Minutes 07/24/2018 - Laserfiche WebLink

Home Browse Search

July 24, 2018  Subject to appropriation, in FY 2020 the project will be funded in the additional amount of $525,000, with 50% of the funding to be provided by VDOT and 50% by the City.  Subject to appropriation, in FY 2021-2023, the project will funded in the additional amount of $7,237,000, with 100% of the funding to be provided by VDOT.  The purposes of the ordinance presented to Council are to: (1) formally accept the VDOT funding for the project; (2) reduce the previously adopted appropriations and revenues for the project to reflect the structure set forth above; and (3) revise the FY 2020-2023 Capital Improvement Plan to reflect the additional funding to be received from VDOT. Financial Impact:  The revised project cost estimate is $10,368,000.  The new funding approved by VDOT substantially increases the Commonwealth’s share of the project cost and substantially decreases the City’s share of the project cost. Recommended Action:  Adoption of the ordinance. Next Steps Following Council Action:  The Finance Department will make the necessary budgetary adjustment. Motion by Ms. Lucas-Burke, and seconded by Mr. Clark, to adopt the following ordinance, and was adopted by the following vote: “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.” Ayes: Clark, Lucas-Burke, Moody, Psimas, Smith, Whitaker, Rowe Nays: None 18 - 292 - Adoption of a resolution authorizing and supporting submission of an application for participation in the Virginia Department of Transportation Economic Development Access Program. Background:  The Economic Development Access Program provides funding to create adequate roadway access for potential economic development sites.  Adequate access may require the construction of a new roadway, improvement of an existing roadway, or both, to serve the designated site. Discussion:  VDOT administers several access road programs.  The former BASF in West Norfolk is a prime industrial development site identified by our Economic Development Department.  This project will include the construction of employee and truck access roads to the former BASF site in addition to the reconstruction of West Norfolk Road from VA 164 to Shipwright Road.  These access roads will make this site more marketable and also help revitalize the industrial area to the south of West Norfolk Road.  The Portsmouth Port and Industrial Commission is providing a resolution of support to accompany the application.  A resolution from City Council outlining the request to participate and its support of the project is required to complete the application process.  Under the terms of the grant, VDOT can recapture some or all of the grant funds if matching investments (including private investments) in an amount equal to five times the amount of the grant are not made within a certain period of time after award. The City would be required to post a surety bond to secure the recapture right.