Title
Resolution Approving the Transfer of Virginia Department of Transportation’s Revenue Sharing Program Funds, from the LaSalle Avenue at Kecoughtan Road Intersection Improvements Project in the Amount of $159,972.00 and Local Bond Funds from the North King Street Phase III Project in the Amount of $159,972.00, to the Mercury Boulevard Phase II Project
Purpose
PURPOSE/BACKGROUND:
The City’s adopted Capital Improvement Plan (CIP) approved Virginia Department of Transportation (VDOT) Revenue Sharing funds for intersection improvements at LaSalle Avenue at Kecoughtan Road, streetscaping the third phase of North King Street from Little Back River Road to the Langley gate, and streetscaping the second phase of Mercury Boulevard from Coliseum Drive to Armistead Avenue. The construction costs of the intersection improvements were completed under budget, and the cost of streetscaping the second phase of Mercury Boulevard from Coliseum Drive to Armistead Avenue is greater than programmed.
Revenue Sharing funds are 50% State and 50% City Funds. VDOT has agreed to transfer the excess state share of funds from the intersection improvements at LaSalle Avenue at Kecoughtan Road project to the second phase of Mercury Boulevard from Coliseum Drive to Armistead Avenue project to cover the additional construction costs. It is proposed that the local match be transferred from the third phase of North King Street from Little Back River Road to the Langley gate.
Discussion:
Based on bids just received on the second phase of the Mercury Boulevard project, it is currently $319,944.00 short of funds. It is proposed that the excess State funds from the LaSalle Avenue at Kecoughtan Road project be transferred and appropriated in the amount of $159,972.00 and that excess Local funds from the North King Street Phase III project be transferred and appropriated in the amount of $159,972.00.
The State share of funds is reimbursable and is paid on a reimbursement basis ...
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