Connell Skaggs-CS 900420April 20, 1990
Memorandum
To:
From:
Subject:
Alan D. Ratliff, City Manager
Frank Trando, Deputy City Manager/Finance Director~
Connell/Skaggs Drainage I~groves~t Optimm Sourcm of Funding
Option #1 is construction of a 10' by 8' box culvert and would cost
approximately $728,000. The contract between Skaggs Development and the
City obligates Skaggs for $345,000, leaving a difference of $383,000.
In Option #2 the cost of construction is $534,000 with the contract meking
Skaggs responsible for $345,000, leaving a difference of $189,000.
In option #3 the financial obligation by Skaggs exceeds the construction
cost.
At present we have approximately $74,000 of unallocated interest in the
Street C.I.P fund. If the Council chooses option #1 or #2 this $74,000
could be applied toward the difference, but, the remainder would have to
come from some other source such as issuing certificates of obligation, or
borrowing the money. The Denton Tap Road project is nearing completion
and there may be some funds remaining. However, keep in mind that we have
another item on the agenda discussing the visibility problem at Grapevine
Creek which may also require funding.
FT/lr
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