Title
Ordinance in the Amount of $68,782 Increasing the Budget for Amended Agreement for EB-5518: Latham Park Greenway Project
Body
Council Priority: Maintain Infrastructure and Provide Sustainable Growth Opportunities
Department: Transportation
Council District: 3
Public Hearing: N/A
Advertising Date/By:
Contact 1 and Phone: Chris Spencer, 433-7218
Contact 2 and Phone: Tyler Meyer, 373-2254
PURPOSE:
A budget ordinance is needed to increase the budget for the amended agreement with NCDOT adding additional construction funding for EB-5518: Latham Park Greenway Project.
BACKGROUND:
NCDOT has agreed to provide additional construction funding at the City’s request for its pending construction of the Latham Park Greenway Project along Hill Street from Battleground Avenue to Mendenhall Street. This Agreement specifies the reimbursement amount and the steps the City must follow order to receive the funding.
Construction is estimated to start later this Spring with construction complete by end of Summer.
BUDGET IMPACT:
Funding for this agreement will be as follows:
$55,025 (80%) Federal Funds
$13,757 (20%) 2008 Transportation Bond Funds
$68,782
Local matching funds will come from 471-4502-15.6401. A budget adjustment is required to move funds to the appropriate account.
RECOMMENDATION / ACTION REQUESTED:
Transportation staff recommends and requests approval of the attached ordinance increasing the budget for the amended agreement with NCDOT adding additional construction funding for EB-5518: Latham Park Greenway Project.