Explanation
1. BACKGROUND
This ordinance seeks authorization for the Director of Public Service, on behalf of the Department of Development, to enter into Guaranteed Maximum Reimbursement Agreements with Long and High Loan Holdings, LLC, for up to $250,000.00 to design and construct the Downtown Streetscape - Atlas Building project.
Built in 1905, the Atlas Building is undergoing a $20 million renovation that will convert the historic building into 98 apartments with ground floor retail. To complement the building’s renovation, the City’s Department of Development has committed up to $250,000.00 for streetscape improvements along the north side of East Long Street (from North High Street to Pearl Street) and the west side of North Pearl Street (from East Long Street to the building’s northern property line).
2. CONTRACT COMPLIANCE INFORMATION
The contract compliance number for Long and High Loan Holdings, LLC is 463121374. The expiration date is 2/5/16.
3. FISCAL IMPACTS
Funds in the amount of $250,000.00 are available for this project in the Streets and Highways G.O. Bond Fund within the Department of Public Service. An amendment to the 2013 Capital Improvements fund is necessary for the purpose of providing sufficient spending authority for the aforementioned project expenditure.
4. EMERGENCY DESIGNATION
The Department of Development is requesting this ordinance to be considered an emergency measure in order to allow design and construction to begin, which is necessary to maintain the project schedule
Title
To amend the 2013 Capital Improvement Budget; to authorize the City Auditor to transfer cash between projects within the Streets and Highways Bond Fund; to authorize the Director of Public Service, on behalf of the Department of Development, to enter into Guaranteed Maximum Reimbursement Agreements with Long and High Loan Holdings, LLC, for up to $250,000.00 to design and construct the Downtown Streetscape - Atlas Building project; and to autho...
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