Consider and take action on Resolution No. 19-17, approving expenditures to enhance the overpasses in Texas City as part of the expansion of I-45. 

TxDoT has initiated improvements on I-45 from Dickinson to the Emmett F. Lowry Overpass.  This is a 4 to 5 year expansion project.  As part of that work, TxDoT has budgeted some funds for landscaping, but it is minimal.  Working with the Lago Mar Developers and TIRZ Board, Doug Kneupper and the Mayor have reviewed how the City, TCEDC, the TIRZ Board and Developers of Lago Mar can make the gateway more impressionable and attractive.  Clark Condon, an engineering company that works closely with TxDoT and has done similar projects, has come up with plans that have been approved by the Developers, TIRZ Board and City.  The improvements will not be installed until the project is done, but funding is needed now to place some of the necessary future infrastructure, conduit and wall monuments now so that nothing has to be tore up or adjusted later at a more costly amount.  Utilizing TxDoT allowance for landscaping, there is still a need for up to $1 million to perform this work.  In addition, architectural and engineering work will need to be performed toward the end of TxDoT's construction to move swiftly into the beautification aspects.  In year 3 or so, roughly $1 million to $1.2 million will be needed to perform the architectural/engineering work.  The TIRZ will have not generated enough excess funds yet for their commitments on other infrastructure projects within their project to fund this.  It is recommended that the TCEDC provide the initial $1 million for infrastructure support in line with the 4A aspect of the TCEDC's definition and to loan in year 3 up to $1.2 million project at a rate similar to the average interest that the City pays on its most recent C.O's.  That interest rate is currently roughly 4.0%.  The overall cost of the project is is estimated between $12 million and $15 million that will be provided by the other parties.  

In addition, TxDoT is starting planning for the next section south of Emmett F. Lowry to the Texas City Wye.  La Marque would like to work some attractive entry signs, but not on the scale Texas City is, but would like to know if the City of Texas City would like to work cooperatively to share signage.  The Mayor and Doug have reviewed and agreed to participate.  The City of La Marque feels our contribution would be roughly $20,000.  It is felt the TCEDC could fund this, also.

Staff Recommends that the TCEDC provide up to $1 million for the intitial phase of infrastructure work, up to $1.2 million for a loan at a rate of roughly 4 % (the latest average rate of the C.O's issued by the City), and $20,000 for sharing entry signs with La Marque.