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TO: |
Local Advisory Council |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Mary DeLoretto, Chief Capital Services Officer |
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PRESENTER(S): |
Dave Hancock, Chief Capital Services Officer |
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Vi Miller, Chief Financial Officer |
TITLE:
title
Consultation on 2023 Capital Budget Amendment for the TRAX Daybreak Station
end
AGENDA ITEM TYPE:
LAC - Consultation
RECOMMENDATION:
Informational item for discussion and consultation with the Local Advisory Council
BACKGROUND:
On December 21, 2022 the Board of Trustees approved the 2023-27 Capital Plan and the 2023 Capital Budget. UTA staff are proposing the addition of one new project to the 2023 Capital Budget (as also presented in Resolution AR2023-09-01 supporting the amendment to the 2023-27 Capital Plan). This budget amendment would add appropriation authority and the new project in 2023 for the project described below.
UTA and Kennecott Land entered an Interlocal Agreement (ILA) on May 13, 2008. This agreement facilitated the construction of the Mid-Jordan Light Rail Line. The agreement granted UTA an easement to build and operate the Mid-Jordan Light Rail Line through Kennecott Land at Daybreak. The ILA contemplated a future third station in Daybreak at approximately 11000 South without assigning responsibility to either party for the design or construction of the station. With the recent plans to construct the new stadium, Larry H Miller Real Estate (LHMRE) has now committed to assume the financial responsibility and will reimburse UTA for the costs of design and construction of the station.
The Authority is seeking an amendment to the 2023 Capital Budget to accommodate this proposed new capital project. Board of Trustee Policy Number 2.1 Financial Management, allows the Board of Trustees to amend or supplement the budget at any time after its adoption and we are seeking the Local Advisory Councils advice on the proposed Budget Amendment.
DISCUSSION:
To accommodate the previously discussed amendment to the 2023-2027 Capital Plan, it is necessary to increase the 2023 UTA Capital Budget authority to a level commensurate with the addition of the new project.
ALTERNATIVES:
We are seeking the Local Advisory Council’s advice to the Board of Trustees before the Board considers action on this Budget Amendment.
FISCAL IMPACT:
No impacts to UTA’s Cash Balance.
ATTACHMENTS:
Budget Amendment - Exhibit A-1 Sept 2023