Title
Consider a resolution authorizing the submittal of a grant application for funding from FY 2018 Grants for Buses and Bus Facilities Infrastructure Investment Program 5339 (b) in the amount of $6,542,560 for the Round Rock Transit Center Expansion Project.
Body
The Federal Transit Administration (FTA) has issued a call for projects for Section 5339 funding. The Transportation Department is applying for these funds to expand the transit garage. If the project is selected, the FTA provides 80% of the funding and the City's local match is 20%. The project is scaleable and consists of the following:
Option 1: The minimum request, would provide 198 new parking spaces, for a total of 308 parking spaces. This option does not include the retail build out.
The funding for this option is $3,263,040 in federal dollars and $815,760 in local dollars.
Option 2: Provide 198 new parking spaces with the retail build out. The retail build out on the first floor will eliminate the existing 49, however the economic benefit offsets this loss in spaces.
The funding for this option is $4,911,040 in federal dollars and $1,227,760 in local dollars.
Option 3: Provide 297 new parking spaces, for a total of 407 parking spaces. This option does not include the retail build out.
The funding for this option is $4,894,560 in federal dollars and $1,223,640 in local dollars.
Option 4: The maximum request, would provide 297 new parking spaces, for a total of 358 parking spaces. This option does include the retail build out on the first floor, which reduces the parking by 49 spaces, however the economic benefit offsets this loss in spaces. This option also represents the maximum build out.
The funding for this option is $6,542,560 in federal dollars and $1,635,640 in local dollars.
Cost: $1,635,640
Source of Funds: RR Transportation and Economic Developmenmt Corporation (Type B)