Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 23-R126, Authorizing the City Manager to Enter into a Locally Funded Agreement and a Three-Party Escrow Agreement between the State of Florida Department of Transportation and the City of Port St. Lucie, Necessary for Construction of PSL Boulevard from South of Paar Drive to South of Alcantarra Boulevard.
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Submitted By: Clyde Cuffy, P.E. - Public Works
Strategic Plan Link: The City's Goal of high-quality infrastructure and facilities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: State of Florida Department of Transportation (FDOT)
2. Parties: City of Port St. Lucie and FDOT (and Florida Department of Financial Services, Division of Treasury for the Three-Party Escrow Agreement)
3. Purpose: Funding the construction of Port St. Lucie Boulevard widening project from South of Paar Drive to South of Alcantarra Boulevard.
4. New/Renewal/Modified: New
5. Duration: From execution of the Agreement to completion of the project.
6. Benefits to Port St. Lucie: This agreement allows the City to provide its required local match to FDOT, which is necessary for FDOT to administer construction services for the project.
7. Cost to Port St. Lucie (Annual and Potential): The City’s cost via the required local match is a minimum of $3,548,619.00.
Presentation Information: Staff will be available to answer any questions.
Staff Recommendation: Move that the Council approve the resolution for the Locally Funded Agreement and Three-Party Escrow Agreement.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the resolution.
2. Move that the Council not approve the resolution and provide staff direction.
Background: The St. Lucie County Transportation Planning Organization (TPO) has designated federal funding from the Federal Highway Administration for the design, permitting, acquisition of property rights, and construction of public improvements on Port St. Lucie Boulevard from South of Paar Drive to South of Alcantarra Boulevard. In accordance with Florida Statutes and Federal funding provisions, FDOT is authorized to manage the federally funded project on behalf of the City. The project improvements include widening the road from two to four lanes including sidewalks, lighting, drainage, traffic signals, and landscaping. The roadway design is complete and construction is currently designated in FDOT’s FY 2024-2028 five-year work program. The City has applied for and has been awarded a County Incentive Grant Program (CIGP), which requires a local match. The City will provide its local match to the FDOT through the CIGP Locally Funded Agreement between the City and FDOT (LFA). Additionally, the parties will enter into a Three-Party Escrow Agreement, establishing an escrow account dedicated to the project, with the State’s Department of Financial Services, Division of Treasury serving as the escrow agent.
Issues/Analysis: Per the LFA’s terms, the City must furnish FDOT with a check or a wire transfer in the amount of $3,548,619.00, representing the City’s local match, within thirty (30) days of executing the LFA. If the actual cost of the project is less than the funds provided, then one-half (1/2) of the excess funds will be refunded to the City. If the actual cost of the project is greater than that paid by the City, then both the City and FDOT shall each be responsible for one-half (1/2) of the additional cost.
Financial Information: The estimated total cost of the project is Sixteen Million Six Hundred Sixty-four Thousand Four Hundred Nine Dollars and no cents ($16,664,409.00). Under the LFA, the City is responsible for a local match to the CIGP grant in the amount of Three Million Five Hundred Forty-eight Thousand Six Hundred Nineteen Dollars and no cents ($3,548,619.00). The required match is available under Account # 304-4121-568810-00000.
Special Consideration: The Agreement is required so that the City can provide FDOT with the local funds necessary for FDOT to administer construction services for Port St. Lucie Boulevard from South of Paar Drive to South of Alcantarra Boulevard.
Location of Project: Port St. Lucie Boulevard from South of Paar Drive to South of Alcantarra Boulevard.
Attachments:
1. Resolution
2. Locally Funded Agreement
3. Three-Party Escrow Agreement
4. Location Map
NOTE: All of the listed items in the “Attachment” section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: Legal Intake 23263-10
Legal Sufficiency Review:
Reviewed by Richard Berrios, Interim City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, Interim City Attorney.