Title
Ordinance No. 24-13 amending Ordinance No. 23-65 (2024 Budget Appropriation Ordinance) for a supplemental appropriation to the General Fund in an amount not to exceed $2,600,000 in order to purchase real estate as part of the Nevada Avenue Reconstruction transportation projects, which will be fully reimbursed by the Pikes Peak Rural Transportation Authority (PPRTA) in 2025, per the Intergovernmental Agreement (IGA)
Presenter:
Charae McDaniel, Chief Financial Officer
Gayle Sturdivant, Acting Public Works Director
Chris Fiandaca, City Budget Manager
Body
Summary:
The attached ordinance is a supplemental appropriation to the General Fund in order to purchase real estate needed to move forward with the Nevada Avenue Reconstruction transportation projects. The required General Fund amount needed for the transaction will not exceed $2.6 million for all associated property acquisition costs, which will be fully reimbursed by PPRTA in 2025 per the Intergovernmental Agreement that is being presented to City Council for approval concurrently with this item. The PPRTA 3 authorization includes funding for this project. Colorado Springs Utilities (Utilities) has also provided funding for these PPRTA projects and the funding will assist with the property acquisition.
Background:
At the general election held on November 2, 2004, voters approved a ballot question authorizing a 1% sales and use tax on certain transactions within the boundaries of PPRTA with 55% of the net revenue thereof designated for specific regional roadway capital improvements, through December 31, 2014.
At the general election held on November 6, 2012, voters approved a ballot question authorizing an extension of the PPRTA tax until December 31, 2024 to fund certain regional transportation capital improvements (PPRTA 2 authorization).
At the general election held on November 8, 2022, voters approved a ballot question authorizing an extension of the PPRTA tax until December 31, 2034 ...
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