Cole County to buy $50,000 in Boone County soft-match credits to reduce bridge match costs
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Summary
Commissioners approved buying $50,000 of Boone County's MoDOT soft-match credits at 65¢ on the dollar (presented as $32,500) to apply toward the Sturbridge Bridge replacement, saving the county an estimated $17,500 of local match expense.
Cole County commissioners voted Nov. 26 to purchase soft-match credits from neighboring Boone County that will reduce the county’s local match obligation on an upcoming bridge project.
Public works staff explained that federal surface-transportation rules (cited in the meeting as a subsection of the 1987 Surface Transportation and Uniform Relocation Assistance Act) allow agencies to receive “soft match” credit for locally funded bridge replacement or rehabilitation. Boone County offered $50,000 in soft-match credit for sale at 65¢ on the dollar; staff recommended buying the credit for $32,500 and applying it to the Sturbridge Bridge replacement project.
Speaker 9 told commissioners that purchasing the credit reduces Cole County’s effective match cost and is essentially a way to extend local dollars without increasing the project scope. The auditor was reportedly consulted and staff said the auditor approved the bookkeeping approach. A motion that Cole County sign an agreement directing MoDOT to transfer $50,000 of Boone County's soft-match credits to Cole County at a cost of $32,500 carried by voice vote.
Staff noted the purchased credit will be sent to MoDOT after Boone County signs the transfer letter; commissioners signed the county’s letter to Boone County at the meeting. The credit will be applied to the Sturbridge Bridge replacement in the coming year.