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Council adopts housekeeping changes to Transportation Benefit District projects list; revenues earmarked for debt service
Summary
The Lakewood City Council adopted Ordinance 829 to update the list of projects eligible for Transportation Benefit District (TBD) funds and confirmed TBD revenues will be used principally for debt service tied to previously approved bonds; the district sunsets Dec. 1, 2044.
The Lakewood City Council on Monday adopted Ordinance 829 to update the listing of projects eligible to be funded by the city’s Transportation Benefit District (TBD). The changes are largely housekeeping to reflect completed projects and remaining eligible projects while recognizing that TBD revenues are currently earmarked for debt service on council-authorized bonds.
Deputy City Manager Taw Kraus told the council the ordinance updates the projects list to show which work has been completed and which remain eligible. She said the TBD’s remaining life coincides with the councilmanic bond debt schedule and that, beginning in 2025, most TBD receipts will be committed to debt service once bonds are issued. Kraus noted the district’s sunset date — the last debt service payment — is Dec. 1, 2044.
Council members discussed funding mixes on large projects. Kraus said projects such as Nyanza Road and Mount Tahoma Drive were identified in the original financing plan and may also rely on grants and other contributions; TBD receipts are locally generated and were described by council members as a key local funding source for neighborhood safety, new streetlights, overlays and minor capital improvements.
The ordinance passed in the regular council vote recorded at the meeting. Council members said the TBD has funded many projects in Lakewood and emphasized the benefits of using locally generated TBD funds for road maintenance and neighborhood safety.
Why it matters: The TBD is a locally generated transportation funding source. By updating the eligible project list and acknowledging bond-related debt service commitments, the council clarified how future TBD revenue will be applied and reinforced the district’s role in maintaining and upgrading Lakewood streets and related infrastructure.
Action recorded: Ordinance 829 was adopted following a motion and second on the record.
Speakers listed below were the primary staff presenters and council members who discussed the item.
