Article Contributed on: 5/1/2009 6:33:54 PM
Broomfield council approved a plan this week to issue $13 million in bonds to help fund its share of one of the city's major transportation projects.
The sales and tax revenue improvements bonds, which were approved April 27 at a city council meeting, will help complete the 120th Avenue connection that will eventually extend West 120th Avenue across U.S. 36 to Interlocken Loop. The joint project with CDOT is split into three phases and construction is to begin this fall on the first two portions of the connection - Phases 1 and 3.
Council voted down a proposal to issue an additional $3 million in bonds to purchase a right of way acquisition for Phase 2 of the project. Funding sources for Phase 2 -- the final piece of the connection - are still uncertain and council members were wary of green lighting $3 million toward a potential "bridge to nowhere."
"I'm not really a big fan of borrowing money over speculation," said councilman
Walt Spader. "Let's just do what we know we can do, borrow the amount of money we know we need to do that project and when we have more certain information about Phase 2, we can deal with the financing for that."
Others were equally uncomfortable with the $16 million bond option, which comes with an additional $2 million in total interest.
"Taking money just because it's available is kind of what got us into this global situation in the first place," said councilman
Todd Schumacher.
The decision, however, could end up being costly. Purchasing the property now could help move the project to a "shovel ready" status, making it eligible for federal stimulus funds from the American Recovery and Reinvestment Act.
In addition, the cost of land acquisition, which has gone up 40 percent over the past five years, could be more expensive to purchase in the future.
"We're committing a tremendous amount toward this 120th flyover," said Broomfield mayor
Pat Quinn. "We should be betting that Phase 2 is going to be done. It doesn't make good public sense if we think the probability of Phase 2 occurring is less than 75 percent."
The 120th Avenue connection is part of a larger effort to reconstruct the U.S. 36-Wadsworth Boulevard interchange. Plans for the interchange include construction of a new bridge, cloverleaf ramps that will eliminate left turns and new highway ramps serving Arista and the Broomfield Event Center.