Explanation
1. BACKGROUND
Built in 1927 the LeVeque Tower is undergoing a complete rehabilitation of the interior for commercial, office, and residential uses as well as exterior repair work of the terracotta. The $27.6 million dollar renovation will reposition the building in today's marketplace with added living units to a growing residential market. To complement the building renovation the City's Development Department has committed up to $2,000,000.00 for streetscape improvements on Broad Street, Front Street and the adjacent alleys.
This ordinance authorizes the Director of Public Service to enter into maximum cost reimbursement agreements with Tower 10 LLC for the design and construction of Streetscape Improvements to on Broad Street, Front Street and the adjacent alleys.
2. FISCAL IMPACT
$2,000,000 is available in the 2012 Capital Improvement Budget. The C.I.B. must be amended and funds must be transferred to the appropriate project to provide sufficient authority for this project.
3. EMERGENCY DESIGNATION
Emergency action is requested so that construction can start according to schedule.
Title
To authorize the Director of Public Service on behalf of the Department of Development to enter into a reimbursement agreement with Tower 10 LLC for the Streetscape Improvements associated with the renovation of the LeVeque Tower; to waive the formal consultant selection process provisions of the City Code; to amend the 2012 C.I.B; to authorize the transfer and expenditure of funds within the Streets and Highways G.O. Bonds Fund; and to declare an emergency. ($2,000,000.00)
Body
WHEREAS, The LeVeque Tower has been an iconic landmark to downtown Columbus since its construction in 1927; and
WHEREAS, The LeVeque Tower has been recently purchased by Tower 10 LLC who will renovate the interior of the structure as well as construct improvements to the surrounding streetscape for a total investment of $27.6 million; and
WHEREAS, To reposition the bu...
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