Explanation
1. BACKGROUND
This ordinance authorizes the Director of the Department of Public Service to enter into agreements with and to accept contributions from Riverside Sunshine, LLC (the “Developer”) relative to the construction of the Miscellaneous Economic Development - East Franklinton - Lucas and Cherry Extensions project (the “Project”).
The Project will make improvements to the rights-of-way of Rich, McDowell, Lucas and Cherry streets in support of the Developer’s $50 million River and Rich development project. The Developer has undertaken the design of the Project and the City will undertake the construction of the Project.
Pursuant to Ordinance 0843-2017 and the Economic Development Agreement between the City and the Developer executed on July 10, 2017, the Department of Development agreed to expend up to $2 million to support construction of the Project. Of that amount, $175,000.00 was expended to pay for costs associated with expanding the limits of the City’s Scioto Peninsula Duct Bank project to include utility relocation along Rich Street in front of the River and Rich development. The City’s remaining commitment toward the Project is $1,825,000.00. Project costs (construction and inspection) in excess of this amount will require a contribution from the Developer. However, the amount needed, if any, will not be known until the project has been bid. Additional Developer contributions may be necessary if unanticipated issues arise during construction that exceed the project's contingency amount.
This ordinance allows the City to accept a contribution from the Developer for payment of construction for this project if needed, and additional contributions if they should be needed. It will also allow a refund of any portion of the contributions that remain unused after final accounting of the project is performed.
2. CONTRACT COMPLIANCE INFORMATION
Riverside Sunshine will be required to become contract compliant before entering in...
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