Consider approval of a request to amend the City of Texas City’s fiscal year 2017/2018 budget.

Several months ago, TxDOT officials provided the City the final schematic layout of the upcoming Gulf Freeway reconstruction.  Upon review of the layout, City staff and business owners in Lago Mar recognized that the only freeway exit to get to Holland Road (southbound direction) was going to be just past FM 517 to the north, which is approximately 1-1/2 miles from Holland Road.  City officials initiated a meeting with TxDOT to formulate a plan to get an additional exit ramp for Holland Road traveling southbound.  TxDOT required an engineering study justifying the additional exit ramp.  The study is complete and acceptable to TxDOT.  The final item is an Agreement between TxDOT and Texas City committing TxDOT to design and construct the exit ramp, and committing Texas City to pay $600,000 for the additional exit ramp.  The funding will be from a combination of $200,000 from TCEDC (already approved) and $400,000 from Buc-ee's.  Actual payment to TxDOT will be sometime around June/July 2018.

The budget amendment required is a transfer from TCEDC to the City, receipt of funds from Buc-ee's into the General Fund, and City payment to TxDOT.

Texas City Economic Development Corp. (801):
Transfer to City General Fund      $200,000
Unassigned Fund Balance          ($200,000)

General Fund (101):
Transfer from TCEDC        $200,000
Receipt from Buc-ee's       $400,000
Payment to TxDOT           ($600,000)