Explanation
Background: In 2006 the City entered into contract with Campus Partners for Community Urban Redevelopment for $250,000.00 to conduct a Phase 2 Environmental Analysis of the Columbus Coated Fabrics site. The City and Campus Partners agreed to evenly split the total cost of $500,000. Actual costs totaled $588,905.58, an overage of $88,905.58. The City's share of this overage equals $44,452.79.
Some of the Development Department's capital projects have come in under budget resulting in surplus funds. Enough funds are now available to reimburse Campus Partners for the City's share.
Fiscal Impact: $44,452.79 is available as cash in the 2010 Capital Budget in Northland and Other Acquisitions Fund 735.
Title
To amend the 2010 Capital Improvement Budget; to authorize the transfer of cash between projects within the same fund; to authorize the Director of Development to enter into a reimbursement agreement with Campus Partners for Community Urban Redevelopment for $44,452.79 to cover cost overruns in a City capital project; and to authorize the expenditure of $44,452.79 from the Northland and Other Acquisitions Fund. ($44,452.79)
Body
WHEREAS, the Development Department entered into a contract with Campus Partners for Urban Redevelopment to complete predevelopment activities on the Columbus Coated Fabrics site; and
WHEREAS, costs were incurred over the amounts stated in the contracts; and
WHEREAS, Campus Partners has asked the City to reimburse for the City's share of 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 as follows:
Fund No. / Project No. / Project / Current CIB Amount / Amendment Amount / CIB Amount
735 / 441737-1...
Click here for full text