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Consider a resolution for VDOT's FY 2015-2016 Revenue Sharing Program
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Presented By: Jim Baker, Director of Public Works.
Recommendation and Review
VDOT has historically offered its Revenue Sharing Program to localities to advance transportation projects to construction. Localities may apply for a maximum of $10 million annually through this program.
Staff is requesting Council's consideration for the City applying for a Revenue Sharing Grant in the FY16 budget cycle to:
1. Finance construction of the Reservoir Street Reconstruction Project in the amount of $3,000,000 ($1,500,000 revenue sharing, and $1,500,000 City matching funds).
2. Finance replacement of the Pleasant Valley Road bridge in the amount of $1,500,000 ($750,000 revenue sharing, and $750,000 City matching funds).
3. Finance construction of an extension to the Bluestone Trail within JMU in the amount of $729,000 ($364,500 revenue sharing, and $364,500 City matching funds provided by JMU).
4. Finance a portion of the annual paving program in the amount of $1,900,000 ($950,000 revenue sharing, and $950,000 City matching funds).
Applications are due to VDOT November 1, 2014.