HomeMy WebLinkAboutAgenda Statement 1984/10/23 Item 17 , . COUNCIL AGENDA STATEMENT
Item 17
Meeting Date 10/23/84
ITEM TITLE: Resolution //,77 Authorizing submittal of an application for
Economic Development Administration funding for the widening
of Otay Valley Road _
SUBMITTED BY: Community Development Director (4/5ths Vote: Yes No X )
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REVIEWED BY: City Manager -'
The Economic Development Administration (EDA) has grant funds available for
up to a maximum of $500, 000 for projects meeting their criteria for economic
and job development. An application for these funds has been prepared by
staff for the widening and improvements of Otay Valley Road . EDA funds will
be used to supplement anticipated tax increment and assessment district
financing for this project.
RECOMMENDATION: That the Council adopt the resolution authorizing staff to
subnit an application for EDA funding assistance for the widening and improve-
ment of Otay Valley Road.
BOARDS/COMMISSIONS RECOMMENDATION: The Otay Valley Road Project Area Com-
mittee will be asked to consider this application at their meeting of
October .22, 1984 . Their recommendation will be presented orally .
DISCUSSION:-
Grant funds through EDA should be available during their next fiscal year
which begins on October 1. These funds may be used for road widening and
improvement projects where such projects support economic development
activities such as industrial development and the provision of new job op-
portunities . In discussions with EDA representatives, it has been deter-
mined that the Otay Valley Road Project meets EDA criteria and has a strong
chance of receiving funding under their programs . The grant program,
however, is competitive and there is currently a waiting list for funding.
FISCAL IMPACT:
The cost of widening Otay Valley Road has been estimated at approximately
$6 . 5 million. The maximum EDA grant is $500, 000 . The remainder of the
funds is anticipated to be available through the issuance of bonds
guaranteed by anticipated tax increment revenues, and through the estab-
lishment of an assessment district supported by benefitting property
owners which is currently being prepared .
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Dated / T_ '-(1
Form A-113 (Rev. 11/79)