Explanation
This legislation authorizes the Public Service Director to amend the reimbursement agreement with 104 North Third Street, LLC, for the construction of streetscape improvements on Third Street, Long Street, Lazelle Street and Elm Street adjacent to the Connextions Lofts project at 104 North Third Street by increasing this contract by $50,000.00. The increased amount of the contract will reimburse the applicant for costs incurred due to existing site conditions beyond the applicant's control that resulted in the additional expenditure of funds on their part to complete the agreed to downtown streetscape improvements. The Connextions Lofts project involves the renovation of an existing seven story building into 62 residential condominium units, 3,700 square feet of retail space and 70 parking spaces. Streetscape Improvements include construction of new sidewalks, new curbs and new street lighting. The Development Department has identified and negotiated this agreement and the Public Service Department entered into contract with 104 North Third Street, LLC, as authorized by Ordinance 2093-2003 passed by City Council on October 20, 2003.
104 North Third Street, LLC's contract compliance number is 68-0514720; this expires November 25, 2006.
Fiscal Impact: This expense is budgeted within the Transportation Division's 2005 Capital Improvements Budget in the 1995, 1999, 2004 Voted Streets and Highways Fund in the Downtown Streetscapes project. The original reimbursement agreement was for $175,000.00. This is the first modification. The total current reimbursement amount including this modification is $225,000.00.
Title
To authorize the Public Service Director to modify and increase the reimbursement agreement with 104 North Third Street, LLC, for construction of streetscape improvements adjacent to the Connextions Lofts project at 104 North Third Street for the Transportation Division and to authorize the expenditure of $50,000.00 or ...
Click here for full text