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TAC begins narrowing options for $5.05 million in interest earnings for regional projects
Summary
The TAC reviewed options for allocating roughly $5.05 million in interest earnings set aside for regional project development, asked staff to update project cost and balance data, and agreed to revisit the list at its next meeting after localities supply updated estimates.
The Central Virginia Transportation Authority Technical Advisory Committee discussed March 10 how to allocate $5,050,000 of interest earnings that were set aside at the authority’s September meeting for regional project development.
Staff presented three broad options: 1) top up outstanding balances on already approved CVTA regional projects; 2) allocate funds to new or candidate regional projects that applied in previous rounds but were not selected; or 3) use the funds as matching or leverage for SmartScale applications. Staff provided tables showing current allocations and an older SmartScale staff-recommended scenario, and noted some of the figures in the packet are out of date.
Committee members urged staff to verify and update project balances and estimates. Several members suggested prioritizing projects where $5 million would materially advance an already viable regional project or cover documented shortfalls when bids come in. Suggestions included using the funds to support projects moving to advertisement, to bridge documented shortfalls on approved CVTA regional projects, or to provide targeted leverage for SmartScale candidates near the funding cutoff.
Specific projects were discussed in general terms: the southern section of the Fall Line Trail (listed in the allocation table with a large balance to complete), Henrico County roadway projects where local shortfalls exist, and the Mayo project raised by a city representative as a regional need. Staff agreed to reach out to localities for updated estimates for projects submitted but not funded in prior CVTA rounds and to update the allocation table to reflect SmartScale estimates where appropriate.
The TAC directed staff to gather updated project cost and balance information from localities two weeks before the next TAC meeting so the committee can better identify one or more regional projects that could be advanced with the $5.05 million. The item will be revisited at the next TAC meeting for recommendation to the finance committee or authority as appropriate.
