Explanation
Background: The City of Columbus contributed to the construction of improved roadways and other public improvements in the right-of-way or on City-owned property in the Arena District. The cost of certain public improvements has exceeded the original reimbursement agreement. A commitment has been made by the Director of Development to reimburse NWD Investments, LLC for additional costs up to $35,316.80.
Fiscal Impact: $35,316.80 is available in the 2009 Capital Improvement Budget in Fund 735 Northland and Other Acquisitions.
Title
To amend the 2009 CIB; to authorize the transfer of cash between projects within the same fund; to authorize the Director of Development to enter into a Guaranteed Maximum Price Reimbursement Agreement under Section 186 of the Columbus City Charter with NWD Investments, LLC to complete outstanding improvements in the Arena District; and to authorize the expenditure of $35,316.80 from the Northland and Other Acquisitions Fund. ($35,316.80)
Body
WHEREAS, the City of Columbus has worked with NWD Investments, LLC since 1999 to complete roadway and other public improvements in the right-of-way or on City-owned property in the Arena District; and
WHEREAS, NWD Investments, LLC has outstanding reimbursable costs; and
WHEREAS, the Directors of Development and Public Service have made a commitment to fund the improvements to ensure their completion; and; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the 2009 Capital Improvements Budget established within ordinance 0806-2009 be and hereby is amended due to encumbrance cancellations as follows:
Fund No. / Project No / Project / Current CIB Amount / Amendment Amount / CIB Amount
735 / 590415 / Economic & Comm. Development / $1,150,001 / $35,316.80 / $1,185,317.80
Section 2. That the transfer of monies within the Northland and Other Acquisitions Fund, Fund 735 be authorized as follows:
TRANSFER FROM:
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