Explanation
Background: This ordinance is a companion to Ordinances No. 2202-98, No. 0295-99, No. 1500-01, No. 0542-05, No. 0581-05, and No. 1066-11. These earlier ordinances authorized the reimbursement agreements and expenditures to date related to the Capital Improvement Project Development and Reimbursement Agreement for Nationwide Arena District. The maximum reimbursement under this agreement is $18,753,000.00 plus City inspection fees.
The agreement called for limitations on expenditures in three categories plus City inspection fees. The current status of these expenditures is:
· $16,610,000.00 authorized and expended for infrastructure (streets) completed in 2005.
· $143,000.00 authorized for a traffic study of which $127,051.68 has been expended and completed in 1999.
· An amount not to exceed $2,000,000.00 for land remediation within the District of which $873,859.16 has been expended. This ordinance will authorize an additional $503,421.00 (as part of the $2,000,000.00) to be expended, leaving an agreed upon amount of $622,719.84.
· The City also expended $934,641.20 for inspection fees.
· This ordinance does NOT change the amount of the original agreement.
Fiscal Impact: $503,421.00 will be authorized and expended for capital projects previously approved by Council. Monies for this expenditure will come from currently existing capital eligible funds.
Title
To authorize the expenditure of $503,421.00 pursuant to the Capital Improvement Project Development and Reimbursement Agreement for the Nationwide Arena District previously authorized by Ordinance No. 2202-98; and to declare an emergency. ($503,421.00)
Body
WHEREAS, Council previously authorized the City's Director of Trade and Development to enter into the Capital Improvement Project Development and Reimbursement Agreement for Nationwide Arena District (the Agreement) via Ordinance No. 2202-98, and
WHEREAS, the Agreement calls for the City to expend...
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