Explanation
Background: In 2006 the City entered into contract with Campus Partners for Community Urban Redevelopment for $250,000.00 to conduct a Phase 2 Environmental Analysis of the Columbus Coated Fabrics site. The City and Campus Partners agreed to evenly split the total cost of $500,000. Actual costs totaled $588,905.58, an overage of $88,905.58. The City's share of this overage equals $44,452.79.
Some of the Development Department's capital projects have come in under budget resulting in surplus funds. Enough funds are now available to reimburse Campus Partners for the City's share.
Fiscal Impact: $44,452.79 is available as cash in the 2010 Capital Budget in Northland and Other Acquisitions Fund 735.
Title
To amend the 2010 Capital Improvement Budget; to authorize the transfer of cash between projects within the same fund; to authorize the Director of Development to enter into a reimbursement agreement with Campus Partners for Community Urban Redevelopment for $44,452.79 to cover cost overruns in a City capital project; and to authorize the expenditure of $44,452.79 from the Northland and Other Acquisitions Fund. ($44,452.79)
Body
WHEREAS, the Development Department entered into a contract with Campus Partners for Urban Redevelopment to complete predevelopment activities on the Columbus Coated Fabrics site; and
WHEREAS, costs were incurred over the amounts stated in the contracts; and
WHEREAS, Campus Partners has asked the City to reimburse for the City's share of 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 as follows:
Fund No. / Project No. / Project / Current CIB Amount / Amendment Amount / CIB Amount
735 / 441737-100000 / Taylor Homes Phase II / $55,000 (carryover) / ($44,452.79) / $10,547.21
735 / 590415-100000 / Economic & Community Development / $0 / $44,452.79 / $44,452.79
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 / $44,452.79
TRANSFER TO:
Fund / Project No. / Project / Object Level One / OCA Code / Amount
735 / 590415-100000 / Economic & Community Development / 06 / 440735 / $44,452.79
SECTION 3. 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 4. That the Director of Development be authorized to enter into a reimbursement agreement in an amount not to exceed $44,452.79 with Campus Partners for Community Urban Redevelopment in order to reimburse for cost overruns on the Columbus Coated Fabrics Phase 2 Environmental Analysis.
SECTION 5. That for the purpose stated in Section 4, the expenditure of up to $44,452.79 from the Development Department, Division No. 44-01, Fund No. 735 Northland and Other Acquisitions, Project No. 590415-100000, OCA Code 440735, Object Level One 06, Object Level Three 6680 is hereby authorized.
SECTION 6. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.