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HomeMy WebLinkAboutC08-311Letter of Understanding Ea--le County Funding Eby Creek Road il) i MIZA I. Planning and En- mecring for Capacity Improvements This letter of understanding is intended to define financial contributions from Eagle County to the Town of Eagle for planning and engineering studies on the Eby Creek Road corridor. The time period covered is calendar years 2007 and 2008. All County dollars are subject to the amount annually appropriated by the Board of County Commissioners. The County has budgeted $250,000 in 2007 for the project; however, a late start on the project has limited the Town's expenditures to approximately S125,000 in 2007. The County has committed to pay 50% of the approximate cost. The Town will provide a year -end invoice (,with copies of bills paid) of the exact amount due, not to exceed $62,500. The Town is requesting a contribution of 5250,000 in 2008 for the planning/engineering effort. This amount represents 25% of the estimated $1,000,000 total amount. The other funding sources are: CDOT 5500,000, Town 5250,000. The Town will bill the County after the CDOT funds are expended on a quarterly basis for their 25% share of expenses (with copies of bills paid), not to exceed 5250,000. If engineering and permitting allow, the Town desires to construct interim safety and capacity improvements in 2008. The Town has budgeted $750,000 for the interim improvements. The Town is requesting an additional $187,500 from the County for the interim improvements, if construction is feasible in 2008. For this project the town would submit projects to the County for approval and then invoice the County 25% of the interim improvements costs up to a maximum amount of $187,500. William Powell date Town Manager Town of Eagle nice Baumga her date County Manager Eagle County