Title
Modification of Authorization for Use of FY 2003 Retained Earnings for RTS Administrative and Operations Building Expansion (NB)
Explanation
City Commission approved the use of retained earnings for the Regional Transit System (RTS) Administrative and Operations Building Expansion project on October 25, 2004 in the amount of $139,871, and on September 13, 2004 in the amount of $113,166. On April 21, 2005, bids were received for this project and the lowest bid received was approximately $1,295,000. RTS' budget for this project was $742,347 ($236,273 in Federal Transit Administration (FTA) funds, $253,037 in retained earnings, and $253,037 in Florida Department of Transportation (FDOT) funds).
Due to lack of funding to complete this project as approved, RTS recommends that this project be completed in two phases. The site preparation work required before the construction of the building expansion has already been approved, therefore, RTS recommends executing this portion of the project as Phase I. When funds become available, execute construction of the Administrative and Operations Building Expansion as Phase II. In addition, RTS also recommends that if any funds available after completion of the site work, to then proceed with the pavement of the existing lime-rock bus parking lot. This plan of action would allow staff to complete an essential portion of the plan and not lose the scarce monetary resources currently available through the FDOT and FTA funds.
RTS currently has two (2) FDOT Urban Capital grants that require a 50% match of local funds. These FDOT grants expire on June 30, 2005 ($1,250,000) and December 31, 2005 ($285,265), respectively. RTS has submitted a request to FDOT for an extension on these grants.
Fiscal Note
Use of the retained earnings previously approved for RTS Administrative and Operations Building Expansion and Site Work.
Recommendation
The City Commission: 1) authorize the Regional Transit System to use available retained earnings, as recommended; and 2) authorize the Interim City Manager or designee to approve the use of these funds.