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Legislature Approves Memorandum of Understanding Regarding TCAT Site

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> Legislature Approves Memorandum of Understanding Regarding TCAT Site

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Legislature Approves Memorandum of Understanding Regarding TCAT Site

Tuesday, January 16, 2018

The Legislature, without dissent, authorized the County Administrator to enter into a memorandum of understanding with the City of Ithaca regarding the Tompkins Consolidated Area Tranist (TCAT) facility. At the time that the County entered into a Regional Transit Facility Construction and Operation Agreement with the City in 1991 that established terms for ownership, construction, and operation of the TCAT facility, the City had agreed to convey half of its right, title, and interest in the Facility and defined surrounding lands, in consideration of the County’s financial contribution to the project, but such transfer has not taken place. The parties have agreed that the memorandum of understanding provides that the County will receive half of the proceeds of any future sale of income derived from the property.