Explanation
1. BACKGROUND
This legislation authorizes the Director of the Department of Public Service on behalf of the City of Columbus, Ohio (the “City”) to enter into a Construction Guaranteed Maximum Reimbursement Agreement with The Gravity Project, LLC, an Ohio limited liability company, (hereinafter the “Development Team”). The Gravity Project, LLC, is an affiliate of Kaufman Development.
The Development Team shall relocate existing underground utilities out of the former right-of-way of Gay Street from May Avenue to Anson Street and of Anson Street from Broad Street to Gay Street that was transferred to the Development Team by Ordinance 0273-2017. The City agrees to reimburse the Development Team up to four hundred thousand dollars ($400,000) to aid in the cost of the relocation.
2. CONTRACT COMPLIANCE INFORMATION
The contract compliance number for The Gravity Project, LLC is 021278 with no expiration date.
3. FISCAL IMPACTS
Funds in the amount of four hundred thousand dollars ($400,000.00) are available for this project in the Development Taxable Bonds Fund within the Department of Development. An amendment to the 2016 Capital Improvements fund is necessary for the purpose of providing sufficient spending authority for the aforementioned project expenditure.
Emergency action is requested so that the project can continue without delay.
Title
To amend the 2016 Capital Improvement Budget; to authorize the City Auditor to transfer cash and appropriation between projects within the Development Taxable Bonds Fund; to authorize the Director of the Department of Public Service to enter into a Construction Guaranteed Maximum Reimbursement Agreement with The Gravity Project, LLC; to authorize the expenditure of four hundred thousand dollars ($400,000.00) within the Development Taxable Bonds Fund; and to declare an emergency.
Body
WHEREAS, the Development Team shall relocate existing underground utilities out of the transferred right-of-way of Gay Str...
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