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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Viola Miller, Chief Financial Officer |
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David Hancock, Chief Capital Services Officer |
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PRESENTER(S): |
Viola Miller, Chief Financial Officer |
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Daniel Hofer, Director Capital Assets and Project Controls |
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Greg Andrews, Senior Financial Analyst |
TITLE:
title
R2023-10-07 - Resolution Adopting the Authority’s Third 2023 Capital Budget Amendment
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve Resolution AR2023-10-07 and adopt the Third Amendment to the Authority’s 2023 Capital Budget.
BACKGROUND:
Budget Amendment
On December 21, 2022 the Board of Trustees (Board) approved the 2023 Capital Budget. A first amendment to the Capital Budget was presented to the Local Advisory Council (Council) in February and adopted by the Board on March 8, 2023. A second Amendment was presented to the Council on May 31st and adopted by the Board on June 14, 2023. UTA staff are now proposing a third amendment that will incorporates one new project being added to the 2023-2027 Capital Plan.
Previous efforts relating to this proposed Capital Budget amendment include a discussion with the Board on August 23, 2023 followed by a presentation to the Council on September 27, 2023 for their consultation. No negative feedback was received related to advancing this budget amendment.
Board of Trustee Policies 2.1 and 2.3 allow the Board of Trustees, after consultation with the Local Advisory Council, to amend the budget.
DISCUSSION:
MSP300- New TRAX Station in Daybreak
Recently it was announced that a new baseball stadium would be constructed in the Daybreak area. To accommodate service to this new stadium, and in alignment with a 2008 Interlocal Agreement between UTA and Kennecott Land, a new capital project has been proposed for the 2023-2027 Capital Plan that would add a new TRAX station on the Red Line in Daybreak. This proposed amendment to the Capital Plan will be considered in this meeting and will require a Budget Amendment for 2023 to provide appropriation authority to begin work. This project will add $500,000 in the 2023 Capital Budget for design services. The Larry H Miller Real Estate Group has committed to assume financial responsibility and will reimburse UTA for these costs (a Memorandum of Agreement will be presented to the Board for approval at this same meeting).
ALTERNATIVES:
Project is currently slated to be included in the forthcoming 2024-2028 Five Year Capital Plan and 2024 Budget, pending necessary approvals. Project could wait until those approvals occur. The risk is the anticipated construction schedule is aggressive and waiting that long could potentially put us in a position where UTA could miss a significant portion of the construction season. The result would be this station could not be open by the time the stadium is completed.
FISCAL IMPACT:
All funds are from external partners. There is no impact on UTA’s fund balance.
ATTACHMENTS:
Resolution R2023-10-07