Explanation
Background: The Lincoln Theatre, an historic landmark in the City's King-Lincoln District, underwent extensive interior renovation and site improvements in 2007 and 2008. Cost of these improvements were shared by the City of Columbus, Franklin County, and CAPA (Columbus Association for the Performing Arts) totaling $13.5 million. During construction, unforeseen additional work became necessary to complete the project. An additional $500,000 was incurred due to HVAC upgrades, balcony expansion, sprung wood dance floor and patio construction. The City of Columbus and Franklin County have committed to funding these costs equally in the amount of $250,000 each. This legislation authorizes the Director of Development to enter into a reimbursement agreement with the Lincoln Theatre Association for $250,000 and authorizes the expenditure of funds.
Fiscal Impact: $250,000 is available as cash in the 2011 Capital Improvement Budget, Fund 735.
Title
To authorize the Director of the Department of Development to enter into a Guaranteed Maximum Reimbursement Agreement pursuant to Section 186 of the Columbus City Charter with the Lincoln Theatre Association for $250,000 for unforeseen additional work necessary to the construction of theatre renovations; and to authorize the expenditure of $250,000.00 from the Northland and Other Acquisitions Fund. ($250,000.00)
Body
WHEREAS, the City of Columbus has supported the renovation of the Lincoln Theatre as a key component to the revitalization of the King-Lincoln District; and
WHEREAS, the City of Columbus, Franklin County, CAPA (Columbus Association for the Performing Arts) and the Lincoln Theatre Association collaborated to complete $13.5 million in renovations to the Lincoln Theatre; and
WHEREAS, during construction it became necessary to upgrade the HVAC system, expand the balcony seating, install a sprung wood dance floor and patio resulting in additional costs of $500,000; and
WHEREAS; the City and Franklin County have committed to sharing the cost of funding this unforeseen additional work on an equal basis; and
WHEREAS; it will be necessary to authorize the Director of Development to enter into a Guaranteed Maximum Reimbursement Agreement with the Lincoln Theatre Association for $250,000 to reimburse the cost of additional work; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of Development be authorized to enter into a Guaranteed Maximum Reimbursement Agreement pursuant to Section 186 of the Columbus City Charter with the Lincoln Theatre Association for $250,000 for the purpose of reimbursing the cost of unforeseen additional work necessary in completing the interior renovations to the Lincoln Theatre.
Section 2. That for the purpose stated in Section 1, the expenditure of up to $250,000 from the Development Department, Division No. 44-01, Fund No. 735, Project No. 441736-100001 Lincoln Theatre, OCA Code 737361, Object Level Three 6680 is hereby authorized.
Section 3. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.