Title
Consider/Discuss/Act on a Resolution Authorizing Execution of a Project Participation Agreement with the Texas Department of Transportation for the Reimbursement of Land Acquired by the City of McKinney for Airport Use
Summary
MEETING DATE: July 15, 2014
DEPARTMENT: Airport
CONTACT: Kenneth Wiegand, Airport Director
RECOMMENDED CITY COUNCIL ACTION:
· Approval of Resolution
ITEM SUMMARY:
· This resolution is required by the Texas Department of Transportation (TxDOT) to document the City of McKinney's administrative and financial support and acceptance of a reimbursement for land acquisition.
· This resolution will designate TxDOT as the City's agent to administer the appropriate reimbursement of funds and obligate the City to pay its 10% share of the total reimbursement amount.
FINANCIAL SUMMARY:
· The amount to be received is $1,756,202
· This project does not require a new expenditure of funding. The City's share shown below is 10% of the total amount the City spent to acquire the property.
Project |
Total Amount |
TxDOT/Federal Share |
City Share |
Land Reimbursement |
$1,951,336 |
$1,756,202 |
$195,134 |
BOARD OR COMMISSION RECOMMENDATION:
· Recommend approval.