Title
A Resolution authorizing and directing the Mayor, on behalf of the Urban County Government, to execute an Agreement with the Ky. Transportation Cabinet, for the acceptance of $426,648 in State Reimbursable Funding (FD04), for the Innovation Dr. and Georgetown Rd. Improvement Project, the acceptance of which obligates the Urban County Government to the expenditure of $200,000 as a local match, with such local match subject to reimbursement by Commerce Lexington, Inc., and authorizing the Mayor to transfer unencumbered funds within the Grant Budget. [Dept. of Environmental Quality and Public Works, Albright]
Summary
Authorization to execute an Agreement and accept Federal funds in the amount of $426,648 from the Kentucky Transportation Cabinet (KYTC) for Innovation Drive (CS 1185) and Georgetown Road (US 25) Improvement project. Commerce Lexington will contribute required matching funds in the amount of $200,000, for a total project cost of $626,648. In addition, Commerce Lexington, Inc will pay any additional project expenses that exceed $626,648. (L0233-24) (Albright)
Budgetary Implications: Yes
Advance Document Review:
Law: Yes, Completed by Gabriel Thatcher, 1/11/2024
Risk Management: N/A
Fully Budgeted: Budget amendment is in process.
Account Number:
This Fiscal Year Impact: $626,648
Annual Impact: $0
Project: INNOVATION_2024
Activity: FED_GRANT
Budget Reference: 2024
Current Balance: BA in process
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized and directed to execute an Agreement, which is attached hereto and incorporated herein by reference, with the Kentucky Transportation Cabinet, for the acceptance of $426,648.00 in state reimbursable funding (FD04) for the Innovation Drive and Georgetown Road Improvement Project, the acceptance of which obligates the Lexington-Fayette Urban County Govern...
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