File #: 20-0971   
Type: Resolution Status: Agenda Ready
In control: City Council
On agenda: 10/5/2020
Title: Approving and authorizing the City Manager to enter into a funding agreement with Valley Metro Rail, Inc., for the current light rail operations in the City of Mesa. After receiving $8,920,000 in CARES Act funding, the City will pay $3,880,000 for operations, maintenance, and landscaping of the existing light rail line for fiscal year 2020/21. The City anticipates receiving $2,115,264 in light rail fares, advertising, and preventive maintenance, as well as $1,280,000 in Arizona Lottery Funds, for a net impact to the City’s General Fund of $484,736. (Districts 3 and 4)
Attachments: 1. Presentation Slides, 2. Council Report, 3. Resolution, 4. Agreement
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Title

Approving and authorizing the City Manager to enter into a funding agreement with Valley Metro Rail, Inc., for the current light rail operations in the City of Mesa.  After receiving $8,920,000 in CARES Act funding, the City will pay $3,880,000 for operations, maintenance, and landscaping of the existing light rail line for fiscal year 2020/21.  The City anticipates receiving $2,115,264 in light rail fares, advertising, and preventive maintenance, as well as $1,280,000 in Arizona Lottery Funds, for a net impact to the City’s General Fund of $484,736. (Districts 3 and 4)