Explanation
1. BACKGROUND
This ordinance seeks authorization for the Director of Public Service, on behalf of the Department of Development, to enter into Guaranteed Maximum Reimbursement Agreements with Long and High Loan Holdings, LLC, for up to $250,000.00 to design and construct the Downtown Streetscape - Atlas Building project.
Built in 1905, the Atlas Building is undergoing a $20 million renovation that will convert the historic building into 98 apartments with ground floor retail. To complement the building's renovation, the City's Department of Development has committed up to $250,000.00 for streetscape improvements along the north side of East Long Street (from North High Street to Pearl Street) and the west side of North Pearl Street (from East Long Street to the building's northern property line).
2. CONTRACT COMPLIANCE INFORMATION
The contract compliance number for Long and High Loan Holdings, LLC is 463121374. The expiration date is 2/5/16.
3. FISCAL IMPACTS
Funds in the amount of $250,000.00 are available for this project in the Streets and Highways G.O. Bond Fund within the Department of Public Service. An amendment to the 2013 Capital Improvements fund is necessary for the purpose of providing sufficient spending authority for the aforementioned project expenditure.
4. EMERGENCY DESIGNATION
The Department of Development is requesting this ordinance to be considered an emergency measure in order to allow design and construction to begin, which is necessary to maintain the project schedule
Title
To amend the 2013 Capital Improvement Budget; to authorize the City Auditor to transfer cash between projects within the Streets and Highways Bond Fund; to authorize the Director of Public Service, on behalf of the Department of Development, to enter into Guaranteed Maximum Reimbursement Agreements with Long and High Loan Holdings, LLC, for up to $250,000.00 to design and construct the Downtown Streetscape - Atlas Building project; and to authorize the expenditure of $225,000.00 from Fund 704 Streets and Highways G. O. Bonds Fund and $25,000.00 from Fund 746 Gov't B.A.B.s (Build America Bonds) Fund; and to declare an emergency. ($250,000.00).
Body
WHEREAS, Long and High Loan Holdings, LLC is undertaking the renovation of the historic Atlas Building at the northeast corner of North High Street and East Long Street for conversion into 98 apartments and ground floor retail; and
WHEREAS, the City of Columbus and Long and High Loan Holdings, LLC are engaged in a Public-Private Partnership (3P) to design and construct streetscape improvements along the north side of East Long Street (from North High Street to Pearl Street) and the west side of North Pearl Street (from East Long Street to the building's northern property line) in downtown Columbus; and
WHEREAS, the Department of Development has committed $250,000.00 toward such streetscape improvements in support of the renovation project; and
WHEREAS, it is necessary to authorize an amendment to the 2013 Capital Improvements Budget for the purpose of providing sufficient spending authority for the aforementioned project expenditure; and
WHEREAS, this ordinance authorizes the Director of Public Service, on behalf of the Department of Development, to enter into guaranteed maximum reimbursement agreements with Long and High Loan Holdings, LLC, in an amount up to $250,000.00 for the design and construction of public infrastructure improvements in connection with the Downtown Streetscape - Atlas Building project; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, in that it is immediately necessary to authorize said Guaranteed Maximum Reimbursement Agreements and the expenditure of such funds to maintain the project schedule and meet community commitments; thereby immediately preserving the public health, peace, property, safety and welfare; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That 2013 Capital Improvement Budget, authorized by Ordinance 0645-2013, be amended as follows to account for encumbrance cancellations and to provide sufficient budget authority for this expenditure as follows:
Fund / Project No. / Project Name / C.I.B. Amount / Amended Amount / New C.I.B. Amount
704 / 530801-100002 / Downtown Streetscape - Corporate Relocation / $200,000 / -$200,000 / $0
704 / 590131-100000 / Miscellaneous Developments / $18,175 / -$18,175 / $0
704 / 440104-100006 / 2012 Neighborhood Infrastructure Projects/ $2,138,315 / -$6,825 / $2,131,490
704 / 530801-100011 / Downtown Streetscape - Atlas Building / $0 / +$250,000 / $250,000
SECTION 2. That the 2013 Capital Improvements Budget authorized by ordinance 0645-2013 be and is hereby amended to provide sufficient budget authority for the appropriate projects authorized within this ordinance as follows:
Fund / Project / Project Name / C.I.B. / Change / C.I.B. as Amended
746 / 590415-100004 / Corporate Retention (Voted Carryover) / $ 40,000 / ($25,000) /$15,000
746 / 530801-100011 / Downtown Streetscape - Atlas Building (Voted Carryover) / $0 / $25,000 /$25,000
SECTION 3. That in order to have sufficient cash for this project the City Auditor is authorized to transfer cash between projects within the Streets and Highways G. O. Bonds Fund 704 as follows:
Transfer from:
Fund / Project / Project Name / O.L. 01-03 Codes / OCA / Amount
704 / 530801-100002 / Downtown Streetscape - Corporate Relocation / 06-6600 / 748012 / $200,000
704 / 590131-100000 / Miscellaneous Developments / 06-6600 / 591132 / $18,175
704 / 440104-100006 / 2012 Neighborhood Infrastructure / 06-6600 / 751046 / $6,825
Transfer to:
Fund / Project / Project Name / O.L. 01-03 Codes / OCA / Amount
704 / 530801-100011 / Downtown Streetscape - Atlas Building / 06-6600 / 748011 / $225,000
SECTION 4. That in order to have sufficient cash for this project the City Auditor is authorized to transfer cash between projects within the Build America Bonds Fund 746 as follows:
Transfer from:
Fund / Project / Project Name / O.L. 01-03 Codes / OCA / Amount
746 / 590415-100004 / Corporate Retention / 06-6600 / 761504 / $25,000
Transfer to:
Fund / Project / Project Name / O.L. 01-03 Codes / OCA / Amount
746 / 530801-100011 / Downtown Streetscape - Atlas Building / 06-6600 / 768011 / $25,000
SECTION 5. That the Director of Public Service, on behalf of the Department of Development, be and hereby is authorized to enter into Guaranteed Maximum Reimbursement Agreements with Long and High Loan Holdings, LLC, 88 East Broad Street, Suite 1750, Columbus, OH 43215, pursuant to Section 186 of the Columbus City Charter for the design of Downtown Streetscape - Atlas Building project at a cost up to $250,000.00.
SECTION 6. That for the purpose of paying the cost of this contract the sum of up to $250,000.00 or so much thereof as may be needed, is hereby authorized to be expended from the Streets and Highways Bond Fund and Build America Bond Fund as follows:
Fund / Project / Project Name / O.L. 01-03 Codes / OCA / Amount
704 / 530801-100011 / Downtown Streetscape-Atlas Building / 06-6631 / 748011 / $225,000.00
746 / 530801-100011 / Downtown Streetscape-Atlas Building / 06-6631 / 768011 / $25,000.00
SECTION 7. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and the City Auditor shall establish such accounting codes as necessary.
SECTION 8. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this ordinance.
SECTION 9. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies are no longer required for said project.
SECTION 10. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.