HomeMy Public PortalAbout2015_02_24_R032 Amending the FY 2015-20 CIP to Add Hope Pkwy Ext The Town of
Leesburg,
Virginia PRESENTED: February 24, 2015
RESOLUTION NO. 2015-032 ADOPTED: February24, 2015
A RESOLUTION: AMENDING THE FISCAL YEAR 2015-2020 CAPITAL
IMPROVEMENT PROGRAM TO ADD HOPE PARKWAY
EXTENSION AND APPROPRIATING FUNDING TO CONSTRUCT
THE PROJECT
WHEREAS, K2M Group Holding (the "Development") is currently planning to expand
its global headquarters on property located past the end of existing Hope Parkway, and has
expressed interest in completing the Hope Parkway extension between that point and Miller
Drive; and
WHEREAS, completing this section of roadway will provide access to the Development
as well as function as an alternate route for emergency vehicles and reduce congestion on
Sycolin Road; and
WHEREAS, Town Council will be requesting a Virginia Department of Transportation
Economic Development Access Program Grant("Grant") from the Commonwealth
Transportation Board in the amount of$500,000 plus an additional $150,000 that is to be
matched by town funding, for a total grant amount of$650,000 for the portion of the road
adjacent to the Development; and
WHEREAS,the Grant requires a$150,000 match from the Town of Leesburg which will
be provided from offsite transportation proffer funds and/or general obligation bond funds; and
WHEREAS,the Town will provide the balance of funding in the amount of$1,619,000
from general obligation bond funding; and
WHEREAS, a third party, Oaldawn, LLC and Oaklawn Development Partners LLC
(jointly, Oaldawn), is providing the design of the roadway construction plans and the donation of
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A RESOLUTION: AMENDING THE FISCAL YEAR 2015-2020 CAPITAL
IMPROVEMENT PROGRAM TO ADD HOPE PARKWAY
EXTENSION AND APPROPRIATING FUNDING TO CONSTRUCT
THE PROJECT
the land for the roadway at no cost to the Town; and
WHEREAS, Oaklawn will reimburse the Town for its construction costs,minus the
Grant funds, in accordance with the approved memorandum of agreement between the Town and
Oa'dawn dated August 14, 2014 and amended November 12, 2014; and
WHEREAS,with the Grant, proffer funding and general obligation bond funding,there is
sufficient funding available to be appropriated to the Capital Fund to cover the estimated costs
associated with the construction of the Hope Parkway Extension.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia that:
SECTION I. The Fiscal Year 2015-2020 Capital Improvements Program is hereby
amended.
SECTION II. An appropriation in the amount of$2,419,000 is made to construct the
project entitled Hope Parkway Extension, consisting of the following funding sources: $500,000
Economic Development Access Program Grant; $150,000 in VDOT matching funding; $150,000
in offsite transportation proffer funding and/or general obligation bond funding; and $1,619,000
of general obligation bond funding.
SECTION III. Funding to be appropriated is $700,000 for the fiscal year beginning
July 1, 2014 ending June 30, 2015. The balance of the needed funding of$1,719,000 will be
shown in the Capital Improvements Program for the fiscal year beginning July 1, 2015 and
ending June 30, 2016.
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A RESOLUTION: AMENDING THE FISCAL YEAR 2015-2020 CAPITAL
IMPROVEMENT PROGRAM TO ADD HOPE PARKWAY
EXTENSION AND APPROPRIATING FUNDING TO CONSTRUCT
THE PROJECT
PASSED this 24th day of February, 2015. •Lititiardp
_
sten C. mstattd, Mayor
Town of Leesburg
AT ST•
4IF
Clerk of CO
P:\Resolutions\2015\0224 Amending FY15-20 CIP-Hope Pkwy Ext.doc