Fiscal Note
This resolution amends the 2015 adopted Capital Improvement Plan (CIP) to shift funds for a Metro Transit satellite bus storage and maintenance facility as part of an effort to secure a federal TIGER grant to support construction of this facility. The 2015 adopted CIP includes a total of $35 million allocated in years 2018 through 2020 for this facility. This allocation assumes that the federal government pays 80% of the cost, which had been the funding split of capital costs for transit-related infrastructure. Insufficient revenues in the federal Highway Trust Fund have raised concerns that this level of federal cost-sharing might no longer be possible. The federal TIGER grant program provides opportunities for states and local governments to secure federal support for transit infrastructure projects through a competitive process. Proposals have a greater chance of success with local contributions of at least 30% or more. This resolution amends the 2015 adopted CIP to move up the $35 million to 2016 to 2018 consistent with the timeframe for this round of TIGER grant awards and increases the City general obligation borrowing support from $7 million to $17.5 million, or 50% of the estimated project costs.
If this level of borrowing is actually implemented, annual debt service will increase by $1.4 million compared to the adopted CIP. This level of annual debt service is anticipated to be fully realized in 2019.
Title
Amending the 2015 adopted Capital Improvement Plan to provide matching funds for the City’s 2015 TIGER grant application and authorizing the Mayor and Clerk to enter into a contract with USDOT to receive and expend the TIGER funds if awarded.
Body
WHEREAS, Metro Transit’s current bus facility on East Washington Ave. is designed for 160 buses but currently houses 214 40-foot buses and 17 smaller paratransit vehicles; and
WHEREAS, Metro is unable to add any peak-hour service because of garage capacity constraints;
WHEREAS, in...
Click here for full text