Title
A Resolution Of The Hollywood, Florida Community Redevelopment Agency ("CRA"), Approving And Authorizing The Appropriate CRA Officials To Execute An Interlocal Agreement With The City Of Hollywood ("City") For The Reimbursement Of $3,481,644.00 To The CRA For Work Associated With The Project Funding Agreement Between The City And The Florida Department Of Transportation For Roadway Improvements Along State Road A1A Between Monroe Street And Seacrest Parkway.
Strategic Plan Focus
Infrastructure & Facilities
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The Florida Department of Transportation ("FDOT") has a Resurfacing, Restoration and Rehabilitation ("RRR") project along State Road A1A, from Monroe Street to Seacrest Parkway scheduled for construction in 2027.
The Community Redevelopment Agency ("CRA"), through the City, entered into a Joint Partnership Agreement with FDOT to combine Phase IV project scope with the proposed RRR project. For the CRA to build the proposed improvements under Phase IV, the City needs to enter into a State Highway System Project Funding Agreement with FDOT to set up the terms and conditions of the reimbursement of the RRR construction cost.
On January 15, 2025, the City passed and adopted Resolution No. R-2025-021, authorizing a Funding Agreement for FDOT to reimburse the City an estimated amount of $3,481,644.00. The CRA Executive Director recommends that the CRA Board authorize the appropriate CRA officials to execute an Interlocal Agreement with the City, for repayment to the CRA of the construction cost paid by the CRA to implement the scope associated with the Funding Agreement between the City and FDOT in the amount of $3,481,644.00.
Funding for the expenditures will be reimbursed to the City and transferred to the appropriate CRA account.
Fiscal Impact:
Funding for this expense was included in the FY 2025 Capital Improvement Plan and is available in account number 163.639901.55...
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