Explanation
1. BACKGROUND: The Department of Public Utilities, Division of Sewerage and Drainage intends to complete a storm sewer construction project in the Freeway Drive North Area, and has agreed to incorporate the replacement of an existing 96 inch storm sewer running through the YDT Sinclair Rd. LLC property, into its plans. This Ordinance will authorize the Director of Public Utilities to enter into a Guaranteed Maximum Reimbursement Agreement with YDT Sinclair Rd. LLC (YDT), for these improvements, known as the Freeway Drive North Storm Sewer Replacement Project No. 611029-100000, in the amount of $86,100.
Improvements will be made at City cost and then reimbursed by YDT Sinclair Rd. LLC
2. FISCAL IMPACT: YDT Sinclair Rd. LLC will provide reimbursement to the Department Public Utilities, Division of Sewerage and Drainage for 100% of the YDT share of the costs associated with the construction of the improvements described herein, up to a maximum amount of $86,100.00. Once the reimbursement is received the funds will be deposited into the Permanent Improvement Fund (Fund 6208).
Title
To authorize the Director of Public Utilities to enter into a Guaranteed Maximum Reimbursement Agreement with YDT Sinclair Rd. LLC, for storm sewer replacement associated with the Division of Sewerage and Drainage’s Freeway Drive North Project; and to authorize the deposit of up to $86,100.00 within the Storm Sewer Bonds Fund. ($86,100.00).
Body
WHEREAS, the Director of Public Utilities needs to enter into a Guaranteed Maximum Reimbursement Agreement with YDT Sinclair Rd. LLC for storm sewer replacement costs associated with the Division of Sewerage and Drainage’s Freeway Drive North Project; and
WHEREAS, YDT Sinclair Rd. LLC will pay a reimbursement amount for all storm sewer replacement costs relating to the project, up to a maximum amount of $86,100.00; and
WHEREAS, it is necessary to authorize the deposit of the proceeds fro...
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