Explanation
Background: In 2006 the City entered into contract with the Science and Technology Campus Corporation (Scitech) for $350,000 to increase the capacity of the existing water line on North Star Road to facilitate additional development. Actual costs totaled $46,594.24 more than estimated. The City has agreed to reimburse Scitech for the additional costs paid on this City capital project.
Some of the Development Department's capital projects have come in under budget resulting in surplus funds. Enough funds are now available to reimburse Scitech.
Fiscal Impact: $46,594.24 is available as cash in the 2010 Capital Budget in Northland and Other Acquisitions Fund 735 and in Streets & Highways G.O. Bonds Fund 704.
Title
To amend the 2010 Capital Improvement Budget; to authorize the transfers of cash between projects within the same funds; to authorize the Director of Development to enter into a reimbursement agreement with Science and Technology Campus Corporation for $46,594.24 to cover cost overruns in a City capital project; and to authorize the expenditure of $44,636.53 from the Northland and Other Acquisitions Fund and $1,957.71 from the Streets & Highways G.O. Bonds Fund. ($46,594.24)
Body
WHEREAS, the Development Department entered into a contract with Science and Technology Campus Corporation (Scitech) to complete water line improvements on North Star Road serving the Scitech site; and
WHEREAS, costs were incurred over the amount legislated in the contract; and
WHEREAS, Scitech has asked the City to reimburse for the cost overruns; and
WHEREAS, the Development Department has enough cash remaining from completed and closed projects that this debt can be repaid; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the 2010 Capital. Improvement Budget established within Ordinance 0564-2010 be and hereby is amended due to encumbrance cancellations as follows:
Fund No. / Project No. / Project / Current CIB Amount / Amendment Amount / CIB Amount
735 / 441737-100000 / Taylor Homes Phase II / $10,547.21 (Carryover) / ($10,547.21) / $0
735 / 441735-100000 / Northland Mall Project / $3,963.47 (Carryover) / ($3,963.47) / $0
735 / 440104-100000 / Misc Economic Development / $32,649 (Carryover) / $14,510.68 / $47,159.68
704 / 530058-100000 / NCR / $0.00 (Carryover) / $30,402.64 (Carryover) / $30,402.64 (Carryover)
704 / 440005-100000 / Urban Infra.-Eng&Constr/Traffic / $14,457 (Carryover) / ($644.55) / $13,812.45
704 / 530058-100000 / NCR / $30,402.64 (Carryover) / ($1.274.28) / $29,128.36 (Carryover)
704 / 590415-100000 / Economic & Community Development / $38.88 (Carryover) / $1,918.83 / $1,957.71
SECTION 2. That the transfer of cash between projects within the Northland and Other Acquisitions Fund 735 be authorized as follows:
TRANSFER FROM:
Fund / Project No. / Project / Object Level One / OCA Code / Amount
735 / 441737-100000 / Taylor Homes Phase II / 06 / 441737 / $10,547.21
735 / 441735-100000 / Northland Mall Project / 06 / 441735 / $3,963.47
TRANSFER TO:
Fund / Project No. / Project / Object Level One / OCA Code / Amount
735 / 440104-100000 / Misc Economic Development / 06 / 735020 / $14,510.68
SECTION 3. That the transfer of cash between projects within the Streets & Highways G. O. Bonds Fund 704 be authorized as follows:
TRANSFER FROM:
Fund / Project No. / Project / Object Level One / OCA Code / Amount
704 / 440005-100000 / Urban Infra.-Eng&Constr/Traffic / 06 / 643015 / $644.55
704 / 530058-100000 / NCR / 06 / 590039 / $1,274.28
TRANSFER TO:
Fund / Project No. / Project / Object Level One / OCA Code / Amount
704 / 590415-100000 / Economic & Community Development / 06 / 591258 / $1,918.83
SECTION 4. 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 5. That the Director of Development be authorized to enter into a reimbursement agreement in an amount not to exceed $46,584.24 with Science and Technology Campus Corporation in order to reimburse for cost overruns on the City capital project to increase the capacity of a water line that services the Scitech campus.
SECTION 6. That for the purpose stated in Section 5, the expenditure of up to $44,636.53 from the Development Department, Division No. 44-01, Fund No. 735 Northland and Other Acquisitions, Project No. 440104-100000, OCA Code 735020, Object Level Three 6629 and the expenditure of up to $1,957.71from the Development Department, Division No. 44-01, Fund No. 704 Streets & Highways G.O. Bonds, Project No. 590415-100000, OCA Code 591258, Object Level Three 6629 are hereby authorized.
SECTION 7. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.