HomeMy WebLinkAbout06-Funding-Sources
Funding Sources:
1. U.S. Department of Commerce, Economic Development Administration (EDA)
o $3 Million Financial Assistance Award received on April 30, 2010
o Funding is available for the NEPA Process, Design and Engineering
o The design criteria for the final plans and specifications shall be no less than one foot
above the 100-year flood elevation
2. Transportation, Housing & Urban Development (THUD)
o $1.5 Million of Congressionally Directed Spending as part of the THUD Appropriations
Act of 2010
o The Federal Highway Administration (FHWA) and the Iowa Department of
Transportation (DOT) will administer these funds
o The funds are available as a Surface Transportation Priority (STP) item, sponsored by
Senator Grassley.
o 100% Federal share, no requirement for local share
3. Surface Transportation Program
o $6 Million SAFETEA-LU Surface Transportation Program
o Funding allocated by localities for use by Federal-aid highway and bridge projects from
the State’s apportionment
o The FHWA and the Iowa DOT will administer these funds
o 80% Federal share, 20% local share
4. Local Option Sales Tax
o $25.8 Million currently Projected for this Project
5. Other
o General Obligation Bonds will be used for the Remaining Expense
o The City of Iowa City Capital Improvement Program includes $4.4 Million for the North
River Corridor Trunk Sewer Reconstruction Project and $1.44 Million for the Park Road
3rd Lane Improvement. Both of these projects will be constructed in conjunction with
the Iowa City Gateway Project.
* Project Cost Opinions are currently being prepared and will be included in next week’s Information
Packet to Council.