City of Menifee Raises $20 Million Towards Newport Rd Improvement Project
Improving the Newport Rd overpass at the I-215 freeway took a step closer to reality last week when the City of Menifee was able to sell $20...
http://www.menifee247.com/2012/05/city-of-menifee-raises-20-million.html
Improving the Newport Rd overpass at the I-215 freeway took a step closer to reality last week when the City of Menifee was able to sell $20 million of Transportation Revenue Certificates of Participation to investors. The newly acquired supply of cash, which will be paid back over 30 years from revenues collected from gas taxes and Measure A funds, was financed at a historically low interest rate of 4.26%.
That low rate was made possible due to the City's "A" rating, thanks in part to its strong financial position, as well as strong investor demand.
"The City's success in the sale of these Transportation Revenue Certificates of Participation at these advantageous rates is a tribute to the strength of the City's financial position and the strong leadership of the City Council", said Bill Rawlings, City Manager.
"In this tough economic climate, we're going to need strong leadership and a creative approach towards finding funding for needed traffic solutions.", said Darcy Kuenzi, city councilmember. "It's going to take a team approach between the city council and the city staff."
The $20 million covers roughly 50% of the projected total cost of widening the Newport Rd overpass. A presentation by David Taussig & Associates on December 20, 2010, estimated that the project would cost approximately $40 million.
The project will modify the existing interchange and overpass to alleviate current congestion and handle new capacity due to growth in the area and region. Newport Rd is the City's major thoroughfare and a regional interchange that carries commuter traffic between the I-15 and the Hemet/San Jacinto Valley.
The Certificates were sold through the Total Road Improvement Program (TRIP) offered by California Communities, a joint powers authority sponsored by the League of California Cities and California State Association of Counties. Menifee was able to secure the lowest interest rates seen in the program.
The $20 million in funds is legally restricted for use on local transportation projects only.
That low rate was made possible due to the City's "A" rating, thanks in part to its strong financial position, as well as strong investor demand.
"The City's success in the sale of these Transportation Revenue Certificates of Participation at these advantageous rates is a tribute to the strength of the City's financial position and the strong leadership of the City Council", said Bill Rawlings, City Manager.
"In this tough economic climate, we're going to need strong leadership and a creative approach towards finding funding for needed traffic solutions.", said Darcy Kuenzi, city councilmember. "It's going to take a team approach between the city council and the city staff."
The $20 million covers roughly 50% of the projected total cost of widening the Newport Rd overpass. A presentation by David Taussig & Associates on December 20, 2010, estimated that the project would cost approximately $40 million.
The project will modify the existing interchange and overpass to alleviate current congestion and handle new capacity due to growth in the area and region. Newport Rd is the City's major thoroughfare and a regional interchange that carries commuter traffic between the I-15 and the Hemet/San Jacinto Valley.
The Certificates were sold through the Total Road Improvement Program (TRIP) offered by California Communities, a joint powers authority sponsored by the League of California Cities and California State Association of Counties. Menifee was able to secure the lowest interest rates seen in the program.
The $20 million in funds is legally restricted for use on local transportation projects only.
We still need an overpass between Newport and Scott Rd. In the event of an emergency those of us on the Eastern side of the 215 could be in serious trouble. I know the city knows this and they need to do something about it.
ReplyDeleteAnonymous #1, YOU ARE SO RIGHT, the city should just spend that money on a different overpass "FOR US" on the Eastern side of the 215 and they are doing nothing! OMG what if an emergency happens and we can't get to HANA or Target. Oh wait... we could use the "improved" Newport overpass. I'll be an a$$ and hide behind anonymous #2
ReplyDeleteHow about the city approve a movie complex next to Lowes with a few more restraints and have them pony up half the money for an overpass there
ReplyDeleteThe traffic congestion Newport and Scott overpasses is ridiculous for numerous reasons. A simple overpass without freeway on/off ramps between these two is neeeded. The emergency referenced I am sure has nothing to do with shopping!! That would never be associated with an emergency to anyone. An emergency is what I assume the person is trying to say is ambulance, fire, etc. When the traffic is so bad over the existing bridges there is NO way for an ambulance, fire, or police to get over to the Eastern side of the 215.
ReplyDeleteTransportation Revenue Certificates of Participation?
ReplyDeleteFirst things first...no matter which project is on the agenda someone will be upset that theirs wasn't done first.I agree, Scott, Newport and possibly an overpass around Holland is all needed. I'm just glade one of them is being started.
ReplyDeleteI think everyone should be more patient. This City has grown so fast. It has grown double since we moved here from Orange County. How many Cities do you know that even ask the residents what they think? Menifee you are doing an excellent job with growth!
ReplyDeleteRegardless of growth, proper planning would have avoided all of this. IT'S THAT SIMPLE!
ReplyDeleteAnonymous @ 3:41, The city already had a plan in place. It just didn't have the money to expand the infrastructure. It needed to bring in more homes and businesses first, just to raise enough tax base, and put itself into a position where it could sell bonds.
ReplyDeleteMake a deal with the Federal G'ment to use the flood zone area, its there just pour cement and you'll have another way to get across East to West.
ReplyDeleteRemember a lot of the developments were constructed and planned before Menifee became a City...The County initially made the plans and the City now has to deal with it.
ReplyDeleteI am not understanding why they don't put that money towards an overpass between Newport and Scott, there are four spots that would make perfect sense to do this (La Piedra, Holland, Craig and Garbani) this would cut down on a lot of congestion on both Scott and Newport, why is common sense lacking with our leadership?
ReplyDeleteI think that the beautified area on Newport Road is nice. But will that help us when it rains and we cannot get down Bradley or Murrietta Road. When may I ask is that going to be done. Will they wait until someone dies lik what happened on Goetz?
ReplyDeleteAnonymous