Title
Resolution Authorizing Municipal Agreement in the Amount of $5,550,000 with NCDOT for Project EB-6037C: A&Y Railbanking Project
Body
Council Priority: Maintain Infrastructure and Provide Sustainable Growth Opportunities
Department: Transportation
Council District: 3 & 4
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Chris Spencer 336-433-7218
Contact 2 and Phone: Tyler Meyer 336-373-2254
PURPOSE:
A resolution needs to be approved to authorize execution of a municipal agreement with NCDOT for right-of-way funding for EB-6037C: A&Y Railbanking Project.
BACKGROUND:
Following a recent competitive selection process; NCDOT has agreed to partially reimburse the City for the proposed Atlantic & Yadkin railbanking. This Agreement specifies the reimbursement amount and the steps the City follow in order to receive the funding. Under this grant NCDOT will reimburse the City to $4,440,000. The City will provide a required local match of $1,110,000. The MPO and TAC recently approved the funding for this project on August 28, 2019.
BUDGET IMPACT:
Funding for this agreement will be as follows:
$4,440,000 (80%) Federal Funds
$1,110,000 (20%) Local Matching Funds
$5,550,000
Matching funds will come from 2016 bond fund account 482-5001-02.6401. A budget adjustment is required to move funds to the appropriate account.
RECOMMENDATION / ACTION REQUESTED:
The Transportation Department recommends and requests approval of the attached resolution authorizing execution of a municipal agreement with NCDOT for right-of-way funding for EB-6037C: A&Y Railbanking Project.