Board of Estimate and Contract
RESOLVED, that an ordinance adopted by the City Council on January 22, 2025, and signed by the Mayor on January 23, 2025, authorizing the Mayor to enter into an agreement with the U.S. Department of Transportation for the Innovative Finance & Asset Concession Grant Program; be, and the same is hereby approved.
City Council
AN ORDINANCE AUTHORIZING THE MAYOR
TO ENTER INTO AN AGREEMENT WITH THE U.S. DEPARTMENT
OF TRANSPORTATION FOR THE INNOVATIVE FINANCE &
ASSET CONCESSION GRANT PROGRAM.
WHEREAS, by letter dated January 15, 2025, the Comptroller has requested legislation authorizing permission for the Mayor to enter into agreement with the U.S. Department of Transportation (USDOT) for the $1M Innovative Finance & Asset Concession Grant Program grant. The budget period for the grant award is thirty-six (36) months, commencing on February 1, 2025; and
WHEREAS, this Cooperative Agreement funds and sets out the terms and conditions (Provisions) governing a collaborative effort between the Department of Transportation (DOT) and the City of Mount Vernon (Recipient) for project, "Targeting Mount Vernon's Transit-Oriented Assets"; and
WHEREAS, this is a cost reimbursement Cooperative Agreement. The responsibility for conducting activities under this Agreement lies primarily with the organization named in this Agreement (Recipient). DOT, through its designated representatives, shall consult and coordinate in the conduct of the activities performed during the period of this Agreement; and
WHEREAS, the maximum value of cooperative agreements is $2 million. Cooperative agreements of up to $1 million are offered at 100 percent federal share (no required non-federal match). Amounts in excess of $1 million are offered at 50 percent federal share (50 percent required non-federal match). For example, a cooperative agreement of $2 million in federal aid would be matched by $1 million of non-federal funds, supporting a $3 million effor...
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