Fiscal Note
Funds under this grant will be used to support the Transit Division Capital and Operating budgets. Up to 80% of the total project cost of $8,671,441 $8,374,120 is funded by USDOT/FTA with the remaining 20% local share ($1,734,288) (1,674,824) to be funded from general obligation debt and operating funds included in the Transit Utility’s Capital and Operating budgets. Please see the attached document “2013 Section 5307 Grant Application” showing the cost breakdown.
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SUBSTITUTE. Amending RES-13-00296 (Legistar File #29169) authorizing the Transit General Manager to file an application for a Section 5307, public transit capital, capital maintenance, and capital planning grant with U.S. Department of Transportation and authorizing the Mayor and the City Clerk to execute the associated grant agreement with USDOT and the associated 13 (c) agreement with Teamsters Local No. 695.
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WHEREAS, the Common Council previously approved the 2013 Section 5307 Grant on April 16, 2013, RES-13-00296 (Legistar file #29169) and;
WHEREAS, it was subsequently discovered that RES-13-00296 contained an incorrect grant amount and;
WHEREAS, the Common Council wishes to correct the amount of the 2013 Section 5307 Grant to reflect the correct grant amount;
NOW THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF MADISON:
1. Paragraph 1 of the Fiscal Note in RES-13-00296 is corrected as follows:
Funds under this grant will be used to support the Transit Division Capital and Operating budgets. Up to 80% of the total project cost of $8,671,441 $8,374,120 is funded by USDOT/FTA with the remaining 20% local share ($1,734,288) (1,674,824) to be funded from general obligation debt and operating funds included in the Transit Utility’s Capital and Operating budgets. Please see the attached document “2013 Section 5307 Grant Application” showing the cost breakdown.
2. All other terms, conditions and actions as stated in RES-13-00296 remain unchange...
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