SUBJECT/RECOMMENDATION:
Title
Accept FDOT Grant Agreement Amendment (No. 435222-1-94-01) in the amount of $100,000 for the Clearwater Airpark Hangar-C Replacement Project and authorize the appropriate officials to execute same. (consent)
Body
SUMMARY:
Council accepted FDOT Joint Participation Grant Agreement No. 435222-1-94-01 in the amount of $1,200,000 on September 20, 2018 for the Hangar-C Replacement Project. Council also approved a Construction Manager at Rick contract with J.O. DeLotto & Sons, Inc. to construct Hangar-C on February 20, 2020. This amendment will provide additional funding to add a new fire hydrant on airport property creating a looped fire system as part of the hangar project. This amendment will increase the 80/20 Joint Participation Agreement by $100,000 for a new total of $1,300,000 and the city’s matching funds will increase by $20,000 using Airpark Reserves for a new total city match of $260,000.
APPROPRIATION CODE AND AMOUNT:
A mid-year budget amendment will increase capital improvement project G1901, Replace Hangar C, recognizing a budget increase of $80,000 in grant revenue from FDOT and $20,000 in Airpark Fund revenues.
USE OF RESERVE FUNDS:
Funding for this contract will be provided by mid-year budget amendment allocating $20,000 from Airpark Fund reserves to capital improvement project G1901, Replace Hangar C. The remaining balance of Airpark Fund reserves after a 25% working capital reserve is approximately $604,953 or 178% of the current Airpark Fund operating budget.