Explanation
1. BACKGROUND
This legislation amends Ordinance 0953-2017, which authorizes the Director of the Department of Public Utilities on behalf of the City of Columbus, Ohio (the “City”) to enter into an amendment of the Construction Guaranteed Maximum Reimbursement Agreement with The Gravity Project, LLC, an Ohio limited liability company, (hereinafter the “Development Team”). The Gravity Project, LLC, is an affiliate of Kaufman Development.
The Development Team shall abandon an existing sanitary sewer located within the limits of vacated Broderick Street between N. May Avenue and the CSX property, and then relocate it into Broad Street. The relocation includes construction of sanitary sewer and installation of four six-inch lateral to allow connection by the future private development north of Broad Street. The City had previously agreed to reimburse the Development Team up to five hundred thousand dollars ($500,000) to aid in the cost of the relocation. The reimbursement amount is required to be revised in order to accommodate additional construction costs. The City agrees to amend the Construction Guaranteed Maximum Reimbursement Agreement to reimburse the Development Team up to an additional one hundred fifty-two thousand, two hundred seventy-five dollars ($152,275).
2. CONTRACT COMPLIANCE INFORMATION
The contract compliance number for The Gravity Project, LLC is 021278 with no expiration date.
3. FISCAL IMPACTS
Funds in the amount of one hundred fifty-two thousand, two hundred seventy-five dollars ($152,275) are available for this project in the Streets and Highways G.O. Bonds Fund under the Department of Development. An amendment to the 2017 Capital Improvements fund is necessary for the purpose of providing sufficient spending authority for the aforementioned project expenditure.
4. EMERGENCY JUSTIFICATION
Emergency legislation is required to allow for immediate execution of the amendment to the Construction Guaranteed Maximum Reimbursement Ag...
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