Title
Resolution for a Joint Participation Agreement for Corridor Development Funds (B)
Explanation
The City of Gainesville Regional Transit System (RTS) has requested a Joint Participation Agreement (JPA) from the Florida Department of Transportation (FDOT) for the FY 2003-2004 Corridor Development Funds for the continuation of the SW 34th Street Corridor (SR 121) for bus services. This agreement will provide a total of $400,000 for the project, funded on a 50/50 matching basis between the FDOT and RTS. These funds will provide for development, implementation, operational, and/or capital costs. The corridor development project is to develop the SW 34th Street Corridor by providing service from Southwest Gainesville to the University of Florida via SW 34th Street. Along this new route there are several major apartment complexes, a major Hotel and Conference Center, the Performing Arts Center, and two museums affiliated with the University of Florida. The objective of this route is to reduce traffic congestion along SW 34th Street and the campus and to decrease travel times.
Fiscal Note
FDOT has sent a Joint Participation Agreement to RTS in the amount of $400,000 on a 50/50 matching basis for the Corridor Development Funds. Local match for this JPA is available in the RTS operating budget.
Recommendation
The City Commission adopt the Resolution authorizing the execution of a Joint Participation Agreement with the Florida Department of Transportation for Corridor Development Funds.