Consider approval of a Resolution authorizing the City to enter into an Advance Funding Agreement with the Texas Department of Transportation. 

Since April of 2018, the City, TIRZ No.1, the Lago Mar developers and an architectural consultant have been formulating a significant project known as Branding, Identity, and Aesthetic Improvements along the Gulf Freeway.   An overall concept of the project has been accepted by the participants and now the architectural consultant is preparing detailed plans for the initial phase of construction.  This first phase of work needs to be installed by TxDOT and their construction contractor, Williams Bros.  When Local Governments request additional items be included in roadway work, TxDOT has a process called an Advance Funding Agreement.  Through this process, the local government pays or advances funds to TxDOT, and that money is used by TxDOT to include the requested items in the construction of the roadway.  Specific project items that need to be included now are:
City logo in the retaining walls
Numerous sleeves and conduits under future pavement for landscaping and irrigation
Electrical conduits inside bridge columns to support enhanced lighting under bridges / overpasses
Additional excavation of a detention pond to create an amenity lake
Enhanced curbing around U-turns for future brick pavers

The estimated amount needed for the Agreement is $1,099,092.19 which includes an 8% TxDOT administrative fee.  The TCEDC is providing $1,000,000 and the Lago Mar Development Authority (TIRZ No.1) is providing the balance.