SUBJECT/RECOMMENDATION:
Title
Approve the Joint Participation Agreement (JPA) G2H31 between the City of Clearwater and the State of Florida Department of Transportation (FDOT), Re-mill and Overlay of asphalt on portions of the Apron at the Clearwater Airpark, authorize the appropriate officials to execute same, and adopt Resolution 23-08.
Body
SUMMARY:
FDOT JPA Agreement G2H31 provides for an 80% grant for the Clearwater Airpark Remill and Overlay Grant, with Airpark Reserves providing a 20% match. The remill and overlay will repair areas of the apron that have surpassed its useful life with asphalt cracking and deterioration causing safety issues. The project cost is estimated at $2,000,000 with FDOT contributing $1,600,000 and Airpark Reserves providing a $400,000 match.
APPROPRIATION CODE AND AMOUNT:
A mid-year budget amendment will provide a transfer of $350,000 of Airpark Revenues allocated from reserves and an increase of $1,400,000 in grant revenues in capital project G2306, Apron Relayment, to fund this project.
USE OF RESERVE FUNDS:
Funding for this contract will be provided by mid-year budget amendment allocating Airpark Fund reserves in the amount of $350,000 to provide the additional cash match for this project. The remaining balance of Airpark Fund reserves after 25% working capital reserves is approximately $208,167 or 63% of the current Airpark Fund operating budget.