In December of 2022, when anticipating the 2023 budget, this item was brought to the SEDC Board for discussion.  The SEDC has provided discussion that they would like to look at this project, and the item was budgeted in the marketing fund for $40,000.  The attached supporting information shows, however, that the cost of the project is much more than anticipated.

There was much discussion at Staff Level about the options for which to choose.  As a result, the Recessed Letters in Raised Concrete Portions at the Rail is the option chosen by staff.  There are several similar samples on IH 35 in the Kyle area and staff really liked the appearance of that example.

In addition, TXDOT estimates 10% for the cost of lane closure.  This will be a third-party contractor who will be selected by TXDOT and this amount will be finalized at the time of the project.  SEDC staff are asking for an amount not to exceed $145,000 and this funding will come from the SEDC Marketing and Promotional Account.  This account has $254,000 existing and is only 24% spent for the year.

SEDC FY 2022-2023 Adopted Annual Budget has Marketing and Promotional accounts of $315,850.  At current, they have $254,000 remaining which is 76% remaining with only 25% left of the fiscal year.

Staff recommends approval of attached SEDC Resolution 2023-06.