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0g0k�HCE 18 L AN ORDINANCE TO ACCEPT CERTAIN REVENUE SHARING, STATE OF GOOD REPAIR AND SPECIALIZED STATE AND FEDERAL: BOND FUNDING APPROVED BY THE VIRGINIA DEPARTMENT OF TRANSPORTATION FOR THE PARADISE CREEK (VICTORY BOULEVARD) BRIDGE PROJECT AND TO AMEND THE FY 2019 -2023 CAPITAL IMPROVEMENT PROGRAM ACCORDINGLY. WHEREAS, the Paradise Creek (Victory Boulevard) Bridge Project is an existing project in the Capital Improvement Fund budget; and WHEREAS, prior to FY 2019 a total of $500,000 was appropriated to the Project, including $250,000 in funding from the Commonwealth of Virginia and /or VDOT and $250,000 in funding from the City; and WHEREAS, as part of the Capital Improvement Program budget adopted by City Council on May 8, 2018 through Ordinance 2018 -34, an additional $4,000,000 was appropriated to the Project, which was intended to be funded 50% by VDOT and 50% by the City; and WHEREAS, the City of Portsmouth has been notified that VDOT has approved the Project for Revenue Sharing Funding in the amount of $1,596,000, which will be funded 50% by VDOT and 50% by the City; and WHEREAS, the City of Portsmouth has also been notified that VDOT has approved State of Good Repair funding for this Project in the amount of $8,342,000 and Specialized State and Federal: Bond funding in the amount of $430,000, for a total of $8,772,000, which will be funded 100% by VDOT; and WHEREAS, it is necessary to formally accept the VDOT Revenue Sharing Funding, the State of Good Repair Funding and the Specialized State and Federal: Bond Funding; and WHEREAS, it is further necessary to adopt a Paradise Creek (Victory Boulevard) Bridge Project Ordinance Amendment to reduce the State Funding — VDOT line item by $1,180,000 and to reduce the Local Funding — Future Bond Issuance line item by $1,715,000; and WHEREAS, it is further necessary to revise the FY 2020 -2023 Capital Improvement Plan to reflect the additional State Funding from VDOT of $6,450,000 and the reduction of Local Funding - Future Bond Issuance by $1,787,000; NOW THEREFORE BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That it accepts VDOT Revenue Sharing Funding in the amount of $1,596,000, to be funded 50% by VDOT and 50% by the City.