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City moves toward final acceptance and payment on Tiger Grant downtown project; $2.2M in unused bond proceeds to be reallocated
Summary
Staff requested final acceptance and final payment ($52,000) with release of $30,000 retention for the Tiger Grant downtown street project; they reported $11 million in Tiger funds and about $2.2 million in unspent GEO-bond proceeds to be reallocated to other capital projects; some federal performance measures will continue through FY27.
Staff told the council they are ready to authorize final acceptance and final payment for the Tiger Grant downtown street project, which covers Main Street and Jefferson Street improvements. The presentation cited a final payment of $52,000 and a 30-day release of $30,000 in retention. Staff and council discussed project closeout procedures, federal DOT audits and performance-measure monitoring that will continue into FY27 (pedestrian and tourism counts, among other measures).
In the discussion staff referenced $11 million in Tiger grant funds and noted the project used GEO bonds and other local funds. Approximately $2.2 million in bond proceeds borrowed for the project were not expended and staff recommended redirecting those funds to other capital priorities such as sewer separation and road projects.
Staff also noted a small amount of remaining federal reporting and monitoring obligations (muscle checks and related environmental follow-up for riverfront work), but said those are administrative and will not alter the contractual closeout for this downtown portion.
Next steps: finalize final payment and release retention funds as permitted by contract; continue required federal performance measures and reporting through FY27.
