4R-R-02-18 - 2/14/2002 RESOLUTION NO. 02-18
WHEREAS, the Board of Directors of the Round Rock Transportation
System Development Corporation ( "RRTSDC") hereby finds and determines
that there is an urgent need for the RRTSDC to acquire right-of-way and
relocate utilities for the construction of improvements to the City of
Round Rock' s transportation system, and
WHEREAS, such right-of-way acquisition and utility relocation
cannot be reasonably financed unless financial assistance is obtained
from the State Infrastructure Bank, and
WHEREAS, the Board of Directors of the RRTSDC now desires to
recommend to the Round Rock City Council that a request for financial
assistance be made to the State Infrastructure Bank in an amount not to
exceed $15, 000, 000, Now Therefore
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ROUND ROCK
TRANSPORTATION SYSTEM DEVELOPMENT CORPORATION,
A recommendation is hereby made to the Round Rock City Council
that a request for financial assistance be made to the State
Infrastructure Bank in an amount not to exceed $15, 000, 000 to provide
for the costs of right-of-way acquisition and utility relocation for
the construction of improvements to the City of Round Rock' s
transportation system.
The Board of Directors hereby finds and declares that written
notice of the date, hour, place and subject of the meeting at which
::ODMA\WORLDOX\O:\WDOX\RESOLUTI\RRTSDC\00019986.WPD/02-18/sc
0 this Resolution was adopted was posted and that such meeting was open
to the public as required by law at all times during which this
Resolution and the subject matter hereof were discussed, considered and
formally acted upon, all as required by the Open Meetings Act, Chapter
551, Texas Government Code, as amended.
RESOLVED this 14th day of February, 2002 .
ROUND ROCK TRANSPORTATION SYSTEM
DEVE •`PME CORPO"TION
By: (14d1& 4j,.
ROB A. STLUKA, JR. , President
ATTES : / '
�lJ.
4C411^-
LA At/47/4(24, Secretary
l�
2
ttl C '
P # ; CITY ot, .OF ROUND ROCK
, , • 221 East Main Street
`\ .,4, . Round Rock,Texas 78664
''ilr�s 512-218-5400
�aiiiN
February 15, 2002
• Mr. James.M. Bass, Director
Finance Division
Texas.Department of Transportation • .
125.E: 11th Street
• Austin, Texas 78701
Deal:Mr. Bass:: .
Enclosed is the:Round Rock Transportation System Development Corporation's
application for a State Infrastructure Bank (SIB) loan to assist in the purchase of right
of way and the adjustment of utilities for SH 45 within the City of Round Rock. The
Corporation and the City have committed to provide an additional $10;000,000 in
funding for the purchase of right of way, but in order to do so, must borrow the funds
. as well as finance up to $5,000,000 additional cash outlays which are being made on
this project. Also included in this application is'a request to modify the amortization
of the original SIB loan granted for.this same project in August 2000. To finance this
. commitment, the Corporation and the City have approved submittal of this loan
application. .
Tlie•Texas Turnpike Authority has identified the construction of the portions of Loop
1 and SH 45 Which create the"T" project in Travis and Williamson Counties as their
•
highest priority in the State. The segment of SH 45 in Round Rock for which this
loan will be used is part of the "T" project. Construction is underway for the north
•
• • frontage roads on this project and the Texas Turnpike Division anticipates selling
bonds in the summer of 2002 for the next phase. The project will proceed to
. construction as soon as possible after the sale of the bonds.
• • • This'project represents a Significant.partnership between TxDOT; the Texas Turnpike
Authority (TTA), Williamson County and the City to expedite a critical project that
. will significantly reduce congestion for the region. The use of the SIB loan as
described above•satisfies the purposes of the State Infrastructure Bank in the
• following ways: •
1) • the SIB loan permits•an increased level of participation.in the project by
Mayor the City of Round Rock beyond which cash on hand would allow; .
Robert A.Stlului,Jr • 2) because of the increased level of participation in the project by the City,
Mayor Pro-tem State transportation funds are freed up that would otherwise be required to
Tom Nielson
be used on this project, thus expanding the available funding for other
Council Members
Alan McGraw "transportation projects; and .
Carrie Pitt 3) the successful implementation of the proposed project will result in
Earl Palmer
I; ;alinhan significant improvement to the efficiency and safety of.the State
c re Transportation System.
City Manager • .
Robert L Bennett,Jr.
City Attorney , Fax:512-218-7097 1-800-735-2989 TDD 1-800735-2988 Voice
Stephan L Sheets www.ci.round-rock,tx;us
• Mr. James M. Bass, Director .
Finance Division •
l" Texas Department of.Transportation
Page2of2
•
•
•
For all the above reasons, I urge favorable consideration of the Round Rock
Transportation System Development Corporation's SIB loan application..
ely,
eoi / r
Ro•eft A. Stluka, Jr.,
President, Round Rock Transportation System Development Corporation
•
•
•
•
•
•
•
•
sibO2c
Section IV—Statement of Acknowledgment and Certification
I certify that:
I have the authority to request and incur the debt described in this application, and upon
award, will enter into contract for the repayment of any financial assistance granted by the
Texas Department of Transportation's State Infrastructure Bank.
I have completed the preliminary requirements as specified by the State Infrastructure
Bank Application Handbook, and will comply with all applicable state and federal
regulations and requirements.
To the best of my knowledge all information contained in this application is valid and
accurate and the submission of this application has been authorized by the governing body
of the undersigned jurisdiction.
4' ItIVL/i/ez
Signature of Highest Official Date
President,Round Rock Transportation
Robert A. Stluka,Jr. System Development Corporation
Print or Type name Title,Jurisdiction
RECEIVED MAR 0 82002
Ar Texas Department of Transportation
DEWITT C.GREER STATE HIGHWAY BLDG.•125 E.11TH STREET•AUSTIN,TEXAS 78701-2483•(512)463-8585
March 7, 2002
David Kautz 3 1)-'D
Finance Director
Round Rock(RRTSDC) 4
•
221 E. Main Street
Round Rock, TX 78664
- . Dear Mr.-Kautz:
Please be advised that your State Infrastructure Bank (SIB) loan received preliminary approval
from the Texas Transportation Commission on Thursday February 28, 2002. We will be
contacting you soon to negotiate final loan terms before submitting to the Commission.
If you have any questions or need additional information regarding this matter, please feel free to
call the SIB Manager Dorn Smith at(512) 463-8721 or Javier Pena at
(512) 463-8046.
Sincerely,
, s‘fxgefF tifa7t5,
James M. Bass
Director, Finance Division
•
cc: ; Bob Bennett, City Manager
Phillip Russell, P.E., Texas Turnpike Authority
Bob Daigh, Texas Turnpike Authority
An Equal Opportunity Employer
i�//I/III, •" .. ... ,
tt1tlD/S•
� s �. CITY OF ROUND ROCK
•__o\ x:
•" ;.221 East' Mau<street
ft� Round Rock,Texas 7.8664. •
rii�N1 512 218 5400
• March-11,2002 - .. "
1VIr John W Johnson;Chairman .,
Mr Ric..Williamson;Commissioner
:Mr Robert L:Nichols;` m
Comissioner"~
Texas.Transportation Commission:: '
125 E 11th Street
Austin,TX 7.8701=2483
RE Round Rock Transportation=System Development Corporation;("thee:
Corporation').Loan.Application to-tile•State In rastructure Bank("SIB") = •
Dear Commissioners -
•
• I appreciatepreliminary-approval.of the Corporation's loan..application by the • .• .
Commission:and 1 would like:to:take'this:opportunity to expand upon the importance of
• the State Infrastructure:Bankloarr:to the Corporation. Additionally, inreading the
transcript of the meeting,I,.understand that.tlie Commissioners,liavequestions regarding
:.the Corporation's need for.financial assistance from the SIB and it is-my hope to • .
address.those questions:here.•' -. - :
.:The.Corporation'is-funded•by a%2% local'sales"tax component imposed in;1998:solelyr
'.for the purpose of providing transportation improvements..Thisdedicated funding t
- source has.allowed Round Rock to:design and begin implementationof a master:
transportation plan that provides Significant regional road.and transportation
improvements: 'In"addition,the dedicated funding source,has.enabled Round Rock to
participate as a:partner with the,Texas Department of Transportation on several"local
transportation improvements with regional impact;including:,S.H.'45,U.S.79,the LH..
• 35 Tumarounds, South Mays'improvements'and more. - -
-Robert A,Stluka;Jr, The Corporation faces a two year transportation capital-spending plan of$87.2 million.
Mayui Pru-tem The detailed plan has been-provided as'an exhibit.in;the Corporation's loan application
Tom Nielson . This spending conimitfileiit faroutpaces the.corporation's ability to pay cash for the
Council Members: • -i nprovements,:thereby necessitating the••borrowing of funds. The Corporation has-"
Alan McGraw.,._
Came Pitt
EarlPal•mer ' . •
•
(,sn.:anager. .
Robert L Bennett,Jr. -
City Attorney' Fax:512-218-7097 1-800-735-2989 TDD 1-800-735-2988 Voice
Stephan L.Sheets w.ww.ci.round-rock.tx.us
.t.
y.
Texas Transportation Commission
March 11,2002.:
1?age 2
1
utilized open market'borrowing,most recently issuing$26 million in sales tax revenue°bonds for :
improvements to major artenals However,the SIB also has a critically important role.'in helping
the=Co oration'.
rp.
meet its transportation_improvement comnutme• nts •Open market.financing imposes a`minimum
debt service coverage of 1 25`to 1 5 Innes: The`favorable burrowing.terms offered by-the SIB
help th •e Corporation manage.its cashflow so that a znaximturi number of transportation
improvement projects can be.under construction at the.earhest possible time The rapid
owth of t1�e re ion has accelerated the-.. ortancc.of constrr�ctln ro ecs m.the shortest -
g p h: 'J
possible time frame =Leveraging cash flow through borrowing with favorable terms Is;absolutely
critical to`this timing effort :'Additionally•;because our.sale i tax revenue:stream is dedicated:to
<. transportation improvements any savings resulting from favorablevSIB terms•is:immediately..
mvested.int other transportation Improvements,whichf.aid the:region's r iobtht•y;_
The.Commissioners expressed concernthat too:manySlB assets were potentially being tied up in;
this`project In:response, I urge the°Commission to con•siderthe large proportion,of assets that
Round Rock is being:askedto invest m this State highway The'$30 million cost to Round`Rock
for this single,'State pro�ect.is a significant burden to this small commun-ty Without:assistance
from the SIB loan terms,Round Rock's continued participation n this project and the_Round
Rock transportation plan are placed:in jeopardy
Right ofway for:the S.H 45 project is provided;by 100% local•participation T_he nght of way
requirements for this and other large transportation p•rojects seriously strain the.fundmg ability of
a small community such as• Round Rock -In 2000,theCorporation:borrowed and spent$1
million for right of way toward this project Higher right ofway costs and utility relocation'.
costs,which we have incurred on this project,`are increasing.our spending:'by as much as $5'
million ,Most recently,we,have been a•sked to be.responsible for;another$1b million in
additional.S H:45 right of way located din Travis`County Asa result of these cost increments,
total S,H.45 commitments within the twa year time fram• e for Round Rock approach;$ 0
million, double the amount originally requested•by TxDOT from Round Rock ::Additionally,m
order to acquire all of the right 9.-!,way in.advance of a:Texas,Turnpike Authority bond,issue=.that
is roposed in June of this year,timing is again critical: The•,proposed loan will enable the
Corporation to meet t•he relatively short ,..1.1n.' g;reguirement and avoid a second open market
•
financing:less"than l'0 months'following the Corporation's'last deal:(atwhich time a
representation• was made thatthenext scheduled open`market financing would not occur before
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looking--..''.11' to the SIBforall of
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also urge your
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koura.RookTransportation8ste.:.n' .,j‘.•e.,v..Ql.;;o;•.p,..m:-,•..e. n::Corporation ‘..,.-:::-.,;:..:::.:,.,:.,...-..•..,..,,,:":'::-'-,-.:-.•.:'•:.,.,...--..-,.....,:,-;.._-..,;,,,-.-.:::_.-...:,,,.;:,,.,,'.::i..::,.....,....,,..7..,.,.,;.::-,-.....:..,..,:.:,.7:,,-,.,.7,,,...,.,-:-,.,,:.,,;.:.:-.....•.-:•,.:7,.:
.:..,•
Michael W Behrens,P E, Executive Director
' f.. ' .: ' • '' cc' 2 '• '' ' -- ' • Finance Divisiott... • : • ,.:.......:•:•..•-.- :- • ,.....: -.. ...., . .• :„:. ; :.• .- :._ . :- •-,-'.:.:-:-•• .-.
Phil
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