Explanation
Background: The City of Columbus contributed to the construction of improved roadways and other public improvements in the right-of-way or on City-owned property in the Arena District. The cost of certain public improvements has exceeded the original reimbursement agreement. A commitment has been made by the Director of Development to reimburse NWD Investments, LLC for additional costs up to $35,316.80.
Fiscal Impact: $35,316.80 is available in the 2009 Capital Improvement Budget in Fund 735 Northland and Other Acquisitions.
Title
To amend the 2009 CIB; to authorize the transfer of cash between projects within the same fund; to authorize the Director of Development to enter into a Guaranteed Maximum Price Reimbursement Agreement under Section 186 of the Columbus City Charter with NWD Investments, LLC to complete outstanding improvements in the Arena District; and to authorize the expenditure of $35,316.80 from the Northland and Other Acquisitions Fund. ($35,316.80)
Body
WHEREAS, the City of Columbus has worked with NWD Investments, LLC since 1999 to complete roadway and other public improvements in the right-of-way or on City-owned property in the Arena District; and
WHEREAS, NWD Investments, LLC has outstanding reimbursable costs; and
WHEREAS, the Directors of Development and Public Service have made a commitment to fund the improvements to ensure their completion; and; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the 2009 Capital Improvements Budget established within ordinance 0806-2009 be and hereby is amended due to encumbrance cancellations as follows:
Fund No. / Project No / Project / Current CIB Amount / Amendment Amount / CIB Amount
735 / 590415 / Economic & Comm. Development / $1,150,001 / $35,316.80 / $1,185,317.80
Section 2. That the transfer of monies within the Northland and Other Acquisitions Fund, Fund 735 be authorized as follows:
TRANSFER FROM:
Fund / Project No / Project / Object Level One / Object Level Three Codes / OCA Code / Amount
735 / 441735 / Northland Mall Project / 06 / 6680 / 441735 / $35,316.80
TRANSFER TO:
Fund / Project No / Project / Object Level One / Object Level Three Codes / OCA Code / Amount
735 / 590415 / Economic & Community Development / 06 / 6632 / 440735 / $35,316.80
Section 3. That the Director of Development is hereby authorized to enter into a Guaranteed Maximum Price Reimbursement Agreement under Section 186 of the Charter of the City of Columbus with NWD Investments, LLC for the purpose of completing roadway and other public improvements in the Arena District.
Section 4. That for the purpose stated in Section 3, the expenditure of up to $35,316.80 from the Development Department, Division No. 44-01, Fund No. 735, Project No. 590415 Economic and Community Development, OCA Code 440735, Object Level Three 6632 is hereby authorized.
Section 5. 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 6. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.