loan for early redemption of remaining 2002 General Page 11 of 206 - 3 -09/24/12 by Resolution No. 4096 is hereby authorized to be transferred from the General Fund (Fund 000) to the Insurance Fund (Fund 502). Proceeds from the transfer shall be deposited in the General Fund (Fund 000) and used, together with other available funds of the City, to retire the Refunded Bonds as authorized in Section 3 hereof. Section 3.Plan of Early Redemption. For the purpose of realizing a debt service savings and benefiting the taxpayers of the City, the City Council hereby authorizes the refunding of the Refunded Bonds identified in the recitals to this resolution. Available funds of the City in the amount necessary to retire the Refunded Bonds, in whole, shall be used on or before December 1, 2012 (the “Call Date”) for the payment of interest on and the redemption price of the Refunded Bonds on such date. The City hereby irrevocably sets aside sufficient funds out of the General Fund (Fund 000) to make the payments described herein. The City hereby irrevocably calls the Refunded Bonds for redemption on the Call Date in accordance with the provisions of the 2002 Bond Ordinance authorizing the redemption and retirement of the Refunded Bonds prior to their fixed maturities. The City’s Finance and Administrative Services Administrator is hereby authorized and directed to provide for the giving of notice of the redemption of the Refunded Bonds in accordance with the applicable provisions of the 2002 Bond Ordinance. A form of notice is attached hereto as Exhibit A. The costs of such notice shall be an expense of the City. Section 4.General Authorization. The Mayor, the Chief Administrative Officer and the Administrative Services Administrator of the City, or his or her designee, are authorized to take any actions and to execute documents as in their judgment may be necessary or desirable in order to carry out the terms of, and complete the transactions contemplated by, this resolution. 7c. ‐ Administrative Services Department requests approval of an interfund loan for early redemption of remaining 2002 General Page 12 of 206 - 4 -09/24/12 Section 5.Ratification. All acts taken pursuant to the authority granted in this resolution but prior to its effective date are hereby ratified and confirmed. Section 6.Effective Date of Resolution. This resolution shall be effective upon its passage and approval. PASSED BY THE CITY COUNCIL this ____ day of ______________, 2012. Bonnie I. Walton, City Clerk APPROVED BY THE MAYOR this ____ day of ______________, 2012. Denis Law, Mayor Approved as to form: Lawrence J. Warren, City Attorney 7c. ‐ Administrative Services Department requests approval of an interfund loan for early redemption of remaining 2002 General Page 13 of 206 Exhibit A NOTICE OF REDEMPTION* City of Renton, Washington Limited Tax General Obligation Bonds, 2002 NOTICE IS HEREBY GIVEN that the City of Renton, Washington (the “City”) has called for redemption on December 1, 2012, its outstanding Limited Tax General Obligation Bonds, 2002 (the “Bonds”). The Bonds to be refunded will be redeemed at a price of one hundred percent (100%) of their principal amount, plus interest accrued to December 1, 2012. The redemption price of the Bonds is payable on presentation and surrender of the Bonds at the office of: The Bank of New York Mellon Worldwide Series Processing 2001 Bryan Street, 9th Floor Dallas, Texas 75021 -or- Wells Fargo Bank National Association Corporate Trust Department 14th Floor - M/S 257 999 Third Avenue Seattle, Washington 98104 Interest on the Bonds to be refunded or portions thereof which are redeemed shall cease to accrue on December 1, 2012. The following Bonds are being redeemed: Maturity Dates (December 1) Principal Amounts Interest Rates CUSIP Numbers 2013 $ 190,000 4.20%760133QA9 2014 200,000 4.35 760133QB7 2015 205,000 4.45 760133QC5 2016 210,000 4.55 760133QD3 2017 220,000 4.65 760133QE1 2018 230,000 4.75 760133QF8 2019 245,000 4.85 760133QG6 2020 260,000 5.00 760133QH4 2022**555,000 5.00 760133QK7 **Term Bond By Order of the City of Renton, Washington 7c. ‐ Administrative Services Department requests approval of an interfund loan for early redemption of remaining 2002 General Page 14 of 206 The Bank of New York Mellon, as Paying Agent Dated: . Withholding of 28% of gross redemption proceeds of any payment made within theUnited States may be required by the Jobs and Growth Tax Relief Reconciliation Act of 2003(the “Act”) unless the Paying Agent has the correct taxpayer identification number (socialsecurity or employer identification number) or exemption certificate of the payee. Please furnisha properly completed Form W-9 or exemption certificate or equivalent when presenting yourBonds. 7c. ‐ Administrative Services Department requests approval of an interfund loan for early redemption of remaining 2002 General Page 15 of 206 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: Nominations for SCA 2013 Regional Boards and Committees Meeting: Regular Council - 08 Oct 2012 Exhibits: Email from SCA, Subject: 2013 Call for Nominations to Regional Boards and Committees Submitting Data: Dept/Div/Board: Executive Staff Contact: Jay Covington, x6500 Recommended Action: Council Concur Fiscal Impact: Expenditure Required: $ N/A Transfer Amendment: $N/A Amount Budgeted: $ N/A Revenue Generated: $N/A Total Project Budget: $ N/A City Share Total Project: $ N/A SUMMARY OF ACTION: Council recommends the following nominations to regional boards and committees be transmitted to the Suburban Cities Association: Councilmember Marcie Palmer to the Regional Transit Committee. Councilmember Terri Briere to the Puget Sound Regional Council’s Growth Management Policy Board. Councilmember Rich Zwicker to the Puget Sound Regional Council’s Transportation Policy Board. Councilmember Rich Zwicker to the Puget Sound Regional Council’s Economic Development District Board. Councilmember Terri Briere to the Growth Management Planning Council. Councilmember Ed Prince to enterpriseSeattle Committee. Councilmember Greg Taylor to Domestic Violence Initiative Committee. Councilmember Greg Taylor to Committee to End Homelessness Governing Board. STAFF RECOMMENDATION: Confirm nominations for submittal to SCA. 7d. ‐ Executive Department recommends confirmation of the nominations of Councilmembers for Suburban Cities Association Page 16 of 206 7d. ‐ Executive Department recommends confirmation of the nominations of Councilmembers for Suburban Cities Association Page 17 of 206 7d. ‐ Executive Department recommends confirmation of the nominations of Councilmembers for Suburban Cities Association Page 18 of 206 7d. ‐ Executive Department recommends confirmation of the nominations of Councilmembers for Suburban Cities Association Page 19 of 206 7d. ‐ Executive Department recommends confirmation of the nominations of Councilmembers for Suburban Cities Association Page 20 of 206 7d. ‐ Executive Department recommends confirmation of the nominations of Councilmembers for Suburban Cities Association Page 21 of 206 7d. ‐ Executive Department recommends confirmation of the nominations of Councilmembers for Suburban Cities Association Page 22 of 206 7d. ‐ Executive Department recommends confirmation of the nominations of Councilmembers for Suburban Cities Association Page 23 of 206 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: City of Renton Comprehensive Emergency Management Plan Meeting: Regular Council - 08 Oct 2012 Exhibits: Issue Paper 2012 Comprehensive Emergency Management Plan Draft Resolution Submitting Data: Dept/Div/Board: Fire & Emergency Services Staff Contact: Deborah Needham, Emergency Management Director x 7027 Recommended Action: Refer to Public Safety Committee Set Public Hearing for October 22, 2012 Fiscal Impact: Expenditure Required: $ Transfer Amendment: $ Amount Budgeted: $ Revenue Generated: $ Total Project Budget: $ City Share Total Project: $ SUMMARY OF ACTION: The City of Renton’s Comprehensive Emergency Management Plan defines roles and responsibilities for certain key Emergency Support Functions that must be carried out within the City in a disaster. The plan must be reviewed and revised every four years and is now due to the State of Washington. The plan needs to be reviewed and adopted by council. STAFF RECOMMENDATION: Set a Public Hearing for October 22, 2012 to take public input regarding the draft CEMP, and thereafter that the resolution to approve the plan be adopted. 7e. ‐ Fire and Emergency Services Department recommends setting a public hearing on 10/22/2012 to consider adopting the 2012 City of Page 24 of 206 7e. ‐ Fire and Emergency Services Department recommends setting a public hearing on 10/22/2012 to consider adopting the 2012 City of Page 25 of 206 7e. ‐ Fire and Emergency Services Department recommends setting a public hearing on 10/22/2012 to consider adopting the 2012 City of Page 26 of 206 7e. ‐ Fire and Emergency Services Department recommends setting a public hearing on 10/22/2012 to consider adopting the 2012 City of Page 27 of 206 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: SW 43rd Street/SE Carr Road/SE 176th Street/SE Petrovitsky Road Corridor Safety Meeting: Regular Council - 08 Oct 2012 Exhibits: WSDOT Local Agency Agreement Local Agency Federal Aid Project Prospectus Submitting Data: Dept/Div/Board: Public Works Staff Contact: Juliana Fries, Program Development Coordinator, Extension 7232 Recommended Action: Council Concur Fiscal Impact: Expenditure Required: $ Transfer Amendment: $ Amount Budgeted: $ $1,050,000 (2013)Revenue Generated: $$3,241,000 Total Project Budget: $ $3,241,000 City Share Total Project: $ SUMMARY OF ACTION: The SW 43rd Street/SE Carr Road/SE 176th Street/SE Petrovitsky Road Corridor was selected under a Federal Safety Program for a grant of $3,241,000, with no match required. The project will widen the SE 176th Street approach at the intersection with SE Benson Drive to provide a free flowing westbound right turn lane and widening of SE Benson Drive to provide a merge lane for the right turn movement. The project also includes new sidewalks separated from the roadway by a planter strip, drainage, illumination and landscaping. Additionally, the project includes installation of an Adaptive Signal Control System (ASCS) along the SW 43rd Street/ SE Carr Road/SE 176th Street/SE Petrovitsky Road Corridor in all 11 signalized intersections, coordinating traffic across a signal network, adjusting the lengths of signal phases based on current traffic conditions, demand and system capacity. These two projects combined will improve traffic safety and mobility at this major intersection. STAFF RECOMMENDATION: Approve a Local Agency Agreement with the Washington State Department of Transportation for the obligation of grant funding and all subsequent agreements necessary to accomplish this project, and authorize the Mayor and City Clerk to sign. 7f. ‐ Transportation Systems Division recommends approval of an agreement with the Washington State Department of Transportation Page 28 of 206 7f. ‐ Transportation Systems Division recommends approval of an agreement with the Washington State Department of Transportation Page 29 of 206 7f. ‐ Transportation Systems Division recommends approval of an agreement with the Washington State Department of Transportation Page 30 of 206 7f. ‐ Transportation Systems Division recommends approval of an agreement with the Washington State Department of Transportation Page 31 of 206 7f. ‐ Transportation Systems Division recommends approval of an agreement with the Washington State Department of Transportation Page 32 of 206 7f. ‐ Transportation Systems Division recommends approval of an agreement with the Washington State Department of Transportation Page 33 of 206 7f. ‐ Transportation Systems Division recommends approval of an agreement with the Washington State Department of Transportation Page 34 of 206 9a. ‐ 3rd Quarter Budget Amendment (See 8.a.)Page 35 of 206 9a. ‐ 3rd Quarter Budget Amendment (See 8.a.)Page 36 of 206 9a. ‐ 3rd Quarter Budget Amendment (See 8.a.)Page 37 of 206 9a. ‐ 3rd Quarter Budget Amendment (See 8.a.)Page 38 of 206 9a. ‐ 3rd Quarter Budget Amendment (See 8.a.)Page 39 of 206 9b. ‐ Refinance 2004 Water & Sewer Revenue Bond (See 8.a.)Page 40 of 206 9b. ‐ Refinance 2004 Water & Sewer Revenue Bond (See 8.a.)Page 41 of 206 9b. ‐ Refinance 2004 Water & Sewer Revenue Bond (See 8.a.)Page 42 of 206 9b. ‐ Refinance 2004 Water & Sewer Revenue Bond (See 8.a.)Page 43 of 206 9b. ‐ Refinance 2004 Water & Sewer Revenue Bond (See 8.a.)Page 44 of 206 9b. ‐ Refinance 2004 Water & Sewer Revenue Bond (See 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