Fiscal Note
The proposed resolution amends the Bus Rapid Transit project by advancing $3.0 million from 2021 to 2020. This funding is being advanced to satisfy an FTA requirement for commitment of local matching for the project. This amendment does not change the overall project budget for Bus Rapid Transit. The 2020 Adopted Capital Budget includes $128.5 million for the BRT project in the Transportation budget.
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Amending the 2020 Adopted Capital Budget to appropriate $3.0 million in GO Borrowing for the East-West Bus Rapid Transit project in the Transportation project in order to comply with FTA funding requirements necessary to enter project development. Being accepted by FTA into Project Development is a prerequisite for FTA’s Small Starts project evaluation.
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WHEREAS the City of Madison has been investigating Bus Rapid Transit since 2013 in an effort to move towards sustainable and equitable transportation; and,
WHEREASE, the City of Madison authorized the East-West BRT Phase 1 Project Development in 2018 with resolution RES-18-00038; and,
WHEREAS in the 2020 budget process, the City included East-West BRT in the Capital Improvement Program, with $4 million allocated for 2020 and $9.4 million allocated in 2021; and,
WHEREAS in spring of 2020 the Common Council adopted a Locally Preferred Alternative and authorized the request for entrance into the Project Development Phase in resolution RES-20-00289, which is a prerequisite for submitting the project into FTA’s Small Starts project evaluation; and,
WHEREAS the City of Madison intends to submit the East-West BRT project for evaluation in the Small Starts program in September 2020; and,
WHEREAS the FTA requires that the local funding for the Project Development phase, estimated at $6.6 million, to be fully committed to prior being accepted into Project Development; and
WHEREAS the $4 million in the 2020 Capital Budget is part of the estimated $6.6 million of Project Development costs, with the remaining amount needed for Project Development incorporated in the $9.2 million budgeted for East-West BRT in the Capital Improvement Program for 2021;
NOW THEREFORE BE IT RESOLVED that the 2020 Adopted Capital Budget is amended to appropriate $3.0 million in GO Borrowing for the East-West BRT project by advancing funding anticipated in 2021 to 2020.