During a City Council special meeting Jan. 13, council made several requests to the Lakeway Transportation Steering Committee that further clarified the direction the project is heading; council discussed those requests during its Jan. 21 regular meeting.
The requests included a breakdown of a shared-use path along RM 620 that would be separated into phases, as well as a cost breakdown of a sidewalk gap improvement project along several roads throughout Lakeway, which would also be phased.
The steering committee also provided council with options for an extension of Main Street. City information states the creation of a four-lane extension of Main Street to Lohmans Crossing Boulevard would cost an estimated $4.6 million.
The Main Street extension also had several other factors for council to consider, including what a two-lane option would look like.
“If we assume the full-width bridge would be constructed even if we only constructed two lanes, and if we assume the additional two lanes would be constructed on the inside, we would need to construct the storm sewer, curb & gutter and sidewalks with the two-lane facility. Therefore, a two-lane facility for these limits would be approximately $3.7 [million],” a city document states.
Following the lengthy Jan. 21 discussion of the road projects, council also heard from the Lakeway Financial Advisor Jennifer Ritter regarding options for projects that could end up on a potential May bond request, for which voter approval will be needed.
Ritter said Lakeway has a high bond rating of AA, which she said is good for a city of Lakeway's size. She added Lakeway's population growth is another plus toward adding another bond due to added tax revenue and that based on current interest rates, she believed now is the best time to borrow money since the 1960s.
After an extensive presentation and discussion from officials, council agreed to extend a list of options for the city's bond attorney to research, including the two-lane Main Street option at an initial estimated cost of $3.7 million, though officials say that could change; $4.5 million for a shared-use path within the city; $3.15 million for sidewalk repairs on Lakeway Boulevard and Lakeway Drive; $2.5 million for a renovation of the old justice center on 104 Cross Creek, Lakeway; and a possible funding request for the parks and recreation department at an amount yet to be determined.
The soonest council could vote on a solidified bond proposal is Feb. 3, according to officials.