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US 70 Multimodal Corridor Study <br /> single project submittal, however.This funding is meant to provide a continuous and systematic <br /> process that identifies, reviews, and addresses specific traffic safety concerns throughout the <br /> state.There are multiple submittal timeframes throughout the year when projects can be <br /> submitted for review, allowing for more frequent review than the SPOT cycle discussed above. <br /> This plan, along with others mentioned in Chapter 3, establish and support the need for the <br /> recommended improvements, which is needed for submittal.The local municipality and <br /> DCHCMPO would work with the Traffic Safety Unit and the Triad Regional traffic safety engineer <br /> to have the project formally submitted for consideration. The project would then "compete" <br /> against other projects statewide for funding, also on a rolling cycle basis like the submittal <br /> process. <br /> If a project does not score well within the HSIS selection process, the Traffic Safety Unit will <br /> return feedback that may help future considerations. No resubmittal is needed if the project is <br /> not selected; it remains on the list of projects for consideration. Unlike the SPOT process, <br /> increased local contributions could make a notable difference in the competitive scoring of HSIP <br /> projects. <br /> 6.1.3 Federal Grant Funding Opportunities <br /> There are several reasons why a local agency may choose to add bicycle and pedestrian <br /> improvements in advance of or separate from a roadway improvement.The roadway project may <br /> not be scheduled for design and construction for many years after a future need has been <br /> identified. This delay may not be acceptable to an agency whose interest is to provide a <br /> connected and safe network for cyclists and pedestrians as soon as possible. This is one scenario <br /> when pursuit of federal grant awards may be an appropriate funding mechanism to implement <br /> the plan recommendations. <br /> 6.1.3.1 Rebuilding American Infrastructure with Sustainability and Equity (RAISE) Grants <br /> The RAISE grant program is federal funding allotted for planning and capital investments that <br /> support roads, bridges, transit, rail, ports, or other intermodal transportation.This program is <br /> intended for projects that will improve safety, environmental sustainability, quality of life, <br /> mobility and community connectivity, and economic competitiveness and opportunity. <br /> Additional considerations include demonstrated project readiness and cost effectiveness. Over <br /> the past 15 cycles of competitive grant awards, RAISE and its predecessors (TIGER and BUILD) <br /> has awarded nearly $14.4 billion for national infrastructure investment projects. <br /> Currently, the minimum RAISE grant award is $5 million with a maximum of$25 million for <br /> projects located in urban areas. While the 2024 RAISE grant application deadline is February 28, <br /> 2024, this cycle is relatively predictable and a release for the 2025 applications is expected near <br /> the end of 2024 with a February 2025 submittal deadline. Municipalities can use the project <br /> prioritization to prepare information that would be needed for a future application submittal. <br /> A RAISE Grant is most suitable as a funding source for corridor wide improvements if they can be <br /> bundled with other systemic projects to reach the minimum $5M grant award threshold. <br /> Approved pre-design tasks completed to support the grant application are reimbursable through <br /> this grant program. <br /> 128 Implementation and Funding <br />