Title
Ordinance in the Amount of $2,904,663 Authorizing Additional Funds for Supplemental Agreement #4 for Holts Chapel Road & Lowdermilk Street EL-5101 DM
Body
Department: Transportation
Council District: 1
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 budget ordinance is required to approve additional funds associated with Supplemental Agreement #4 with NCDOT for project EL-5101 DM.
BACKGROUND:
City of Greensboro project EL-5101 DM Holts Chapel and Lowdermilk Street Improvements Project will construct sidewalks and add curb and gutter and additional pavement where needed on Holts Chapel Road from E. Market Street to Franklin Boulevard and on Lowdermilk Street from Cameron Avenue to Holts Chapel Road.
Project EL-5101 DM is a City and MPO priority project with federal-aid funding support provided for in the Transportation Improvement Program. This amended agreement allocates an additional $2,332,730 in federal STP-DA funds to the project as directed by the MPO Transportation Advisory Committee. The additional STP-DA funding will replace transportation bond funds that were allocated to the project prior to the contract award. The Bond Funds were added to offset the shortfall in available STP-DA funding available at that time.
This agreement also extends the project completion date but does not alter the other terms and provisions of the Municipal Agreement governing project construction and associated details.
BUDGET IMPACT:
The additional project funding for EL-5101 DM will be as follows:
$2,323,730 80% Federal Funds
$580,933 20% 2008 Bond Funds
$2,904,663
This brings total project funding to the following amount:
$5,475,730 80% Federal Funds
$1,368,933 20% 2008 Bond Funds
$6,844,663
Funding for the local match will come from 2008 bond fund account 471-4502-15. A budget adjustment will be required to move funds into the appropriate account.
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