AGENDA #4j
MEMORANDUM
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TO: |
Roger L. Stancil, Town Manager |
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FROM: |
K. Stephen Spade, Transportation Director |
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SUBJECT: |
Project Ordinance for a Transportation Capital Grant |
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DATE: |
September 10, 2007 |
The attached ordinance would establish a project budget for a transit capital grant which may be used for the purchase of land for a park and ride lot, facility design or a feasibility study for purchase and design of a park and ride lot facility in the 15-501 North corridor.
BACKGROUND
Federal funds have been received that will allow the following:
· Purchase of land,
· Design and engineering; and
· Feasibility Study of a park and ride lot in that corridor.
Federal funds will be received in three installments. The first year allocation was received on July 24, 2006 totaling of $285,536. The second year installment of $300,960 in federal funds was received on July 2, 2007. It is hoped that these funds can be used as a catalyst to purchase land for the Town through a public/private partnership in that corridor.
It is anticipated that the Town will receive the third and final allocation for design and engineering in FY2008.
DISCUSSION
Urbanized Area Formula Program (Section 5309) - Capital
On July 24, 2006 a Federal Transit Administration grant totaling $356,920 was approved by the Federal Transit Administration to purchase land, design and completion of a feasibility study for a park and ride lot in the Town’s 15-501 North corridor. The federal portion of these grants will provide 80% ($586,496). The Town of Chapel Hill will submit an application to the N.C. Public Transportation Division requesting 10% ($73,312) in matching funds.
The Town’s matching share for this grant ($73,312) will come from the Transportation Capital Reserve Fund.
That the Council adopt the attached project ordinance.