BACKGROUND/DISCUSSION:
Tarrant County issued a call for projects in preparation for the Transportation Bond Program. Knowles Avenue, Phase I was submitted for consideration.
On August 3, 2021, the Tarrant County Commissioners Court accepted a prioritized list of projects recommended by the cities and the Project Evaluation Committee (PEC) for funding under Proposition A, Traffic Mobility. With vote passage of Proposition A on November 2, 2021, Tarrant County is proceeding with implementation of the 2021 Transportation Bond Program (TBP).
Under the proposed agreement, the County agrees to reimburse the City for 50% of the actual eligible project costs in an amount not to exceed $3,550,000. On March 1, 2022, City Council awarded a contract to McMahon Contracting L.P. in the amount of $6,971,439.44 for the Knowles Drive, Phase I Project. The funding assumed that Tarrant County would reimburse the City for up to fifty percent of the eligible construction costs in the future. Reimbursement will be made according to the following schedule.
Reimbursement Schedule (Subject to Change)
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
2023 $506,950 $760,420 $760,420 $760,420 $2,788,210
2024 $761,790 $761,790
FINANCIAL IMPACT:
N/A
RECOMMENDATION:
Staff recommends the City Council authorize the Funding Interlocal Agreement for Knowles Drive Phase I Reconstruction Project with Tarrant County.