Otay Mesa Enhanced Infrastructure Financing District Budget Amendment
The Otay Mesa Enhanced Infrastructure Financing District FY 2025 Budget Amendment involves reallocating funds for a new project on Siempre Viva Road, aiming to enhance project coordination and efficiency. The proposal includes consolidating project scopes and approving the amended budget for operating and capital improvements.
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Presentation Transcript
Otay Mesa Enhanced Infrastructure Financing District Fiscal Year 2025 Otay Mesa EIFD Budget Amendment April 30, 2024 Public Financing Authority Meeting Item #2
Otay Mesa Enhanced Infrastructure Financing District Overview The District s FY 2025 Budget was approved on February 2024 with the request to reallocate $250,000 from Siempre Viva Road Improvements (P-19006) to fund and create a new Capital Improvement Project for Siempre Viva Road Improvements West, spanning between Britannia Blvd and La Media Road. The project scope of P-19006 has been updated to encompass both East and West ends rather than initiating a separate project. Therefore, the proposed amended FY 2025 budget includes reallocating $250,000 back to P-19006. 2
Otay Mesa Enhanced Infrastructure Financing District Siempre Viva Road Improvements (P-19006) To facilitate the design and construction for upgrading both East and West of Siempre Viva Road. The scope of the project limit is Siempre Viva Rd between Britannia Blvd and approximately 600ft east of La Media Rd. Benefits of consolidating: Provides for a holistic analysis of the project requiring one feasibility study to reduce administrative costs, enhance project coordination and efficiency. The EIFD funding will primarily support a feasibility study to develop a preliminary cost estimate, conceptual design, environmental assessment, and related traffic analysis. 3
Otay Mesa Enhanced Infrastructure Financing District Requested Actions Approve, via resolution, the District s Amended FY 2025 Operating and Capital Improvements Budget. 4
