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HomeMy WebLinkAbout08004ORDINANCE NO. 8004 AN ORDINANCE BUDGETING, APPROPRIATING AND TRANSFERRING FUNDS IN THE AMOUNT OF $890,183 FROM THE GENERAL FUND RESERVES INTO PROJECT NO. DT0802 — FOR USE AS THE REMAINING MATCH FOR A FEDERAL EARMARK FOR THE DILLON DRIVE / I -25 INTERCHANGE STUDY BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. Funds in the amount of $890,183 shall be transferred from the General Fund Reserves into Project No. DT0802 — Dillon Drive / 1 -25 Interchange Study. SECTION 2. Said funds are hereby budgeted and appropriated for said project. SECTION 3. This Ordinance shall become effective immediately upon final passage and approval. A77ESTED SY: CITY CLERK INTRODUCED: April 27, 2009 BY: Judy Weaver Councilperson APPR t)' 40 �- PRESIDENTof City Council PASSED AND APPROVED: May 11, 2009 AS AMENDED May 11, 2009 L t > Background Paper for Proposed ORDINANCE DATE: APRIL 27, 2009 DEPARTMENT: PUBLIC WORKS INTERIM DIRECTOR — MICKEY BEYER, P.E. TITLE AGENDA ITEM #19 AN ORDINANCE BUDGETING, APPROPRIATING & TRANSFERRING FUNDS IN THE AMOUNT OF $890,183 FROM THE GENERAL FUND RESERVES INTO PROJECT NO. DT0802 FOR USE AS THE REMAINING MATCH FOR A FEDERAL EARMARK FOR THE DILLON DRIVE / 1 -25 INTERCHANGE STUDY AND PHASE I CONSTRUCTION ISSUE Should the City Council budget, appropriate, and transfer funds in the amount of $890,183 from the General Fund Reserves into Project No. DT0802 - Dillon Drive / 1 -25 Interchange Study and Phase I construction. RECOMMENDATION Approval of this Resolution. BACKGROUND Currently Short Elliot Hendrickson, Inc. (SEH) is under contract to perform those studies required by the Colorado Department of Transportation (CDOT) and the Federal Highway Administration (FHWA) for a possible interchange near the present terminus of Dillon Drive (west of 1 -25) and 1 -25. Upon completion of the study and fulfilling all approvals from CDOT and FHWA, the City intends to construction Phase I improvements of the Interstate interchange. It is imperative that the City secure the earmark due to the expiration date being September 2009. FINANCIAL IMPACT The City received a $5.427 million grant from the Federal Highway Administration for the study and design of an interchange and to construct that portion of the interchange with the remaining funds. The grant has a 20% local agency (City) match requirement. A previous Council action approved the acceptance of said grant of up to $800,000 and transferred $200,000 from the City's Reserve Account Fund into the project account (DT0802). The City has submitted an application to the Department of Local Affairs for a grant to be used for this project in the amount of $400,000. If approved, the actual amount of the grant received will be deposited into the General Reserve Fund to replenish the monies expended. This Ordinance will authorize the transfer of $890,183 from the General Fund Reserves into Project No. DT0802, and accept the remaining $3,560,732 of said grant and authorize a modification to the Contract with CDOT.