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Council reallocates bond proceeds to advance Blakey Lane extension; staff to identify remaining funding
Summary
Council approved directing previously authorized bond proceeds to the Blakey Lane project and asked staff to use transportation impact fees and other sources to fill the expected shortfall.
The Bastrop City Council voted Feb. 25 to reallocate previously authorized borrowing (bond series 2023 allocations) to help fund the Blakey Lane extension and related right‑of‑way work. Staff said the current opinion of probable cost for Blakey Lane is roughly $9.5 million; existing earmarked funds cover only part of that amount, leaving a shortfall of approximately $6.2 million.
What staff recommended: City staff explained that the city previously issued bonding authority with allocations for other projects (Gills Branch drainage and riverbank stabilization) that have not moved forward as grant applications were denied. The manager recommended reassigning about $6 million of those authorized but unused bond proceeds to Blakey Lane and using transportation impact fees and incremental revenue from future development to cover an estimated $3.3 million remaining gap.
Council discussion: Council asked about the effect on previously intended drainage and riverbank projects (Gills Branch and river stabilization) and whether the city would be constrained if those projects later received grant funding. Staff replied that the bond allocation was available to be redirected by council action and that the city has continued to pursue drainage grants; staff also noted there is some carryover loss as debt service payments are made against allocated but unused funds.
Action taken: Council unanimously approved the reallocation and directed Public Works and Finance to reprogram the CIP accordingly and return an updated funding plan at the next meeting.
Why it matters: Blakey Lane and Vista Puente improvements are intended to improve connectivity in the Valverde area and reduce future development traffic impacts; moving bond proceeds now accelerates construction but means staff and council will need to identify alternate funds or future grant awards for other deferred infrastructure projects.
Next steps: Staff will update the capital improvement plan to reflect the reallocation, identify remaining funding from transportation impact fees or other sources, and report back to council on a revised financing plan.
