Title
Resolution To Amend the Fiscal Year 2022 Council Approved Budget to Accept and Appropriate $777,275 in Additional Revenue Share Funding and $322,369 in Additional Urban Construction Initiative Funding from the Virginia Department of Transportation to the Capital Projects Fund for the North King Street Phase IV Project and Transfer Bond Funds of $76,735 From the Pembroke Avenue Bond Projects, $298,735 from the Commerce Drive Extension Bond Projects, $101,264 from the Todds Lane Big Bethel Bond Project and $150,541 from the Freeman Drive Reconstruction Bond Projects to the North King Street Phase IV Bond Project
Purpose
PURPOSE/BACKGROUND:
The North King Street Phase IV Bond Project will provide a new pedestrian and bicycle facility along the east side of North King Street, between Pembroke Avenue and I64. It will also improve the existing curbing, storm sewer system, pavement surface, street lighting, and signalized intersection.
Previous revenue share funding and urban construction initiative funding was included in the Fiscal Year 2020 Council Approved Capital Improvement Plan for the North King Street Phase IV project. City staff has identified $76,735 from the completed Pembroke Avenue Bond Projects, $298,735 from the Commerce Drive Extension Bond Project, $101,264 from the Todds Lane Big Bethel Bond Project and $150,541 from the Freeman Drive Reconstruction Bond Project that may be utilized and is available for the North King Street Phase IV Project. 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 approve the transfer of these local match funds.
Discussion:
See Purpose/Background Above.
Impact:
Net Impact $1,099,644 of additional VDOT funding for the North King Street Phase IV Project; Reallocation of $627,275 in bond proceeds to the North King Street Phase IV 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 program highway projects in the City of Hampton;
WHEREAS, City Council has previously requested and VDOT has agreed to appropriate the sum of $777,275 in additional Revenue Share funding and $322,369 in additional Urban Construction Initiative funding for the North King Street Phase IV Project;
WHEREAS, City staff has identified from completed projects with surplus funds in the amounts of $76,735 from the Pembroke Avenue Bond Projects; $298,735 from the Commerce Drive Extension Bond Project; $101,264 from the Todds Lane Big Bethel Bond Project and $150,541 from the Freeman Drive Reconstruction Bond Project that can be utilized as the required local contribution if transferred to the Project;
WHEREAS, these funds were not previously included in the Fiscal Year 2022 Council Approved Budget;
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 amends the Fiscal Year 2022 Council Approved Budget and hereby accepts $777,275 in Additional Revenue Share Funding and $322,369 in Additional Urban Construction Initiative Funding from the Virginia Department of Transportation and appropriates those fund to the Capital Projects Fund for the North King Street Phase IV Project and transfers bond proceeds in the amounts of $76,735 from the Pembroke Avenue Bond Projects, $298,735 from the Commerce Drive Extension Bond Projects, $101,264 from the Todds Lane Big Bethel Bond Project, and $150,541 from the Freeman Drive Reconstruction Bond Projects to the Capital Projects Fund for the North King Street Phase IV Bond Project.
BE IT FURTHER RESOLVED, that the City Manager, or her authorized designee, is hereby authorized to take any and all necessary action to carry out the purposes of this Resolution, subject to the approval by the City Attorney.