Title
Resolution Approving the Transfer of $600 from North Campus Parkway Final Overlay, $76,500 from Franklin Street Extension, and $5,450 from North King Street Phase 2 VDOT Revenue Sharing Projects to Buckroe Avenue Reconstruction-Phase 1 VDOT Revenue Sharing Project and $5,450 from North King Street Phase 2 Bond Project to Buckroe Avenue Reconstruction-Phase 1 Bond Project
Purpose
PURPOSE/BACKGROUND:
The City’s adopted Capital Improvement Plan (CIP) approved the Virginia Department of Transportation (VDOT) Revenue Sharing funds for North Campus Parkway Final Overlay, Franklin Street Extension, North King Street Phase 2, and Buckroe Avenue Reconstruction-Phase 1. The construction cost of North Campus Parkway Final Overlay, Franklin Street Extension, and North King Street Phase 2 were completed under budget; and the cost of the Buckroe Avenue Reconstruction-Phase 1 is greater than programmed.
Revenue Sharing funds comprise 50% State and 50% City funds. VDOT has agreed to transfer the excess State share of funds from the North Campus Parkway Final Overlay, Franklin Street Extension, and North King Street Phase 2 projects to the Buckroe Avenue Reconstruction-Phase 1 project to cover the additional construction costs. It is proposed that the City match be transferred to the Buckroe Avenue project as well.
Discussion:
Based on changed site conditions, the Buckroe Avenue Reconstruction-Phase 1 project currently is $165,100 short of funds. It is proposed that the excess VDOT Revenue Sharing funds from the North Campus Parkway Final Overlay project be transferred and appropriated in the amount of $600 and the excess VDOT Revenue Sharing funds from the Franklin Street Extension project be transferred and appropriated in the amount of $76,500 for a total $77,100 in VDOT Revenue Sharing funds. The existing City’s 50% match of $77,100 will be provided in the first quarter adjustments. The remaining shortfall of $10,900 will come from $5,450 from North King Stree...
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