Explanation
The original contract for the construction of Fire Station 34 was awarded to Roose Company Inc. Roose proceeded to construct the station, but in the final stages, ran into financial difficulties and could not complete the project. Ohio Farmers Insurance Company was Rooose's bonding agent. In accordance with the terms of the performance bond that Ohio Farmers had supplied to Roose and the City, Ohio Farmers Insurance Company stepped in and completed the project, paid for remaining materials, and paid many subcontractors who were not paid by Roose. Ohio Farmers Insurance Company's Federal Tax ID Number is 999-010599.
Of the funds remaining on the original contract, and one modification, a total of $41,103.56 is owed to Roose. Additional funds remaining on the modification were not logged for payment to Roose and will be returned to the Division of Fire.
Title
To authorize the Auditor to arrange final payment on the construction of Fire Station 34 to Ohio Farmers Insurance Company in the amount of Forty One Thousand, One Hundred Three and 56/100 Dolllars ($41,103.56), and to declare an emergency
Body
WHEREAS, the City of Columbus originally contracted with the Roose Company Inc., a construction contractor, for the purpose of building Fire Station 34 on the northwest side of Columbus; and
WHEREAS, Roose Company completed 90% of the building before financial difficulties forced them to abandon the project; and
WHEREAS, Roose's bonding agent, the Ohio Famers Insurance Company, stepped in, constracted for the completion of the project, and paid all materialmen and subcontractors as was their obligation under the performance bond issued by them for the project; and
WHEREAS, funds remaining obligated to Roose Company on the original contract and one modification should be cancelled and a portion of said funds paid to Ohio Farmers Insurance; and
WHEREAS, by reason of the foregoing, in order to promote fiscal econ...
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