SUBJECT
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Authorizing the City Manager to accept and execute the Federal Transit Administration (FTA) grant number FY2024 Section 5307 Operating Assistance and Preventive Maintenance Grant in the amount of $8,680,778.00. This grant will be used for operating and preventive maintenance assistance for Transit - El Metro fixed route and paratransit expenses. The Federal Share of this grant is $4,789,394.00 and Local Match is $3,891,384.00. The Local Match will be funded with Sales Tax Funds.
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PREVIOUS COUNCIL ACTION
On 07/22/2024, the Laredo Mass Transit approved to submit FY2024 Section 5307 Operating Assistance and Preventive Maintenance grant application.
BACKGROUND
On April 4, 2024, FTA announced $20.5 billion in federal funding available to support public transportation throughout the country, the latest tranche of support made possible thanks to the Bipartisan Infrastructure Law. The funding to states, urbanized areas and tribal governments is based on statutory formulas set in law and represent a full year of federal support for transit.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends the approval of this resolution.
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Fiscal Impact
Fiscal Year: 2025
Budgeted Y/N?: Y
Source of Funds: Transit System
Account #: 518/558
Change Order: Exceeds 25% Y/N: N
FINANCIAL IMPACT:
Funds are budgeted in the El Metro Operations Fund.