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BUDGEUTIME IMPLICATIONS: <br /> Budget Impact: The low bid price for the Franklin St. Streetscape project is $2,084,238.76. Of this <br /> cost, $1,368,001 will come from a$1.9 million Illinois Transportation Enhancement Program(ITEP) <br /> grant and $716,238 from MFT funds, $57,200 from the City's Bond fund, and $35,075 will come <br /> from the City's General fund. It is proposed that $700,000 in Motor Fuel Tax funds be appropriated <br /> to cover the City's MFT eligible construction costs plus approximately$30,000 in contingency. <br /> MFT ineligible costs totaling $57,200 will be paid from the Bond Fund. See Table 1 above for a <br /> detailed breakout of the source of City matching funds. <br /> The construction project will be under the direction and control of the Illinois Department of <br /> Transportation who will invoice the City for its share of construction costs. <br /> Staffing Impact: Staff time has been allocated for managing the downtown streetscape work. <br /> This Memorandum was prepared by Matthew C. Newell, P.E., City Engineer. <br /> Attach: 8 <br /> cc: Kevin Myers, Chastain &Associates, LLC <br /> Illinois Department of Transportation <br /> Page 4 <br />