Title
A Resolution approving the Intergovernmental Agreement by and between the City of Colorado Springs, on behalf of its enterprise the Colorado Springs Municipal Airport, and the Peak Metropolitan District No. 2 related to the reimbursement of design and construction costs.
Presenter:
Alex Kovacs, Director of Aviation - Colorado Springs Municipal Airport
Body
Summary:
This Facilities Payment Agreement ("Agreement") outlines the terms under which Peak Metropolitan District No. 2 ("District") will reimburse the Colorado Springs Municipal Airport ("Airport") for design and construction costs associated with Phase I improvements to Milton E. Proby Parkway, a primary arterial roadway servicing the Airport and a portion of the mixed-use commercial development located on Airport property commonly known as Peak Innovation Park.
Background:
The Airport has undertaken the design and construction of roadway improvements on Milton E. Proby Parkway to serve both the Airport and Peak Innovation Park. The project will replace the entire roadway with mill and fill and is structured as a multiyear project scheduled over multiple phases. The project area subject to this Agreement is the first phase of the Milton E. Proby Parkway rehabilitation efforts, located between the Powers Boulevard/Colorado 21 highway and Peak Innovation Parkway. This project is within the boundaries and/or service area of the District. The improvements to Milton E. Proby Parkway have replaced aging, distressed pavement to ensure safe access to both the Airport and surrounding Airport property. The design and construction costs of Phase I are eligible for reimbursement by the District, and they are in agreement to reimburse the Airport accordingly based on actual expenses incurred. The proportion of actual expense reimbursement was determined by a traffic engineering firm, Sustainable Traffic Solutions, hired to assist in the interpretation of the Traffic Impact Study Update for Peak Innov...
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