Common use of Funding Strategy Clause in Contracts

Funding Strategy. Revenue generated from the LCLIP program will be spent on streetscape, recreational, and open space investments as described below and detailed in the “specific investments” section. These funds would be split between projects in South Lake Union and Downtown based on the proportion of regional TDR generated in each area. It is estimated that this split will result in about 60% of the funds or $16.5M ($9.4M in 2012 dollars) being allocated to South Lake Union projects and 40% of the funds or $11.0M ($6.3M in 2012 dollars) to Downtown projects. Decisions about which projects to implement and when they will be implemented will be made by the City based on the amount of funding available, project timing, opportunities to leverage outside funds, opportunities to leverage developer improvements, and other factors. In order to streamline this process, the City is proposing to stage the projects such that the first 10 years of revenue would go toward streetscape and transportation projects managed by the Department of Transportation, the second 10 years of revenue would go to park projects managed by the Department of Parks and Recreation, and the last 5 years again would go to streetscape projects managed by the Department of Transportation. A chart summarizing the proposed staging and projects (with priority projects in bold) is shown below: Revenue Years Agency Estimated Total Revenue (2012 Dollars) Proposed Projects by Area South Lake Union Downtown 0-10 years SDOT $2.9M Green Streets (▇▇▇▇▇▇ & 8th) Bike, Pedestrian, and Transit Improvements (▇▇▇▇▇▇▇▇ & ▇▇▇▇▇) 3rd Avenue Improvements (Capital Projects & Programs) 11-20 years Parks $7.8M Community Center Park Improvements and Acquisitions 21-25 years SDOT $5.0M Transportation Improvements – specific improvements to be determined later In general, the City plans to spend money as it is received; however, opportunities to use bonding to implement projects prior to the receipt of funds will be considered on a project-by-project basis.