In 2016, the County applied for and was awarded $12,745,000 in FY 2018 SmartScale funding for improvements to southbound Exit 126, widening of Rt. 1, turn lanes at Southpoint Parkway, and widening of a portion of Southpoint Parkway. Additionally, the County applied for but was not awarded $875,000 in FY 2018 Revenue Sharing program funding.
The existing balance of local funding for this project is $875,000 which was to be the County's match to the FY 2018 Revenue Sharing application. An additional $875,000 will be necessary to meet the local obligation on this project after our FY 2018 Revenue Sharing funding request was not approved. The timing of the payment due on this project will require that we add $875,000 to this project in FY 2018. Staff will prepare and submit a budget adjustment request to the Board in the near future to ensure adequate local funding is available in the Exit 126 project to allow the payment to VDOT for the local share on this project to proceed in FY 2018 as required by the agreement.
Staff has received from VDOT the State's standard Project Administration Agreement in which the County agrees to fund a portion of the work and VDOT agrees to perform the work. The agreement requires a Board-approved resolution authorizing a designee to execute the agreement.
Typically, through the Revenue Sharing application process, the Board authorizes the County Administrator to sign Project Administration Agreements. However, because funding requested through the Revenue Sharing process was not approved for this project, essentially no resolution for signature authority exists. As such, staff seeks the Board's approval of the attached resolution at this time.