Explanation
1. BACKGROUND
This ordinance authorizes the Director of Public Service to execute agreements, including any future amendments or modifications thereto, if needed, with and to accept funding from Delaware County relative to the completion of the Intersection - E. Powell Road and Lyra Drive project. It also authorizes the Auditor's Office to appropriate funds received from Delaware County for the project and to establish auditor certificates as needed and requested by the Director of the Department of Public Service to allow funds received from Delaware County to be spent on construction, construction administration, and construction inspection expenses for the project.
The City is engaged in a Public-Private Partnership (3P) with NP Capital Management Corporation to facilitate the construction of certain public infrastructure improvements in the Polaris area. The Intersection - E. Powell Road and Lyra Drive project encompasses the extension of Lyra Drive to intersect with East Powell Road and the construction of a roundabout at the new intersection. A portion of the planned improvements will benefit Delaware County, which has agreed to contribute funding to support that effort.
This ordinance also authorizes, as necessary, the issuance of a refund for the unspent balance of the funds deposited by Delaware County after the project and final accounting have been completed or when the Department of Public Service, Division of Design and Construction, certifies said funds are no longer needed and can be returned to Delaware County.
2. FISCAL IMPACT
Delaware County has agreed to contribute up to $200,000.00 to support the construction of the project based on preliminary cost estimates with the understanding that the actual amount owed for that purpose may vary contingent on the outcome of the competitive bid process or due to unforeseen circumstances. In the event the apparent low bid exceeds preliminary cost estimates or other circumstances requi...
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