Explanation
1. BACKGROUND
This legislation authorizes the Director of Public Service to execute a Construction Guaranteed Maximum Reimbursement Agreement with Elford, Inc. relative to its Short North UDF redevelopment project.
Presently, the Department of Public Service is undertaking construction of the Short North SID - High Street Improvements Phase 2 project, which consists of various improvements to North High Street between West Poplar Avenue and West Starr Avenue (the “CIP project”). Elford, Inc. has proposed redeveloping the property at 900 N. High Street, formerly a United Dairy Farmers convenience store, into a three-story, 22,230-square-foot commercial building with office, restaurant, and retail space. That project also will result in the construction of certain public infrastructure improvements along North High Street, East First Avenue, and North Pearl Alley adjacent to the CIP project.
The City has agreed to reimburse Elford, Inc. up to $163,991.30 for eligible construction costs incurred during the completion of the Short North UDF redevelopment project.
2. FISCAL IMPACT
Funds in the amount of $163,991.30 are available for this project in the Streets and Highways Bond Fund within the Department of Public Service. This legislation is contingent upon the receipt of the proceeds from the 2017 bond sale.
3. EMERGENCY DESIGNATION
Emergency action is requested so as to allow for immediate execution of the requisite Construction Guaranteed Maximum Reimbursement Agreement in order to maintain the current project schedule.
4. CONTRACT COMPLIANCE
Elford is not currently contract compliant and will need to become contract compliant before the reimbursement agreement can be fully executed.
Title
To authorize the Director of Public Service to enter into a Construction Guaranteed Maximum Reimbursement Agreement with Elford, Inc.; to authorize the expenditure of $163,991.30 within the Streets and Highways Bonds Fund; and to declare an emergen...
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