Title
Resolution Authorizing Amended Municipal Agreement for Market - Guilford - Guilford College Intersection Improvements Project U-5326
Body
Department: Transportation
Council District: 4 & 5
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Adam Fischer 373-2861
Contact 2 and Phone: Tyler Meyer 373-2254
PURPOSE:
A resolution and budget ordinance needs to be approved to correctly reflect the amended municipal agreement for Market - Guilford - Guilford College Intersection Improvements Project U-5326.
BACKGROUND:
On March 14, 2016, City Council approved a resolution and budget ordinance incorrectly amending the municipal agreement and budget for the Market - Guilford - Guilford College Intersection Improvements Project U-5326. The resolution and budget ordinance indicated that the project would receive an additional $8,200,000 in State Funding. The amended agreement actually provides for the project to receive 100% of construction costs up to $7,100,000.
Project U-5326 is a City sponsored partnership project with the Metropolitan Planning Organization (MPO) and NCDOT. The City designed the project with bond funds and is purchasing the right-of-way with STP-DA funds directed to the project by the MPO. NCDOT agreed to reimburse the City for construction costs under the FY 2016 - 2025 State Transportation Improvement Program adopted in July 2015. However the Transportation Improvement Program adopted in July 2015 did not include sufficient funding to cover project costs. NCDOT later agreed to cover actual construction costs, and took action to increase funding for the project in the Transportation Improvement Program based on current construction cost estimates.
Project U-5326 will mitigate traffic congestion, improve traffic safety, and improve pedestrian mobility, accessibility, and safety. The project includes traffic operational improvements and additional turn lanes including doubling the number of left ...
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