Explanation
1. BACKGROUND
Ordinance No. 1739-2015 authorized the Director of Public Service to enter into agreement with MORSO Holding Co. and to accept a contribution of $1,100,000.00 from MORSO Holding Co. to offset a portion of the costs of constructing the Roadway Improvements - Easton Square Place - Stelzer Road to Morse Crossing project (the “Contribution Agreement”).
This ordinance seeks authorization for the Director of Public Service to modify the Contribution Agreement with MORSO Holding Co. to reduce the $1,100,000.00 contribution by $166,663.39 for a total contribution of $933,336.61 toward the costs of constructing the project.
The city is reducing the $1,100,000.00 contribution authorized by Ordinance 1739-2015 by $166,663.39 to reflect MORSO Holding Co.’s upfront costs toward the project’s design.
The Department of Development will contribute replacement funds in the amount of $166,663.39 toward the project’s construction costs.
2. FISCAL IMPACTS
Funds in the amount of $166,663.39 are available for this project in the Streets and Highways G.O. Bond Fund within the Department of Public Service.
3. EMERGENCY DESIGNATION
The Department of Public Service is requesting emergency action be taken in order to allow the project to proceed immediately, thereby allowing the City and the Developer to maintain the project schedule and meet community commitments.
Title
To authorize the Director of Public Service to modify the Contribution Agreement with MORSO Holding Co.; to authorize the expenditure of $166,663.39 from the Streets and Highways Bond Fund; and to declare an emergency. ($166,663.39)
Body
WHEREAS, Ordinance No. 1739-2015 authorized the Director of Public Service to enter into agreement with MORSO Holding Co. to accept a contribution of $1,100,000.00 to offset a portion of the costs of constructing the Roadway Improvements - Easton Square Place - Stelzer Road to Morse Crossing project (the “Contribution Agreement”); and
WHEREAS, MO...
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