Explanation
1. Background:
This legislation requests amending Ordinance No. 0587-2006, passed on June 4, 2006, that authorized the City to enter into a guaranteed maximum cost reimbursement agreement with Nationwide Realty Investors, Ltd. for city infrastructure improvements in the vicinity of the proposed Huntington Park, and to establish the funding limit of $11,439,656.00
This amendment is for purposes of revising the Department of Public Utility funding sources to adequately address plan changes that departmental engineering personnel deemed necessary to address upgrades to the sanitary, stormwater and electrical distribution infrastructure for the department. This ordinance will only reallocate the maximum sum amount between the associated funding sources. No additional funding above this limit is authorized.
Due to the age and complexity of the City's underground utility infrastructure, the approximate scope and cost of the design and construction of the improvements could not be adequately determined at the time the Guaranteed Maximum Cost Reimbursement Agreement was executed between the City and the Developer.
2. Fiscal Impact:
This ordinance will not increase the funding of the subject agreement. Its purpose is make revisions that include: reducing the funding within the sanitary and stormwater funding sources; increasing the amount in the water funding source; and establishing funding for municipal electrical infrastructure improvements.
3. Emergency Designation:
The Department of Public Utilities is requesting City Council to consider this legislation an emergency measure, in order to facilitate the funding revisions that are necessary to allow for the payment of services related to the installation of this vital sanitary, stormwater and electrical infrastructure, in accordance with the provisions of the aforementioned guaranteed maximum cost reimbursement agreement.
Title
To amend Ordinance No. 0587-2007, passed June ...
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