Submitted By
Bill McKenna, Village Engineer
Reviewed By
A.M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
A Resolution Approving the Improvement Under the Illinois Highway Code and the Appropriation of up to an Additional $1,000,000 from the Motor Fuel Tax Fund to Fund a Portion of the Construction of the Lake Street Improvement Project, Section 16-00264-00-PV, and Authorizing Execution of the Necessary Documents
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Overview
Overview
Motor Fuel Tax (MFT) Funds can be used to pay the up to half the costs of the Village's share of eligible items for the federally funded Lake Street Improvement project. The Village previously authorized $900,000 in MFT funds for the Lake Street Streetscape project. Construction is complete and based on the pre-final cost estimates, MFT funds can be used instead of local Capital Improvement Funds to pay the remaining balance owed on the project, which is estimated at $1,822,154. This resolution increases the amount of MFT funds that can be used from $900,000 up to $1,900,000 to fund the Village's share of the Lake Street Streetscape.
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Recommendation
Recommendation
Adopt the Resolution.
Background
Motor Fuel Tax funds can be used to fund up to half of the eligible local costs for the Lake Street streetscape project. This resolution authorizes up to an additional $1,000,000 in Motor Fuel Tax (MFT) funds for this project, for a total MFT amount of up to $1,900,000.
The Village and the contractor have agreed to final quantities and based on the final quantities for the project additional MFT funds can be used to pay for the final payment to IDOT for the job. The remaining amount for the final payment for the project is estimated at $1,822,154 based on these final quantities. Pending Village Board concurrence, MFT funds would be used for this final payment.
Overall the streetscape project was built under budget. The awarded and budgeted amount for the project was $10,557,783 and the final cost...
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