Federal Funding Federal funding is generally provided to the Town through two (2) ways: direct transportation funding allocated through NCDOT, and discretionary grants. Direct funding is allocated to the Town through a formula or as an allocation to fund specific projects. Discretionary grants are competitive programs the Town must apply for to fund specific projects. The amount of grant funding available has risen substantially in recent years with the adoption of the 2021 Bipartisan Infrastructure Law (BIL). These programs are highly competitive, with projects from all over the country applying for the same pool of funding. The Town of Fuquay-Varina can increase its competitiveness by planning and designing projects that speak to federal transportation priorities, including selecting projects that: • Contribute to the system’s state of good repair
• Improve multimodal accessibility • Incorporate equity considerations • Improve design resiliency or reduce transportation emissions • Provide connections to jobs, healthcare, and education opportunities • Embrace innovative designs or technologies; • And are based on data-driven needs and proven technologies.
Generally, all federal funding required a local match, meaning the Town must provide a portion of the funding (typically 20%) for all projects that are federally funded. These opportunities also typically pay for only initial capital costs, and do not consider ongoing maintenance and operation expenses. Therefore, federal funding is not “free money” but should be considered as a good source to fund necessary capital investments. Conclusion The Fuquay-Varina 2040 Comprehensive Transportation Plan envisions a Town that facilitates access to reliable transportation, provides a wide variety of travel options, and promotes an elevated quality of life throughout. This plan is a vision for mobility that supports economic development, growth, and livability with consideration for the unique characteristics of the Town of Fuquay-Varina and its residents. Included are transportation strategies that consider the existing and future needs of residents, visitors, and employers. The creation of this plan allows staff and elected officials to seek funding and implement projects over the next 15 to 20 years and ensures the priorities expressed during the public involvement process will continue to influence the Town’s transportation planning decisions. With this plan, the leaders and residents of the Town can set the stage for the Town’s future and work to accommodate its needs in the coming decades. As Fuquay-Varina moves forward and projects advance toward funding and implementation, staff will continue to work with NCDOT, CAMPO, and Wake County to determine how best to advance recommended projects and will continue to engage the public to adjust future planning efforts and project lists as necessary. Ultimately, continued collaboration between state, regional, and local agencies, as well as the general public, will provide more opportunities to foster a safe and well-balanced multimodal transportation system that makes the Town of Fuquay-Varina an attractive place to live.
73
Town of Fuquay-Varina
2040 Comprehensive Transportation Plan
74
Made with FlippingBook - Share PDF online