Title
Resolution Approving the Transfer of $216,250.00 of Excess Virginia Department of Transportation Revenue Sharing Funds and $177,911,00 in City Bond Funds to the Pembroke Avenue Phase III Project
Purpose
PURPOSE/BACKGROUND:
The City’s adopted Capital Improvement Plan (CIP) approved Virginia Department of Transportation (VDOT) Revenue Sharing funds for streetscaping on Mallory Street Phases I and II from Mercury Boulevard to County Street, upgrading the guardrail on Kecoughtan Road at Sunset Creek, placing fiber optic cable on Big Bethel Road from N. Park Drive to Saunders Road, and streetscaping the third phase of Pembroke Avenue from Little Back River Road to Skyland Drive. The construction costs on both phases of Mallory Street, the Kecoughtan Guardrail, and the Big Bethel fiber projects came in under budget, and the cost of the streetscaping the third phase of Pembroke Avenue from Little Back River Road to Skyland Drive 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 both phases of the Mallory Street, Kecoughtan Guardrail, and Big Bethel Road fiber projects to the third phase of the Pembroke Avenue from Little Back River Road to Skyland Drive project to cover the additional construction costs. It is proposed that the Local bond and capital fund match for both projects be transferred as well.
Discussion:
Based on bids just received on the Pembroke Avenue project, it is currently $394,161.00 short of funds. It is proposed that excess State Revenue Sharing funds totaling $216,250.00 and that City Bond Funds from the Mallory Street Streetscaping Phase I and Phase II projects totaling $177,911.00 be transferred as indicated in the attached table. The State share of funds is reimbursable and is paid on a reimbursement basis following the expenditure of City funds.
Impact:
All $394,161.00 is state and local funds have been approved and ...
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