Pursuant to Section 102 of Public Law 95-502, the City of Alton and Department of the Army executed a Project Cooperation Agreement on July 5, 2005. The primary purpose of the aforementioned law was to allow for the replacement of Lock and Dam 26, however the law also allowed for project related recreational improvements to Alton Riverfront. Federal reimbursement (50% of eligible costs) is subject to federal appropriation and is capped at $5 million total.
The City was recently advised by the Corps of Engineers to urgently pursue reimbursement under our federal cost share agreement given the uncertainty of future authorizations of federal recreational funds. To that end, the City recently requested $1,292,169.49 for eligible improvements identified in the Alton Riverfront Development Plan and the City learned today that it would receive this reimbursement.
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The reimbursement covers various phases of the master plan including: Phase VI (Amphitheater), Phase VII (Pedestrian Bridge) and Phase VIII (Circulation, Parking & Bike Trail).
Due to the nature of the unanticipated, one-time award of $1,292169.49 from the Corps of Engineers, the City will allocate the funds as follows:
- $277,014.35 to the Police Pension Fund to alleviate the underfunded tax levy calculation made in FY13-14
- $250,000 to a Min/Max; Escrow/Reserve Account to ensure the City’s liability cost can be met should we exceed the maximum limit set by IMLRMA
- $250,000 to the Revitalization Account which is an account designated for economic development; funds could also be used as a “match for grants in all city departments CITY OF ALTON, ILLINOIS Brant Walker, Mayor 101 East Third Street Alton, IL 62002 (618) 463-3500 Fax (618)463-3525
- $50,000 to keep the current Animal Control Officer in place until the end of the current fiscal year (FY15-16) to allow the City to explore its options in relation to the Animal Control Department
- Remaining balance to be deposited into the City’s General Fund Reserve Account
