Explanation
Background: In 2006 the City entered into contract with the Science and Technology Campus Corporation (Scitech) for $350,000 to increase the capacity of the existing water line on North Star Road to facilitate additional development. Actual costs totaled $46,594.24 more than estimated. The City has agreed to reimburse Scitech for the additional costs paid on this City capital project.
Some of the Development Department's capital projects have come in under budget resulting in surplus funds. Enough funds are now available to reimburse Scitech.
Fiscal Impact: $46,594.24 is available as cash in the 2010 Capital Budget in Northland and Other Acquisitions Fund 735 and in Streets & Highways G.O. Bonds Fund 704.
Title
To amend the 2010 Capital Improvement Budget; to authorize the transfers of cash between projects within the same funds; to authorize the Director of Development to enter into a reimbursement agreement with Science and Technology Campus Corporation for $46,594.24 to cover cost overruns in a City capital project; and to authorize the expenditure of $44,636.53 from the Northland and Other Acquisitions Fund and $1,957.71 from the Streets & Highways G.O. Bonds Fund. ($46,594.24)
Body
WHEREAS, the Development Department entered into a contract with Science and Technology Campus Corporation (Scitech) to complete water line improvements on North Star Road serving the Scitech site; and
WHEREAS, costs were incurred over the amount legislated in the contract; and
WHEREAS, Scitech has asked the City to reimburse for the cost overruns; and
WHEREAS, the Development Department has enough cash remaining from completed and closed projects that this debt can be repaid; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the 2010 Capital. Improvement Budget established within Ordinance 0564-2010 be and hereby is amended due to encumbrance cancellations as follows:
Fund No. / Proje...
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