|
TO: |
Board of Trustees |
|
THROUGH: |
Jay Fox, Executive Director |
|
FROM: |
Mary DeLoretto, Chief Service Development Officer |
|
|
Dave Hancock, Director of Capital Development |
|
PRESENTER(S): |
Marcus Bennett, Project Manager |
|
|
|
TITLE:
title
Contract: Funding Agreement for Midvalley Connector (Utah Department of Transportation)
end
AGENDA ITEM TYPE:
Non-Procurement Agreement
RECOMMENDATION:
Approve the Funding Agreement regarding the Midvalley Connector Project, authorize UTA’s Executive Director to execute the agreement and authorize the receipt of $22,800,000 in Transit Transportation Investment Funds (TTIF) and the use of $15,200,000 in UTA funds as match.
BACKGROUND:
The Utah Department of Transportation (UDOT) has selected the Midvalley Connector project to receive $22,800,000 from the TTIF. The subject agreement:
• Authorizes the transfer of $22,800,000 of funds from UDOT to UTA;
• Requires expenditure of provided funds to be on the Midvalley Connector project;
• Requires expenditure of matching non-state funds of $15,200,000 on the Midvalley Connector project; and
• Necessitates project reporting to UDOT.
DISCUSSION:
It is anticipated that the largest funding source of the $15,200,000 in matching funds will be the pending $62,800,000 in Federal Transit Administration (FTA) Small Starts Funds. FTA rated the Midvalley Connector project Medium-High in October, which qualifies the project for the $62,800,000 in funds, pending project selection, grant award, and UTA entering into an agreement with FTA.
The full project budget at this time would be $103,417,000 as submitted to FTA in the Small Starts Grant Application, plus the funds required for the electric buses (up to $14,000,000) which are independent of the Small Starts Grant. UTA is currently preparing a grant application for the electric buses.
CONTRACT SUMMARY:
|
Contractor Name: |
Utah Department of Transportation |
|
Contract Number: |
22-P00202 |
|
Base Contract Effective Dates: |
5 years from Agreement execution |
|
Extended Contract Dates: |
N/A |
|
Existing Contract Value: |
N/A |
|
Amendment Amount: |
N/A |
|
New/Total Contract Value: |
$22,800,000 |
|
Procurement Method: |
N/A |
|
Budget Authority: |
Grant revenue as well as matching obligation funds are included in the 5-Year Capital Plan |
|
|
|
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, matching funds will likely come from federal and local funding sources
ATTACHMENTS:
Funding Agreement for Midvalley Connector - UDOT_17842