Subject:
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Interlocal Agreement with the Pinellas Suncoast Transit Authority for the Clearwater Transit Center Funding.
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Recommended Action:
Recommended Action
Consideration of the agreement with the Pinellas Suncoast Transit Authority (PSTA) for funding of the new transit center in downtown Clearwater.
• PSTA is planning a new transit center to be located at the northwest corner of Court Street and S Myrtle Ave in downtown Clearwater.
• The project is estimated to cost $44,543,310.
• Earlier this year, PSTA was awarded a Rebuilding American Infrastructure with Sustainability and Equity Grant of $20 million to supplement their own financing sources.
• PSTA had originally requested $15 million to close their financing gap but has since been able to raise additional funds.
• Recognizing the benefits to the County to improve mass transit infrastructure, consider providing “Last Dollar” funding in an amount up to $8 million to complete the project and provide contingency funding.
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Strategic Plan:
Deliver First-Class Services to the Public and Our Customers
1.1 Maximize partner relationships and public outreach.
Foster Continual Economic Growth and Vitality
2.4 Invest in infrastructure to meet current and future needs.
2.5Provide safe and effective transportation systems to support the efficient flow of motorists, commerce, and regional connectivity.
Summary:
Summary
As discussed at the October 20, 2022, Board of County Commissioners Work Session, County Administration is presenting this interlocal agreement for Board consideration. It provides up to $8 million as “Last Dollar” funding toward a new Clearwater Transit Center, constructed by PSTA.
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Background Information:
PSTA developed a plan to relocate, expand, and replace its existing Clearwater Transit Center with a new multimodal transit center to be located on property currently owned by the City of Clearwater at the corner of Court Street and S Myrtle Avenue.
PSTA has received a letter of award for a Fiscal Year 2022 Rebuilding American Infrastructure with Sustainability and Equity (RAISE) grant of $20 million.
PSTA plans to fund the Transit Center with its own Federal Transit Administration funds, the RAISE grant, other federal funds, and anticipated funding from the City of Clearwater, Forward Pinellas, and Florida Department of Transportation.
The total cost of the new Transit Center is currently estimated at $44,543,310. PSTA anticipates a substantial contingency amount due to current economic uncertainty in material and labor costs, resulting in an estimated funding gap of $8 million.
Fiscal Impact:
Should the Board approve this interlocal agreement, $8 million of Penny for Pinellas funding will be included in the FY24 Proposed Capital Improvement Program budget to support this project.
Staff Member Responsible:
Chris Rose, Director, Office of Management and Budget
Partners:
Pinellas Suncoast Transit Authority
Forward Pinellas
City of Clearwater
Florida Department of Transportation
Attachments:
Interlocal Funding Agreement