Agenda

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16.

Work Session and Regular Meeting

Meeting Date:	07/10/2018
Department:	City Manager

AGENDA CAPTION:

Present, Discuss, and Consider Action on Options to Fund the Town’s $5,000,000 Commitment to Dallas Area Rapid Transit (DART) for the Cotton Belt Rail Line and Other Capital Improvement Projects, Including but Not Limited to Cash Funding, Certificates of Obligation, and Non-Grant Funding from the North Central Texas Council of Governments (NCTCOG).

BACKGROUND:

On May 26, 2015, City Council approved a motion to contribute $5,000,000 to the Cotton Belt rail project upon its completion. Town staff has been working with the North Central Texas Council of Governments (NCTCOG) and Dallas Area Rapid Transit (DART) to identify funding options for this payment. The purpose of this item is to discuss options and provide direction on next steps.

DART is working on finalizing Inter Local Agreements with various member cities for their contributions to this project. It is anticipated that the DART Board will take action to approve these agreements at their August 14, 2018 Board meeting. Staff will work to finalize a way forward to meet DART's schedule.

RECOMMENDATION:

Staff requests direction from Council.