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R -20 -15 A RESOLUTION TO AMEND THE COST ALLOCATION AGREEMENT BETWEEN THE CITIES OF CHESAPEAKE, HAMPTON, NEWPORT NEWS, NORFOLK, PORTSMOUTH, VIRGINIA BEACH AND THE TRANSPORTATION DISTRICT COMMISSION OF HAMPTON ROADS. WHEREAS, the Cities of Chesapeake, Hampton, Newport News, Norfolk, Portsmouth and Virginia Beach (collectively, the - Participating Cites ") and the Transportation District Commission of Hampton Roads (HRT) are parties to the Cost Allocation Agreement, effectively dated October 1, 1999 ( "Allocation Agreement "). WHEREAS. the Allocation Agreement, among its other provisions, defines how state and federal fundin« received by HRT P, allocated to the Participating Cities for the capital and operating costs associated with acquiring, consolidating, rehabilitating. operating and expanding public transportation facilities and services for the Hampton Read, region. WHEREAS, the Allocation Agreement currently require, f {RT to distribute it, cligihle federal and state funding to each Participating Cities on a /ern iut�r basis haled on the annual cost to prop ide transit service, and the level requested by each Participating City. WHEREAS, the Hampton Roads Regional Transit Program and Fund ("Fund ") was established pursuant to Virginia Code § 33.2 -600.1 for the purpose of helping to provide a modern, safe, and efficient core network of transit services across the Hampton Roads region. The Fund provides financial support for the development, maintenance, improvement, and operation of a core and connected regional network of transit routes and related infrastructure, rolling stock, and support facilities, to include the operation of a regional system of inter jurisdictional, high - frequency bus service. WHEREAS, the Fund is funded, in part. by real estate recordation taxes pursuant to Virginia Code § 58.1-816 ("Recordation Tax "). WHEREAS, prior to the establishment of the Fund, the City of Portsmouth received a portion of the Recordation Tax from the Commonwealth of Virginia. WHEREAS, the loss of revenue from the reallocation of the Recordation Tax has created an ongoing financial burden on the City of Portsmouth. WHEREAS, HRT may help all Participating Cities mitigate this adverse financial impact by strategically allocating its eligible state and federal funding. WHEREAS. the current Allocation Agreement does not permit HRT to strategically allocate its state and federal funding amongst the Participating Cities. WHEREAS, the Allocation Agreement may be amended, via a resolution from each Participating City, to permit HRT to strategically allocate its eligible state and federal funding.