HomeMy Public PortalAboutr 17-048Nu. 17-18 Date of Adupitou ftdi_9,
COMMITTING FULL FUNDING FOR
THE C'ARTERET FERRY PROJECT
WHEREAS, federal earmark funds in the amount of $1,000,000.00 have been reserved for the
Borough of Carteret pursuant to the a Teti 21 Grant (Federal Reappropriation) for the
construction of improvements related to the Carteret Ferry project ("Project") ( "Grant I"),
WHEREAS, federal earmark funds in the amount of $750,000.00 have been reserved for the
Borough of Carteret pursuant to the Safetea -Lu Grant (Federal Reappropriation) for the
construction of improvements related to the Project ("Grant IF');
WHEREAS, , federal funds in the amount of $1,420,000.00 have been made available to the
Borough of Carteret pursuant to a Safetea -Lu Grant for the construction of improvements related
to the Project ( "Grant III");
WHEREAS, the current estimate of the cost to construct the Project from preliminary
engineering costs to final construction is $10,850,000.00;
WHEREAS, the Federal Ilighway Authority ( "Federal I lighway ") is responsible for approving
disbursement of the federal funds associated with the Project;
WHEREAS, in order to authorize release of the funds associated with the Project to the
Borough, the Federal Highway Authority requires the Borough to provide assurance it will pay
the difference between the Federal funds and the total estimated Project costs;
WHEREAS, the Borough is committed to funding the non - federal share of the estimated Project
costs;
WHEREAS, in developing this funding plan the Borough took into account grants that have
already been awarded to it and that certain of those funds will be used to pay the Project costs.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Borough duly
convened as follows:
1. That the Borough shall fund 100 %0 of the non - federal Project costs; and
2. That the Borough: (i) will apply for assistance from the Ferry Boat
Discretionary Fund; (ii) will be aggressive in applying for all additional grants
that can be utilized to pay Project costs, including, but not limited to, NJDEP
HDSRF funding for sediment dredging; and (iii) will include appropriations
in its annual budgets, and/or adopt any necessary capital ordinances, to pay
100% of the difference between the federal funds, funding from other sources
and the Project cost; and
3. That the Mayor and Appropriate Borough Officials are hereby authorized and
directed to execute all necessary agreements, documents and/or certifications
required in connection with the release of the federal funds to the Borough to
pay the Project costs; and
4. That a certified copy of this Resolution shall be forwarded to the Federal
Highway Authority.
Adopted this 9 ° i day of March, 2017
and certified as a true copy of the
original on March 10, 2017.
KATHLEEN M. BARNEY, MMC
Municipal Clerk
KECORD OIL CO UNCIL V
COUNCILI\ i XES NO NY A.B. CO E ES hW NV A.B.
L'ELLIl10 �_ JOIIAL E
DIAZ X_ KRUNI X
DIMASCI.0 X NAPLES
X - Indicate Vote AO - Abscul NV - Nut Vuling XUR - Indicates Vole to Overrtile Veto
Adopted at a meeting of the Municipal Council
h1rrh 9 2017