Item Description:
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Hennepin County Funding Commitment for the METRO Blue Line Extension LRT Project (CP 1005877)
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Resolution:
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BE IT RESOLVED, that Hennepin County hereby commits to increase its funding share for the METRO Blue Line Extension light rail transit capital project (CP 1005877), up to a new not to exceed amount of $1,896,000,000, and that this funding commitment will be fulfilled from proceeds of the County's 0.5 percent transportation sales and use tax, authorized by Minnesota Statutes, section 297A.993, and associated financings; and
BE IT FURTHER RESOLVED, that Hennepin County commits to providing a combined total contribution with the Hennepin County Regional Railroad Authority, in the amount of $2,254,000,000, and that the County's 0.5 percent transportation sales and use tax will be used to replace any decreased funding, reflected in HCRRA resolution 26-HCRRA-0012; and
BE IT FURTHER RESOLVED, that Hennepin County's funding commitments to the METRO Blue Line Extension Light Rail Transit Project will follow all terms and conditions addressed in the Capital Grant Agreement between Hennepin County, HCRRA, and Metropolitan Council (PR00005488) and future amendments.
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Background:
The Metropolitan Council is the formal project sponsor for the Blue Line Extension light rail transit capital project (BLE) and will be the federal grantee for any funding received from the Federal Transit Administration (FTA). This project is eligible for funding through the congressionally authorized Capital Investment Grant program, an important federal funding source for large transit capital projects. Later this year, the Metropolitan Council plans to submit a grant application to the FTA for $752 million. To support this grant application, all local funding partners need to demonstrate their commitment to provide their respective funding shares for the project. This resolution is intended to satisfy federal requirements for Hennepin County's comm...
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