Agenda - Council - 09/27/2011 - Laserfiche WebLink

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A. State of Minnesota Funding The State of Minnesota has authorized $20 million in 2011 Transit Capital State General Obligation Bonding to the Met Council for funding transit facilities and has named the Ramsey Station as an eligible project for this funding. Pursuant to the State Authorization, Met Council has allocated $4 million to the Ramsey Station project. 1. The State contribution to the Project will be used for Eligible Project Costs. 2. Transfer of these funds will be through a separate subordinate funding agreement, attached as Exhibit 3. To the extent the State of Minnesota funding is used for the acquisition of the BNSF Commuter Rail Easement, such funds shall be paid directly to BNSF, but credited to the funding commitment of the State. B. ACRRA and City Funding 1. ACRRA Direct Contribution. ACRRA will contribute up to $1.3 million for completion of the Project for one or more of the Eligible Project Costs ._ CTIB Grant. ACRRA has applied for and was awarded a $1 million grant for 2011 contingent upon commitment of all funding for the Project. ACRRA has applied for additional CTIB grant in the amount of $2 million for 2012. Parties hereby agree to comply with all applicable terms and conditions of the CTIB grant agreements for the Project. 2. City Ad ihh, The City will contribute up to $4.75 million for completion of the Total Project for one or more of the Eligible Project Costs. Eligible Project Costs for Skyway Connection Project shall not to exceed $ 1.15 million. C. Met Council Funding A NINMEMBI 1. The Met Council will contribute $1.3 million in Regional Transit Capital funds for completion of the Project. Transfer of these funds shall be made pursuant to a Subordinate Funding Agreement, see Exhibit 2. To the extent the Met Council funding is used for the acquisition of the BNSF Commuter Rail Easement, such funds shall be paid directly to BNSF, but credited to the funding commitment of the Met Council. ARTICLE V FINANCIAL MANAGEMENT OF THE PROJECT A. General. ACRRA will be responsible for maintaining the official and complete accounting records for the Project. It will provide to the other Parties the structure for coding and tracking expenditures. This coding will be used for costs incurred for the Project regardless of source of funds or repayment status. B. Financial Management. ACRRA will oversee and coordinate all activities relating to budgets, procurement and project controls. 5