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Home My WebLink AboutVI (C) Discussion/ Action re: Maguire Road/Expressway Flyover AGENDA 3-4-SE "CENTER O!GOOD LIVING- PRIDE OF WEST ORANGE" 1 tern l'7 C Oj coe / COMMISSIONERS 1 o CITY OF OCOEE scoJrn uelzulN v O SCOTT A.GLASS ,n� y ISO N. IAORIDARE DRIVLIIM GIHASON (�l� O 101:E,FLORIDA 3 4761-2258 ��F4 (-109)65F23;2 On mnr�mea �f G00 P.ILIS SHAPIRO MEMORANDUM TO: The Honorable Mayor and Board of City Commissioners FROM: Ellis Shapiro, Interim City Manager DATE: February 26,1997 RE: MAGUIRE ROAD/EXPRESSWAY FLYOVER A couple of weeks ago members of the City of Ocoee and I met with Commissioner Freeman, the City of Winter Garden, and the City of Windermere to discuss the transportation network in the West Orange area. In particular, the Maguire Road/Roberson Road/535/Beltway corridors. Also at the meeting were the developers in the area, our Lobbyist, Oscar Juarez, members of the Orange County Public Works staff, and the Executive Director and Assistant Director of the Expressway Authority. As a result of the meeting, the Expressway Authority suggested that the best possible solution to connecting the expressway to the West Orange area would be to build a flyover road beginning at Old Winter Garden Road and Professional Parkway and ending at Tomyn Road. Without much planning, the estimated cost was somewhere between four and six million dollars. Since that meeting I asked PEC to consider crunching numbers on this project and give us a cost associated with it. Attached you will find the total cost estimates for Tomyn Road and the flyover. You will see also a breakout of what the City's economic responsibility would be. At tonight's meeting, we will discuss a recommendation to ask the State to fund two-thirds of this project with the City of Ocoee funding one-third of this project. It is anticipated that when the Heller Bros. property on the west side of Maguire Road is developed, the developer shall be responsible to construct Tomyn Road as a 2-lane road from Windermere Road to Maguire Road. As a long-term project, the City expects to 4-lane that road at our expense in the future. Attached to this memorandum is a report from Wanda Horton, Finance Director, discussing why the City of Ocoee should not fund the entire project but rather fund the initial$2.2 million of the$6.6 million project. We will also review with PEG what the additional cost would be to connect with the turnpike at the same location. While we believe this is an important link, it must be pointed out to the City Commission that the probability of the State okaying this on and off ramp within a mile of their current exit is highly unlikely. Finally, this entire project can be successful only if Orange County is willing to 4- lane Old Winter Garden Road from Good Homes to State Road 50 during the construction of the flyover. If this is not done within that period of time, then the roadway can not support the traffic that would be coming from the West Orange area to enter the Expressway. Respectfully Submitted, ES:fdg Attachment "CENTER OF GOOD LIVING - PRIDE OF WEST ORANGE" MAYOR• eoMMISIONRR (r)coee- 6`6r,, ' S. SCOTT VANDERGRIFr CI)EI MISSION ERS t4 CITY OF OCOEE RUSTY JOHNSON �� 2 SCOTr ANDERSON v /\ p150 N. SCOTG EASON5 OCOEE, A FLORIDA DRIVF. raw ?V OCOLE, AKESHORED DRIVE ]IM GLEASON �lF��A�� @0�65&2322 CITY M nsncEx �f G000 ELLIS SHAPIRO MEMORANDUM TO: Ellis Shapiro, City Manager FROM: Wanda Horton. Finance Directorl7 DATE : February 26, 1997 RE: Proposed 'I'urnpike/East-West Expressway Interchange This memorandum is in response to your request of the Finance Department to determine the feasibility and methods available to finance approximately $8.5 million (City's portion) for up-front construction costs of the Turnpike/East-West Expressway Interchange as it relates to Tomyn Road. Working with Mark Galvin of First Union Capital Markets Corp., our financial advisor, we reviewed the City's historical Road Impact Fee collections and current fund balances, the historical and projected Local Option Gas Tax Receipts, the proposed Local Option Gas Tax agreement between Orange County, the City of Orlando and other municipalities within the County, and the capital improvement plan for the City as it relates to road improvements. After analyzing several financing options, with the basic assumption that the State of Florida will reimburse the City over a four year period, we focused on two basic financing alternatives: 1. The issuance of a short term four(4) year interest only note 2. The issuance of a seventeen (17) year bond issue on parity with the City's outstanding Transportation Refunding and Improvement Bonds, Series 1990 and supplemented by Road Impact Fees Based upon our review and analysis we feel that while the City has the financing or bonding capability to finance the project (see attached), the City would be mortgaging their future and restricting their ability to construct or finance other road improvements in the City. We concur that your proposal of paying approximately $2.2 million representing a portion of the City's engineering and right of way costs for the project would be the most prudent course of action. As discussed, we can utilize Road Impact Fee funds for Totnyn Road since it is designated as a Road Impact Fee project in the Comprehensive Plan. City of Ocoee, Florida Turnpike interchange Project Financing Alternatives 1) Short Term Financings -Bank Loan or Note Term 4 Years - Interest Only Security Gas Tax Revenues Take-out Future Issuance of Transportation Revenue Bonds Secured by Local Option Gas Tax Revenues and Utility Service Tax, (If necessary) or by a State of Florida Grant Payment of Interest By Gas Tax Revenues,Junior to the Transportation Refunding and Improvement Bonds, Series 1990 Benefits Impact to the City is only with the additional local Option Gas Tax Revenues (depending upon the cost of the project) Disadvantage The City will not be able to issue other Transportation Revenue Bonds until the loan is paid off. 2) Long-Term Bond Term 17 Years Security Local Option Gas Tax Revenues and Utility Service Taxes on parity with the outstanding Transportation Refunding and Improvement Bonds, Series 1990 State Funds State of Florida reimbursement funds will he used to fund projects original to be funded from the proceeds of a Transportation Revenue Bond issue. Benefits Take advantage of current long term interest rates and preserves bonding capacity of extra local option gas tax revenues. Disadvantages If the project is over$3.9 million the City will have to use Road Impact Fee funds until State Funding on the project. Could effect the City's current road project. City of Ocoee, Florida Turnpike Interchange Project Available Road Impact Fees Current Impact Fee Balance S6,400,000 Less: 2 Years Debt Service on (1,250,000) Transportation and Improvement Bonds, Series 1990 Less: Required Impact Fee Road (1,500,000) Improvements (Kissimmee/Story and Marshall Farms Rds) Other Projects/ Reserves (250,000) Net Road Impact Fee Balance S3,400,000 Available Gas Tax Revenues Current Formula - Gas Tax Receipts $361,581 Adjusted Formula - Gas Tax Receipts $716,000 Expiration Date on Local Option Gas Tax 2015 City of Ocoee, Florida Turnpike Interchange Project Bonding Capacity Transportation Refunding and Improvement Revenue Bonds, Series 1990 Bonds Outstanding S6,215,000 Final Maturity 2015 Annual Debt Service S625,000 Security : Local Option Gas Tax Revenues and Utility Service Taxes FY 1996 Utility Service Tax Revenues S1,347,477 FY 1996 Gas Tax Revenues 361,581 Total Revenues Available For Debt Service 1,709,058 Additional Bonds Test 1.35x Total Bonding Capacity S9,500,000* Bonding Capacity on Gas Tax Only 1x S7,500,000* Bonding Capacity on Extra Gas Tax lx S3,900,000* * assuming average additional Gas Tax receipts of$360,000 Probable Cost Estimates for Tomyn Roar! City of Ocoee February 25,1997 .- ta Cost($) Roadway Segment Length(f) Roadway Bridge Intersection Right-of- Engineering/ Responsibility Responsibility Total Construction Construction Construction Way Inspection of Others of City 1 ,- - Tomyn Road from CR535 5,900 $2,235,000 n/a 2 $1,117,000 5487,000 $4,039,000 0 $4,0.39,000 to Beulah Road $200,000 a, tD Tontyn Road from Beulak 3,400 $1,288,000 n/a 1 $644,000 $278,000 $2,310,000 0 a4.000 Road to Windermere Road $100,000 _ ti Tomyn Road from 6,800 52,576,000 n/a I $1,288,000 $535,000 $2,299,000 52,200,000 51,49 ,000 Windermere Road to $100,000 Maguire Road Tomyn Road from Maguire 3,200(4L) $1,420,000 2X3001fX40!• 3 $710,000 $704,000 $710,000 $4,224,000 $.1,934,1100 -0 Road to Old Winter Garden 1,100(2L) X$75/sf $300,000 t Road 600(Br)* =$1,800,000 I.: A Connection from Tomyn 4,200(011) $672,000 400/X40IU $ 1 $336,000 $394,000 5336,000 $2,366,000 $2,702,000 1 Road to East-West Exp. 2,900(OFF) 75/sf $100,000 .41 (One Lane On-Ramp& 400(Br)* =$1,200,000 One Lane - �Sua::>`wJ�'c• - .. '�-. ',. �:"c:::;:, , -.k '.�+•,..qN4z! �,!µ.x .��*�xJ ,>» �'iS'S` .t.�-f ^ i?w� c�:JC,:'AY'^ef.'xfi.A "" .:. r 790.00 S_8 f84. ,}?a,L.,,��?'.� :�^'•�' �a,_.r^, � '. �S'7 �,•Ti.Vi14N��4�+�..cG.--,`.:w1.� l�. �-�`. "`Rx'°;Sar� .. 'qJ> ��ol.. �? �7w. � Kam T t% *Bridge over the Turnpike Source:Professional Engineering Consultants,Inc. Assumptions; 1. Roadway Construction:$500,000/Lane Mile $65o/LF • 2. Right-of-Way:$250,000/Lane Mile 3,431,®ilU./Mile 3. Engineering/Inspection:20%of Construction Cost Estimate 4. Typical Section:Four-Lane Divided Urban Section SI 0 0 tsz 0 "