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R-14-40 <br />A RESOLUTION COMMITTING $225,000 IN FUNDS APPROPRIATED IN THE <br />FY 2014-15 CAPITAL IMPROVEMENTS FUND AS MATCHING FUNDS FOR A <br />$900,000 GRANT FOR THE TRANSPORTATION ALTERNATIVES PROGRAM <br />FROM THE VIRGINIA DEPARTMENT OF TRANSPORTATION FOR THE <br />RAIL TO TRAIL CONVERSION OF THE FORMER COMMONWEALTH <br />RAILWAY TRACK RIGHT OF WAY. <br />WHEREAS, the City Council adopted Resolution R-13-45 on September 24, <br />2013, supporting the City's application to the Virginia Department of Transportation's <br />(VDOT) Transportation Alternatives Program ("Program") for funding of the Rail to <br />Trail conversion of the former Commonwealth Railway track right-of--way in <br />Churchland; and <br />WHEREAS, the Program requires that the City commit $225,000 or its <br />equivalent as a match for a grant of $900,000; and <br />WHEREAS, the City has appropriated sufficient funds in the FY 2014-15 Capital <br />Improvements Fund for the required match; and <br />WHEREAS, upon transfer of title to the right-of--way to the City, the assessed <br />value of the property will be substituted for the cash match. <br />NOW THEREFORE BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia, that it hereby commits the sum of $225,000 previously <br />appropriated in the FY 2014-15 Capital Improvements Fund for use as the required match <br />for the subject grant under the VDOT Transportation Alternatives Program. <br />BE IT FURTHER RESOLVED that the City Manager be, and hereby is, <br />authorized to substitute such equivalent to the cash match as is in the best interest of the <br />City and permissible under the terms of the grant. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on November 25, 2014. <br />Teste: <br />City Clerk <br />