Explanation
Background: This legislation authorizes the Public Service Director to increase the expenditure amount by $129,229.00 for the Guaranteed Maximum Cost Agreement with Urban Loft Ventures I LLC for the construction of downtown streetscape improvements at the northeast corner of Third Street and Gay Street for the Transportation Division. Previously, ordinance 1559-2006, adopted October 2, 2006, provided $200,000.00 funding for this construction. The project's scope of construction was increased to include elements of the City's Gay Street conversion project since the developer was engaged in construction prior to the City's project and the Gay Street conversion project would have to demolish some of the work just completed by the developer. The City and the developer agreed that the developer was in a better position to implement this portion of the Gay Street conversion project at this corner. The increased amount will cover additional expenditures of Urban Loft Ventures I LLC to implement this increased project scope. $74,229.00 of this increase will be provided from the City's Gay Street Conversion Project. $55,000.00 of this increase will be provided by the City's Downtown Streetscape Program.
The Carlyles Watch residential development project involves the construction of an eight-story building at the northeast corner of Third and Gay which will contain 56 residential units, ground floor retail space and an enclosed parking level within the building. Streetscape improvements include the construction of sidewalks, curbs, street trees, street lighting and landscaped corner bump-out at the northeast corner of Third and Gay. This corner bump-out and the engineering work associated with this will implement this portion of the City's Gay Street Conversion Project.
More information is contained on the attached Detailed Project Description document. The Development Department has identified and negotiated this Agreement and the Public Serv...
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