SUBJECT:
Title
Request Approval of a Florida Department of Transportation Locally Funded Agreement, a Three-Party Escrow Agreement, in accordance with a Funding Resolution for the Aesthetic Upgrades within the area of Interstate 75 (State Road 93) at NW 49th Street (from end of NW 49th Street to end of NW 35th Street) Project FPN: 435209-1-52-02 (Budget Impact - Neutral; expenditure of $3,555,863 as approved in the FY 2023-24 budget)
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INITIATOR: |
DEPARTMENT: |
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Loretta Shaffer, Director |
Tourist Development |
DESCRIPTION/BACKGROUND:
In 2021, the Board of County Commissioners approved a Resolution (21-R-075) to authorize the Gateway Project. To date, the County Line Markers have been constructed and the South Gateway (42nd Street Flyover) is under construction. The North Gateway (known as FPN 435209-1-52-02) is planned to be constructed concurrently as part of the construction of the planned interchange at Interstate 75 and NW 49th Street.
The Florida Department of Transportation (FDOT) is prepared, in accordance with its Adopted Five-Year Work Program, to undertake the Project described as: “Interstate 75 (State Road 93) at NW 49th Street (from end of NW 49th Street to end of NW 35th Street)”. The implementation of the Project is determined to be in the interests of both FDOT and Marion County. As such, Marion County, by way of the Tourist Development Tax Fund, in accordance with the funding Resolution, is providing the funds for the aesthetic upgrades within the area of the Interstate 75 and 49th Street interchange, in FY 2024-25.
The Agreements, funding Resolution and previously approved Resolution (21-R-075) provide for Marion County to fund the $3,555,863 and any additional shortfall. The County is to deposit funds into a Three Party Escrow account.
BUDGET/IMPACT:
Neutral; expenditure of $3,555,863 as approved in the FY 2023-24 budget. Funding from Tourist Development Fund (CP155552-563102) with Project Code VCC000002
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize the Chair and Clerk to execute the attached Agreements and Resolution.
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