Agenda Item Description
Authorize (1) a development and funding agreement with the Circuit Trail Conservancy (CTC), a Texas non-profit organization, for the purpose of assisting with the funding, land acquisition, design and construction of hike and bike trails on the remaining undeveloped 10 miles of The Loop, comprised of the Circuit Trail Connection, Trinity Forest Spine Trail, the Trinity Gateway and Trinity Skyline Trail Links (collectively hereinafter referred to as ?Project?); (2) the receipt and deposit of funds in an amount not to exceed $10,000,000.00 from the CTC in the Circuit Trail Conservancy Fund; (3) establishment of appropriations in an amount not to exceed $10,000,000.00 in the Circuit Trail Conservancy Fund; (4) a match in the amount of $10,000,000.00 from the Park and Recreation Facilities (B) Fund (2017 Bond Funds); (5) execution of the development and funding agreement and all terms, conditions and documents required by the agreement; and (6) the disbursement of funds to the U.S. Army Corps of Engineers for work on the Trinity Forest Spine Trail South in an amount not to exceed $3,500,000.00 from the Circuit Trail Conservancy Fund and in an amount not to exceed $3,500,000.00 from the Park and Recreation Facilities (B) Fund (2017 Bond Funds) - Total not to exceed $20,000,000.00 - Financing: Park and Recreation Facilities (B) Fund (2017 Bond Funds) ($10,000,000.00) and Circuit Trail Conservancy Fund ($10,000,000.00)