Title
STBG Funding Swap Proposal (30 minutes)
Van Argabright, NCDOT
Mike Stanley, NCDOT
Aaron Cain, LPA Staff
Narrative
Due to a federal redistribution of unused obligation authority, North Carolina has an opportunity to recieve over $100 million in additional obligation authority for projects across the state. In order to receive the maximum amount of funding for the state, NCDOT proposes to utilize approximately $9.2 million in unobligated DCHC STBG-DA funds for a current project already under construction (Alston Avenue, U-3308). Projects that have programmed STBG-DA funding would have that funding replaced with STBG-Any Area funds. Further details are outlined in the attached letter.
There would be no net gain or loss for DCHC projects under this proposal, and no timetables would change due to the funding swap. Funds utilized now for U-3308 would be replaced with STBG funds, which will be available when they are needed for the designated projects. Several other MPOs are also considering or have approved a similar funding swap.
Recommendation
TC Action: The TC recommended, on a 23-1 vote, approval of the funding swap as proposed by NCDOT should investigations to include other options that meet NCDOT goals prove unsuccessful. LPA staff has investigated other options and deems the original NCDOT proposal to be the most feasible.
Board Action
Board Action: Approve the STBG-STBGDA funding swap as outlined in the NCDOT letter.