Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: RES 18-1018    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 11/5/2018 Final action: 11/5/2018
Title: A Resolution Authorizing Local Funding for the Federally Funded Lake Street Streetscape Project, Section Number 16-00264-00-PV
Attachments: 1. Resolution Lake Street Funding, 2. LakeStreet_UpdatedCIP Budget Sheet, 3. Debt Amortization Graphs
Submitted By
Bill McKenna, Village Engineer

Reviewed By
LKS

Agenda Item Title
Title
A Resolution Authorizing Local Funding for the Federally Funded Lake Street Streetscape Project, Section Number 16-00264-00-PV

End
Overview
Overview
The Village received federal funds for the streetscape project on Lake Street from Harlem Avenue to Euclid Avenue. The project design is complete and the project is scheduled to be bid by the State in January of 2019 with construction occurring in 2019. The total cost of for construction of the streetscape project is estimated at $10,162,022 with the Village's share of this project currently at $7,162,022. The resolution committing Village of Oak Park funding for the local share of the project is required by the State as part of their agreement process.

Body
Staff Recommendation
Approve the Resolution.

Fiscal Impact
The total construction cost of the streetscape project is estimated at $10,162,022. The Village is responsible for all of the costs in excess of the $3 million in federal funds for this project which are estimated at $7,162,022. The State will pay for the construction work and will invoice the Village for the Village's share of the project.

The proposed FY 2019 Budget includes funds for this project in the Capital Improvement Fund, Public Works-Engineering, for Streetscaping account no. 3095-43780-101-570959.

A revised Capital Improvement Plan sheet summarizing the costs for the various projects on Lake Street is included as an attachment. The current estimated construction cost for all of the projects is estimated at $14,949,022 with the Village's share equal to $11,949,022.

Background
The design work for the Lake Street Streetscape project is complete. In order for IDOT to bid the project in January of 2019, the State requires that the Village enter into an agreement with the State and commit funding for the project since the project will use federal funds. A separate agenda for a Local Ag...

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