Title
Approval of State Infrastructure Bank (SIB) Application for the Regional Transit System (RTS) (B)
This item is a request for the City Commission to authorize the Regional Transit System (RTS) to apply for a State Infrastructure Bank (SIB) loan.
Explanation
The Regional Transit System (RTS) Maintenance Facility Expansion project is currently in the Design-Build selection process. The project is being managed by a Construction Project Manager from the City of Gainesville General Services Administration with assistance from the RTS Maintenance Manager and is scheduled to be completed in four (4) phases. Funding for Phase I of the facility has been acquired.
RTS desires to obtain a SIB loan in the amount of $8.1 million to continue with Phase II of the project and use Surface Transportation Program (STP) funds to repay the loan. The acquisition of this loan will give RTS the capacity to expand services as well as accelerate the completion of the project to 2014 rather than the anticipated 2025.
RTS will work with the Florida Department of Transportation (FDOT) to comply with FDOT 5-year work plan requirements and will modify the application, if needed. This project is included in the adopted Transportation Improvement Program (TIP) (Table 3, page 15) by the Metropolitan Transportation Planning Organization (MTPO) dated May 2, 2011, and does not conflict with any other project on the list.
RTS received a SIB loan of $4 million in 1999 to purchase buses. The project and payment with STP funds were completed as scheduled.
Fiscal Note
STP funds will be used for repayment. No local funds will be used to repay this loan.
Recommendation
The City Commission authorize the Regional Transit System (RTS) to submit the State Infrastructure Bank (SIB) loan application.