Title
Resolution to Appropriate $423,421 in Revenue Share Funding to be Received from the Virginia Department of Transportation to the Coliseum Drive Extension Phase A Project; and to Transfer Bond Funds of $79,914 From North King Street Phase II Bond Project, $268,091 From the Booker T. Washington Bridge Repair Bond Project and $75,416 From the Mallory Street Improvements Phase II Bond Project to the Coliseum Drive Extension Phase A Project to fund the City’s Fund Match Obligation for that Project
Purpose
PURPOSE/BACKGROUND:
The Coliseum Drive Extension Phase A Project (“Project”) is providing a new four-lane roadway extension of Coliseum Drive from Hampton Roads Center Parkway to Butler Farm Road. The design will include a multi-use path ten feet wide on the west side of the roadway and a sidewalk five feet wide on the east side. The request for additional funds for the Project have a rate of 50% state share and 50% reimbursable local contribution.
City staff has identified $423,421 of available bond funds from other completed projects and those surplus funds can be utilized as the required local contribution. The North King Street Phase II Bond Project has $79,914 of available funds; the Booker T. Washington Bridge Repair Bond Project has $268,091 of available funds; and the Mallory Street Improvements Phase II Bond Project has $75,416 of available funds. Hampton City Charter Sec. 6.12 and Hampton City Code Sec. 2-137 require that the City Council approve the transfer of unencumbered appropriations from one department to another department, as well as any transfer of bond proceeds. Pursuant to those provisions, staff requests Council to approve the transfer of these local match funds.
Discussion:
See Purpose/Background above.
Impact:
Net Impact $423,421 for existing Revenue Share Project.
Recommendation:
Rec
Approve the Resolution.
Body
WHEREAS, in accordance with Virginia Department of Transportation ("VDOT") project allocation procedures, City Council must request, by resolution, that VDOT appropriate highway projects in the City of Hampton;
WHEREAS, City Council has previously requested and VDOT has agreed to appropriate the sum of $423,421 in additional revenue share funding for the Coliseum Drive Extension Phase A Project (“Project”);
WHEREAS, City staff has identified $423,421 of available bond funds from the North King Street Phase II Bond Project, Booker T. Washington Bridge Repair Bond Project and the Mallory Street Improvements Phase II Bond Project that have been completed and those surplus funds can be utilized as the required local contribution if transferred to the Project;
WHEREAS, Hampton City Charter Sec. 6.12 and Hampton City Code Sec. 2-137 requires that City Council approve the transfer of unencumbered bond proceeds; and
WHEREAS, the VDOT share of those funds will be paid to the City on a reimbursement basis following the expenditure of City funds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HAMPTON, VIRGINIA:
(1) That Revenue Share Funding totaling $423,421 to be received from the Virginia Department of Transportation is hereby appropriated to the Coliseum Drive Extension Phase A Project; and
(2) That $79,914 shall be transferred from the North King Street Phase II Bond Project; $268,091 shall be transferred from the Booker T. Washington Bridge Repair Bond Project; and $75,416 shall be transferred from the Mallory Street Improvements Phase II Bond Project to the Coliseum Drive Extension Phase A Project to provide the City’s funding match obligation for that Project.