Title
Resolution to Amend the City Manager’s Council Approved FY2023 Capital Budget to Accept and Appropriate $2,581,382 in Revenue Share Funding from the Virginia Department of Transportation to the Capital Projects Fund for the Grant Street Roadway Project; and to Transfer Bond Funds of $873,342 from Multiple Completed Bond Projects to the Grant Street Roadway Bond Project
Purpose
The Grant Street Roadway Project (the “Project”) is new road construction on Grant Street to connect the existing Grant Circle to Armistead Avenue. The new roadway will help revitalize the Old Hampton neighborhood and support the new Mary Jackson Community Center.
The Project’s total cost is approximately $6,376,386; half of which VDOT will reimburse to the City; the other half the City will pay directly as the required local match. City Council previously requested that VDOT program the Project and approved and appropriated a portion of the funding necessary to the Project. The current action accepts and appropriates $2,581,382, which is the remaining revenue share portion. In addition, City staff has identified balances remaining on multiple completed projects that can also be transferred and appropriated to the Project, as follows: $300,000 from the completed King Street Phase IV Bond Project; $234,515 from the Coliseum Drive Extension Phase A Bond Projects; $156,059 from the Pembroke Avenue Phase III A Bond Project; $78,483 from the Circuit Court Building Bond Projects; $40,130 from the Newmarket Creek Trail Bond Projects; $27,066 from the King Street Phase III Bond Project; $17,317 from the Mercury Boulevard Phase II Bond Project; $14,749 from the Buckroe Avenue Bond Projects; and $5,023 from the Bridge Street Bridge Bond Project, all totaling $873,342. 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.
Impact
Net impact $2,581,382 of additional VDOT funding for the Project; Reallocation of $873,342 in bond proceeds to the Project.
Recommendation
Approve Resolution
Body
WHEREAS, in accordance with the Virginia Department of Transportation (“VDOT”) project funding allocation procedures, the City Council, by resolution, must request VDOT to appropriate funding for highway projects in the City of Hampton (“City”);
WHEREAS, City Council previously requested and VDOT agreed to appropriate Revenue Share funding for the Grant Street Roadway Project (the “Project”) within the Revenue Share Funding Program;
WHEREAS, the Project is included in the Capital Budget of the City Manager's, City Council approved budget for fiscal year 2023 ("FY2023 Capital Budget") and by prior City Council action, a portion of VDOT funds necessary for the Project were accepted and appropriated;
WHEREAS, VDOT has currently made available $2,581,382 of additional Revenue Share funding for the Project;
WHEREAS, City staff identified completed bond projects with surplus funds that can be utilized to fund a portion of the required local contribution if transferred to this Project from the following: $300,000 from the King Street Phase IV Bond Project; $234,515 from the Coliseum Drive Extension A Bond Projects; $156,059 from the Pembroke Avenue Phase III Bond Project; $78,483 from the Circuit Court Building Bond Projects; $40,130 from the Newmarket Creek Trail Bond Projects; $27,066 from the King Street Phase III Bond Project; $17,317 from the Mercury Boulevard Phase II Bond Project; $14,749 from the Buckroe Avenue Bond Projects; and $5,023 from the Bridge Street Bridge Bond 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 these funds will be paid 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 that for the purposes of the Project that:
1. The FY2023 Capital Budget (Capital Projects) Fund is hereby amended to accept and appropriate $2,581,382 in Additional Revenue Share Funding to the Capital Budget (Capital Projects) Fund for the Grant Street Roadway Project;
2. The transfer of surplus bond funds in the amounts of $300,000 from the King Street Phase IV Bond Project; $234,515 from the Coliseum Drive Extension A Bond Projects; $156,059 from the Pembroke Avenue Phase III Bond Project; $78,483 from the Circuit Court Building Bond Projects; $40,130 from the Newmarket Creek Trail Bond Projects; $27,066 from the King Street Phase III Bond Project; $17,317 from the Mercury Boulevard Phase II Bond Project; $14,749 from the Buckroe Avenue Bond Projects and $5,023 from the Bridge Street Bridge Bond Project, totaling $873,342, to the Capital Budget (Capital Projects) Fund for the Grant Street Roadway Bond Project is authorized and approved; and
3. The City Manager or her authorized designee is hereby authorized to execute and deliver any and all documents necessary to carry out the purposes of this Resolution, subject to approval by the City Attorney.