Explanation
Background: The Lincoln Theatre, an historic landmark in the City's King-Lincoln District, underwent extensive interior renovation and site improvements in 2007 and 2008. Cost of these improvements were shared by the City of Columbus, Franklin County, and CAPA (Columbus Association for the Performing Arts) totaling $13.5 million. During construction, unforeseen additional work became necessary to complete the project. An additional $500,000 was incurred due to HVAC upgrades, balcony expansion, sprung wood dance floor and patio construction. The City of Columbus and Franklin County have committed to funding these costs equally in the amount of $250,000 each. This legislation authorizes the Director of Development to enter into a reimbursement agreement with the Lincoln Theatre Association for $250,000 and authorizes the expenditure of funds.
Fiscal Impact: $250,000 is available as cash in the 2011 Capital Improvement Budget, Fund 735.
Title
To authorize the Director of the Department of Development to enter into a Guaranteed Maximum Reimbursement Agreement pursuant to Section 186 of the Columbus City Charter with the Lincoln Theatre Association for $250,000 for unforeseen additional work necessary to the construction of theatre renovations; and to authorize the expenditure of $250,000.00 from the Northland and Other Acquisitions Fund. ($250,000.00)
Body
WHEREAS, the City of Columbus has supported the renovation of the Lincoln Theatre as a key component to the revitalization of the King-Lincoln District; and
WHEREAS, the City of Columbus, Franklin County, CAPA (Columbus Association for the Performing Arts) and the Lincoln Theatre Association collaborated to complete $13.5 million in renovations to the Lincoln Theatre; and
WHEREAS, during construction it became necessary to upgrade the HVAC system, expand the balcony seating, install a sprung wood dance floor and patio resulting in additional costs of $500,00...
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