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ti <br /> � <br /> t <br /> . <br /> COMMUNITY DEVELOPMENT <br /> MEMORANDUM <br /> 92-13 <br /> January 28, 1992 <br /> TO: Honorable Mayor and City Council Members <br /> FROM: James C. Bacon, Jr. , City Manager <br /> David A. Clark, Director of Department of Community <br /> Development <br /> Robert S. Reed, Mass Transit Administrator <br /> SUBJECT: USDOT Operating and Capital Grant Agreement <br /> Upon City Council approval, the attached resolution will <br /> authorize an agreement with the U.S. Department of Transporta- <br /> tion, Federal Transit Administration for operating and capital <br /> assistance. Specifically, the agreement will provide $630 ,000 in <br /> operating assistance for FY'92 (July 1 , 1991 thru June 30, 1992) <br /> and $164,696 in additional capital funds for the proposed mass <br /> transit facility project. <br /> The City' s federal operating assistance appropriation was <br /> reduced from $623,439 in FY'91 to $461, 176 in FY'92 . Despite the <br /> $162,263 reduction, the City was able to obtain the $630 ,000 in <br /> this grant award by using carryover monies. It will take about <br /> 30 days to set-up the letter-of-credit and commence drawdowns on <br /> this grant. <br />