Explanation
BACKGROUND: This legislation authorizes the Director of Public Utilities to enter into a Guaranteed Maximum Reimbursement agreement with PIZZUTI SHORT NORTH, LLC, for the Pizzuti Short North Project. The project will include roadway improvements and associated utility work along Wall Street and Poplar Avenue in the Short North.
Upon passage of this Ordinance, the City of Columbus will agree to pay a guaranteed maximum reimbursement of $1,367,051.90 to PIZZUTI SHORT NORTH, LLC, for the Pizzuti Short North Project. The developer has agreed to construct the improvements at their cost and then obtain reimbursement from the City. Funding for the reimbursement is provided by the Department of Development.
A guaranteed maximum cost reimbursement with PIZZUTI SHORT NORTH, LLC, provides that they construct the public improvement on the City's behalf; and that the project is publicly bid and subject to reimbursement agreement with the City.
CONTRACT COMPLIANCE NO.: 45-5124078 | Exp 04/05/2014 | MAJ
EMERGENCY DESIGNATION: The Department of Public Utilities is requesting an emergency designation at this time to facilitate this project's completion.
FISCAL IMPACT: This legislation authorizes the Director of Development to expend up to $1,367,051.90 from the Streets and Highways Bond Fund, Fund 704, for the Pizzuti Short North Project, contingent upon the 2012 Bond Sale.
Title
To authorize the Director of Public Utilities to enter into a Guaranteed Maximum Reimbursement agreement with PIZZUTI SHORT NORTH, LLC, pursuant to Section 186 of the Columbus City Charter for roadway improvements and associated utility work as part of the Pizzuti Short North Project for the Division of Sewerage and Drainage; to authorize the expenditure up to $1,367,051.90 from the Streets and Highways Bond Fund 704; and to declare an emergency. ($1,367,051.90)
Body
WHEREAS, the Director of Public Utilities needs to enter into a Guaranteed Maximum Reimburseme...
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