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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
William Greene, Chief Financial Officer |
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PRESENTER(S): |
William Greene, Chief Financial Officer |
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TITLE:
title
Contract: Funding Agreement for Final Payment on Depot District (Utah Department of Transportation)
end
AGENDA ITEM TYPE:
Non-Procurement Agreement
RECOMMENDATION:
Approve Funding Agreement regarding the final payment on the Depot District Project. Authorize UTA’s Executive Director to execute the agreement with UDOT and authorize the receipt of $3,800,000 in one-time State general fund allocation appropriated in HB3 Item 169 (2022).
BACKGROUND:
The Utah Department of Transportation (UDOT) received a State General Fund allocation from the 2022 Legislature as stated in House Bill 3 - Item 169. The subject agreement:
• Authorizes the transfer of $3,800,000 of funds from UDOT to UTA;
• Requires expenditure of provided funds to be on the Depot District project;
• Requires expenditure of funds of $3,800,000 by June 30, 2023; and
• Necessitates project reporting to UDOT.
DISCUSSION:
It is anticipated that the Depot District will be open in April 2023.
The full project budget at this time would be $95,000,000 as submitted to FTA in the Formula and Discretionary Grant Amendments. UTA anticipates opening the facility in April and addressing remaining punch list work over the upcoming months as necessary.
CONTRACT SUMMARY:
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Contractor Name: |
Utah Department of Transportation |
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Contract Number: |
23-P00246 |
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Base Contract Effective Dates: |
Immediate execution upon signing |
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Extended Contract Dates: |
N/A |
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Existing Contract Value: |
N/A |
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Amendment Amount: |
N/A |
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New/Total Contract Value: |
$3,800,000 |
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Procurement Method: |
N/A |
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Budget Authority: |
2023-2027 5-Year Capital Plan |
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ALTERNATIVES:
UTA could negotiate revisions to the Agreement with UDOT that are deemed prudent.
FISCAL IMPACT:
The funds transferred by this Agreement are an essential funding source for the project
ATTACHMENTS:
Funding Agreement for Depot District