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"...
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