TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Stephanie Katsouleas, Public Works Director
Prem Kumar, City Engineer
Adilia Miller, Senior Civil Engineer
SUBJECT:Title
Consider Adopting a Resolution Approving a Funding Agreement with the Los Angeles County Metropolitan Transportation Authority (Metro) for the Exchange Agreement and Assignment of Federal Surface Transportation Program - Local Funds (STP-L) for the Rosecrans Avenue Street Resurfacing Project for $817,472; and Authorize the City Manager to Execute the Agreement (Public Works Director Katsouleas).
ADOPT RESOLUTION NO. 20-0079
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Recommended Action
RECOMMENDATION:
Staff recommends that City Council adopt Resolution No. 20-0079:
1. Approving a Funding Agreement between the Los Angeles County Metropolitan Transportation Authority (Metro) and City of Manhattan Beach for the Exchange Agreement and Assignment of federal Surface Transportation Program-Local Funds (STP-L) for the Rosecrans Avenue Street Resurfacing Project for $817,472.
2. Authorizing the City Manager to execute the Funding Agreement.
FISCAL IMPLICATIONS:
The City of Manhattan Beach made a request to Metro to exchange $834,156 of the City's federal Surface Transportation Program-Local (STP-L) funding allocation for local LACMTA funds. This amount includes $520,635 in currently available funds plus an advancement of estimated annual allocations of $104,507 for the next three years (totaling $313,521 for Fiscal Years 2021, 2022, and 2023). Metro charges a two percent processing and administrative fee ("the Processing Fee") of $16,683 in connection with the exchange, for a net disbursement to the City for $817,472. The $16,683 fee is reasonable and less than the City would spend to comply with cumbersome federal funding stipulations.
A $817,472 Exchange Agreement and Assignment of STP-L funds was finalized by Metro staff and provi...
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