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Draft Funding Swap Memo
Colleen McGue, LPA Staff
Narrative
This memo serves as the official notification regarding the swapping of funding sources for projects within the DCHC-MPO, as previously agreed to via email and TAC action. This swap could potentially help NCDOT secure additional federal funding for North Carolina as part of FHWA’s annual August Redistribution process and avoided the rescission of the MPO’s COVID-Relief STBG-DA funds.
The funding swap consisted of using $12,829,847 of DCHC-MPO’s STBG-DA funds in fiscal year (FY) 2023 on the following projects to obligate funds which have previously been authorized using advanced construction or to fund future phases of work. NCDOT had initially planned to use STBG-AnyArea or TAP-AnyArea funds for these purposes.
This memo seeks to document two project swaps that have been completed (EB-5721 and the COVID relief funds for U-3308), and requests MPO Board approval for an additional swap of DA funds to convert advanced construction funds on U-3308. In return, a total of $12,829,847 will be allocated to eligible future projects selected by the DCHC MPO.
Board Action
Board Action: Approve the Draft Funding Swap Memo.