Title
Resolution Authorizing Amended Agreement in the Amount of $5,550,000 with NCDOT for 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:
Contact 1 and Phone: Chris Spencer, 433-7218
Contact 2 and Phone: Tyler Meyer, 373-2254
PURPOSE:
A resolution needs to be approved to authorize execution of an amended agreement with NCDOT converting right-of-way funding to construction funding for EB-6037C: A&Y Railbanking Project.
BACKGROUND:
In 2019 NCDOT agreed to provide funding support to the City for easements and rights-of-way needed to construct the A&Y Greenway / Downtown Greenway Phase 4. Per City request, NCDOT has agreed to shift this funding to instead support the construction phase of the Downtown Greenway Phase 4 from Spring Garden Street to north of Benjamin Parkway. This Agreement specifies the reimbursement amount and the steps the City must following in order to receive the funding.
BUDGET IMPACT:
Funding for the original agreement is as follows:
$4,440,000 (80%) Federal Funds
$1,110,000 (20%) Local Matching Funds
$5,550,000
This amendment does not change the overall funding for the project. A budget adjustment is needed to move funds from the right of way account to a construction account.
RECOMMENDATION / ACTION REQUESTED:
Transportation staff recommends and requests approval of the attached resolution authorizing execution of an amended agreement with NCDOT converting right-of-way funding to construction funding for EB-6037C: A&Y Railbanking Project.