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, <br /> - PROJECT COST AND AVAILABLE FUNDING - <br /> MULTI-MODAL TRANSPORTATION FACILITY <br /> SUMMARY <br /> The lowest bidder on this construction project is Associated Constructors, L.G.C., with a base <br /> bid of$1,385,000. If the cost of the proposed project amendinents (Alternates #3, #4 and#5) are <br /> added in, and the cost of proposed project reductions ($92,000) are subtracted out, then their <br /> "bid"becomes $1,296,900. <br /> State and federal grants received to date specifically for the construction of this project total <br /> $1,123,414. (An additional local match of$7,573 is required.) If the existing state and federal <br /> grants, and local match, are subtracted from the corrected bid, the amount left to be funded is <br /> $165,913. <br /> $256,957 in federal funds have been allocated to Decatur for FY-2001 for capital projects. These <br /> federal funds are required to be matched by $64,240 of state or local funds, for a total of$321,197 <br /> which is sufficient to fund the remainder. <br /> If additional state funds are requested, the IDOT grant must be approved and executed before the <br /> construction contract is signed. Since IDOT estimates at least a 3 to 4 month delay before a <br /> grant is executed, if state funds are to be used to match the FY-2001 federal funds, then the <br /> construction contract cannot be signed until at least June or July. If state funds are used to match <br /> the FY-2001 federal funds, then only $7,573 in local matching funds would be required for this <br /> proj ect. <br /> If only local funds are used to match the new federal funds, then the construction contract can be <br /> signed within two weeks (upon receiving concurrence from IDOT for the award of the contract). <br /> The total amount of local funds required(including the $7, 573 local inatch mentioned above) <br /> would be $40,756. <br />