Title
Ordinance in the Amount of $3,435,744 Increasing the Budget for Amended Agreement with NC Department of Transportation for EB-6037C: Downtown Greenway Phase 4 & A&Y Greenway Phase 1
Body
Council Priority: Maintain Infrastructure and Provide Sustainable Growth Opportunities
Department: Transportation
Council District: 3 & 4
Public Hearing: N/A
Advertising Date/By: NA
Contact 1 and Phone: Hanna Cockburn 336-604-9243
Contact 2 and Phone: Tyler Meyer 336-373-2254
PURPOSE:
An ordinance needs to be approved to increase the budget for an amended agreement with NCDOT for additional construction funding for EB-6037C: Downtown Greenway Phase 4 & A&Y Greenway Phase 1.
BACKGROUND:
NCDOT agreed to partially reimburse the City for construction of the Downtown Greenway Phase 4 / A&Y Greenway Phase 1 from Spring Garden Street to north of Benjamin Parkway following a competitive call for projects in 2019. More recently, the MPO Transportation Advisory Committee in cooperation with NCDOT directed additional federal funding to bring the project to 80% of anticipated construction costs. The amended agreement specifies the reimbursement amount and the steps the City must following in order to receive the funding. Under this amended agreement NCDOT will reimburse the City an additional $2,748,595 for a total of $7,188,595. The City will provide a required local match of $687,149 for a total of $1,797,149 and will be responsible for all costs above $8,985,744.
BUDGET IMPACT:
The amended agreement will increase funding as follows:
$2,748,595 (80%) Federal Funds
$ 687,149 (20%) Local Matching Funds
$3,435,744
Funding for the local match will come from 2016 P&R Bond account 482-5001-02 ($662,149) and 2008 Transportation Bond account 471-4502-18 ($25,000). A budget adjustment is needed to move funds to the correct accounts.
RECOMMENDATION / ACTION REQUESTED:
The Transportation Department recommends and requests approval of the attached ordinance increasing...
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