Explanation
Background: This ordinance is a companion to ordinances Nos. 0542-05, No. 2202-98, No. 295-99 and No. 1500-01. These earlier ordinances authorized the reimbursement agreements and expenditures to date related to the Capital Improvement Project Development and Reimbursement Agreement for Nationwide Arena District. The maximum reimbursement under this agreement is $18,753,000.00 PLUS City inspection fees.
The agreement calls for limitations on expenditures in three categories; infrastructure not to exceed $16,610,000.00 of which $15,093,205.19 has been expended; a traffic study not to exceed $143,000.00 of which $127,051.68 has been expended and is complete; and land environmental remediation not to exceed $2,000,000.00 of which $537,882.78 has been expended. There remains, therefore, expenditures not to exceed $2,978,912.03 to fulfill the agreement.
This ordinance will provide funding to fulfill the agreement until such time as the city sells bonds as permanent funding of the remaining portion of the agreement.
This ordinance does NOT change the amount of the original agreement.
The City Auditor asks for and recommends the approval of this ordinance.
Fiscal Impact: $2,978,912.03 will be authorized for expenditure on capital projects previously approved by Council.
Title
To authorize the expenditure/reimbursement of $2,978,912.03 pursuant to the Capital Improvement Project Development and Reimbursement Agreement for Nationwide Arena District previously authorized by ordinance No. 2202-98 and to declare an emergency.
Body
WHEREAS, this Council has previously authorized the City's Director of Trade and Development to enter into the Capital Improvement Project Development and Reimbursement Agreement for Nationwide Arena District (the Agreement) via ordinance No. 2202-98 and
WHEREAS, the Agreement calls for the City to expend/reimburse the maximum amounts, collectively not to exceed $16,610,000; $2,000,000 and $14...
Click here for full text