|
The Program "Award"
Transportation Enhancement Program funds approved for eligible project activities are the "award." The award will be no more than 50 percent of the total project cost which includes design, construction, and required right-of-way acquisitions. Since any additional costs above the award amount will be the responsibility of the sponsor, accurate cost estimates are essential. Additional costs include revised funding needs resulting from revised engineer's estimates or scope changes either before or after advertisement for construction.
Decreased Project Costs
If the actual cost of the project decreases, the award will be decreased.
Example:
If the portion of the overall project that qualifies for funding is estimated to cost $100,000, then the project sponsor may be awarded up to $50,000. When the project is bid for construction, the actual total cost is only $80,000, then the project sponsor's award will be reduced to $40,000, or 50 percent of the final cost.
Increased Project Costs
If the actual cost of the project increases, the award will not be increased.
Example:
If the portion of the overall project that qualifies for funding is estimated to cost $100,000, the project sponsor may be awarded up to $50,000. When the project is bid for construction, the actual total cost is $150,000, the sponsor's award will not be increased over the amount of the award. The award will remain $50,000.
Previous Enhancement Program Projects
Proposals for additional project segments, continuation of a previous Transportation Enhancement Program project, and new projects are reviewed on an equal basis. Previous Transportation Enhancement Program funding is not a guarantee of additional funding.
Table of Contents
|
