The Engineering Department recommends the City of Plano approve and execute a new Advanced Funding Agreement (AFA) for the Park Boulevard Corridor Intersection Improvements Project (from Coit Road to Jupiter Road). The project includes the construction of intersection improvements to include signal modifications, removal of road humps, maximizing left turn lane lengths, adding right turn lanes, and dual left turn lanes along Park Boulevard at Coit Road, Custer Road, Alma Drive, K Avenue, and Jupiter Road. The Advance Funding Agreement supplements the original agreement, completed in July 2009, with the Texas Department of Transportation to establish cost sharing. Costs will be allocated based on 80% federal funding for construction until the federal funding reaches the maximum obligated amount, and 20% from local match contributions. In the event the project cost exceeds federal funding, the City will be responsible for the remaining costs.
In July 2009, the original AFA allocated a total of $1,877,677 in federal funding for this project for preliminary engineering, right of way acquisition, and construction costs. In June 2022, the 2021-2024 Transportation Improvement Program (TIP) modified this project and approved an additional allocation of $900,000 towards the total construction cost. A new agreement must be completed based on the original duration of the previous agreement. If approved and executed, these funds will immediately be utilized against construction expenditures, as the project is already under contract and is expected to complete construction in the summer of 2023.