Explanation
1. BACKGROUND
The purpose of this legislation is to authorize the issuance of a refund for the unexpended balance of funds deposited by Arlington Ave Ventures I, LLC (the “Developer”) with the City to facilitate the extension of the Brice Road shared use path.
The Developer recently completed construction of a 360-unit multifamily development at the intersection of Brice Road and Chatterton Road known as Ecco Park Apartments. In July 2022, the Department of Public Service accepted a deposit in the amount of $92,551.88 from the Developer in lieu of the Developer extending the existing shared use path located on Brice Road, which terminated south of Chatterton Road, in concert with that project. The parties subsequently mutually agreed, pursuant to a memorandum of understanding effective November 8, 2023, that the Developer would oversea the design and construction of the proposed extension, which was completed earlier this year. In accordance with that agreement, the purpose of this legislation is to enable the Department of Public Service to return the aforementioned sum to the Developer now that the necessary public infrastructure improvements have been completed.
2. CONTRACT COMPLIANCE INFORMATION
A one-time vendor account has been established under X167203 for Arlington Ave Ventures I, LLC.
3. FISCAL IMPACT
Funding in the amount of $92,551.88 is available in Fund 2223, the Special Purpose Fund. These funds will need to be appropriated.
4. EMERGENCY JUSTIFICATION
Emergency action is requested in order to facilitate the return of unused project funding to the Developer no later than August 30, 2024.
Title
To authorize the appropriation of funds in the Special Purpose Funds; to authorize the Department of Public Service to return to Arlington Ave Ventures I, LLC the sum of $92,551.88, which represents the unexpended balance of monies that entity previously deposited with the City to facilitate the extension of the Brice Road shared use p...
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