Explanation
1. BACKGROUND
This ordinance authorizes the Department of Development to make an additional $72,000.00 available to Long and High Loan Holdings, LLC for the Downtown Streetscape - Atlas Building project, for a total contribution of $357,000.00.
Ordinance No. 0508-2014 authorized the Director of Public Service, on behalf of the Department of Development, to enter into Guaranteed Maximum Reimbursement Agreements with Long and High Loan Holdings, LLC, for up to $250,000.00 to design and construct the Downtown Streetscape - Atlas Building project.
Subsequently, the Department of Development committed an additional $35,000.00, authorized by Ordinance No. 1595-2014, to stabilize a section of sidewalk impacted by the Atlas Building’s underground vault that encroaches into the City’s right-of-way.
In September 2014, after the City accepted bids for the project on behalf of Long and High Loan Holdings, LLC, the lowest, most responsive bid for construction of the right-of-way improvements was $143,527.67 higher than the engineer’s estimate. The Department of Development has agreed to a 50/50 split of the costs above the engineer’s estimate with Long and High Loan Holdings, LLC, which results in $72,000.00.
The Director of Public Service has already entered into a Design Guaranteed Maximum Reimbursement Agreement under the authority of Ordinance 0508-2014, in the amount of $56,204.91. It is anticipated that the Director of Public Service shall enter into a Construction Guaranteed Maximum Reimbursement Agreement under the authority of Ordinances 0508-2014 and 1595-2014 for an estimated amount of $300,795.09.
2. CONTRACT COMPLIANCE INFORMATION
The contract compliance number for Long and High Loan Holdings, LLC is 463121374. The expiration date is 2/5/16.
3. FISCAL IMPACTS
Funds in the amount of $72,000.00 are available for this project in the Streets and Highways G.O. Bond Fund within the Department of Development. An amendment to the Capital Impro...
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