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No, unlike impact fees, TBD revenues do not have to be spent in a specified time frame. The governing body must develop a plan that specifies the transportation improvements to be provided or funded by the TBD.
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A “TBD” or Transportation Benefit District is a quasi-municipal corporation and independent taxing district created for the sole purpose of acquiring, construction, improving, providing, and funding transportation improvements within the district. The boundaries of the TBD are identical with the Duvall City limits.
Implementation of a sales tax based revenue stream for a TBD of up to 0.2% requires a vote of the people (RCW 82.14.0455, RCW 36.73.040(3)(a)), which must be approved by a simple majority of voters.
TBD fees would be used for the purpose of financing the costs of transportation operations and maintenance related projects including pedestrian safety enhancements, crack sealing, pavement overlays and roadway reconstruction of its existing roadway infrastructure.
With the establishment of a TBD, the City could begin to replace the transportation funding that has been lost over the years, and be better able to preserve, maintain, or expand the City’s transportation infrastructure into the future.
Revenue rates, once imposed, may not be increased, unless authorized by voter approval. If project costs exceed original cost by more than 20 percent, a public hearing must be held to solicit public comment regarding how the cost change should be resolved. The TBD must issue an annual report to include the status of project costs, revenues, expenditures, and construction schedules. The TBD must be dissolved upon completion of the project(s) and the payment of any debt service.
An “Overlay”, generally speaking is the placement of 1.5 to 3 inches of asphalt over existing pavement that has been repaired and prepped. Cracks and failed areas should be removed and replace to the existing surface level prior to overlay placement.
Current market conditions place Overlay preparation and placement by a licensed contractor at » $60 / Square Yard for the project. Administrative (Engineering, construction management, etc.) costs add » 15% onto the construction costs.
Periodic, programmatic overlay applications prolong the life of the roadway surface at a significant cost savings rather than allowing the roadway to the point of full failure.