City Council APPROVED the Agreement with the Bay Area Coastal Protection Alliance for Completion of a Finance Study related to the Regional Coastal Barrier System

City Council authorizes an agreement with the Bay Area Coastal Protection Alliance (the "Alliance") for Completion of a Finance Study related to the Regional Coastal Barrier System (the "Project"). On October 8, 2020, Mayor Michelle Bechtel of the City of Morgan's Point addressed the City Council regarding local funding of the Coastal Texas Study and the use of resilience bonds to help fund the project.  The proposed agreement authorizes payment of $12,500 to the Alliance to design and develop a set of financing options for coastal protection measures in the Houston/Galveston region, including meeting local funding match and cost-share requirements for anticipated federally supported coastal protection projects. The main elements of this work will include:  A preliminary quantitative analysis on the insurance and financial value of improved coastal protection for key beneficiaries, industries, and communities; Working sessions with potential public-private partners, such as the GLO, key drainage districts, major insurance brokers, and P3 construction firms to develop a framework for implementation; Engagement with large-scale asset holders to assess options for pooling risk and aggregating private benefits of public investments; Identification of additional predevelopment funding opportunities (e.g., FEMA BRIC grant); and Development of final recommendations on project financing and implementation options for increasing the level of protection across the region.

Fiscal Year: FY20-21 Acct Code: 11910-74021 Source of Funds (Operating/Capital/Bonds): Operating Funds Budgeted Y/N: N Amount Needed: $12,500.00