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COOPERATIVE AGREEMENT NO. C-1-2447 <br />1 WHEREAS, the AUTHORITY's Board of Directors on November 22, 2010, approved Project <br />2 S funding application and funding plan providing $4,433,360 of Section 5307 transit funds (80%) and <br />3 $554,170 (10%) of Renewed Measure M Project S funds for the PROJECT; and <br />4 WHEREAS, the CITY has agreed to provide non federal funding in the amount of $554,170 <br />5 (10%) as the required local match for the PROJECT; and <br />6 WHEREAS, the AUTHORITY is the designated grant recipient for Federal Transit <br />7 Administration (FTA) Section 5307 funds and will reimburse CITY for eligible expenditures, <br />8 contingent upon funds being approved by FTA: and <br />9 WHEREAS, AUTHORITY and CITY agree CITY must fulfill M2 eligibility requirements prior <br />10 to release of M2 funds; and <br />11 WHEREAS, CITY and AUTHORITY agree that the total full funding for the PROJECT <br />12 including project development activities and preliminary engineering shall be Five Million, Five <br />13 Hundred Forty One thousand and Seven Hundred Dollars ($5,541,700) in accordance with EXHIBIT <br />14 A "FUNDING PLAN", attached hereto and incorporated by reference; and <br />15 WHEREAS, CITY agrees to act as lead agency for said PROJECT; and <br />16 WHEREAS, CITY and AUTHORITY are mutually desirous of advancing PROJECT and will <br />17 work cooperatively to identify potential funding sources to continue that effort; and <br />18 WHEREAS, CITY agrees to fulfill M2 Comprehensive Transportation Funding Program <br />19 Guidelines and FTA funding compliance and reporting requirements; and <br />20 WHEREAS, CITY and AUTHORITY agree if reimbursement procedures differ between M2 <br />21 Comprehensive Transportation Funding Program and FTA, FTA reimbursement procedures shall <br />22 take precedence; and <br />23 WHEREAS, this Cooperative Agreement defines the specific terms, conditions, and funding <br />24 responsibilities between AUTHORITY and CITY for completion of the PROJECT; and <br />25 <br />26 <br />Page 2 of 13 <br />25K-4