Explanation
1. BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into an agreement with Out of Town LLC. The funds provided by the agreement will be used for the development of a multifamily residential project comprised of forty-five (45) units. The project will be located on the City-owned property located at the intersection of West Town Street and Mead Alley in Franklinton. The agreement will provide funding for architectural and civil engineering services for the design of the project. The cost of these services is approximately one hundred thirty-five thousand, seven hundred thirty dollars and twenty-nine cents ($135,730.29).
Emergency action is necessary to allow for Out of Town to continue its design and construction process without interruption.
FISCAL IMPACT: The funding for this contract ($135,730.29) is fully budgeted within the 2017 Capital Improvement Budget within the Development Taxable Bonds Fund.
Title
To authorize the Director of the Department of Development to enter into a grant agreement with Out of Town LLC to provide funding for the design of a multifamily development comprised of forty-five (45) residential units, which will be located on the City-owned property at the intersection of West Town Street and Mead Alley in Franklinton; and to declare an emergency.
Body
WHEREAS, this legislation authorizes the Director of the Department of Development to enter into a grant agreement with Out of Town LLC; and
WHEREAS, the funds provided by the grant agreement will be used to assist Out of Town LLC with architectural and civil engineering services for the design of a multifamily residential project located in Franklinton; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Economic Development Division, in that it is immediately necessary to authorize the Director to enter into a grant agreement with Out of Town LLC in order to continue its...
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