Explanation
1. BACKGROUND
This ordinance authorizes the Director of Public Service to enter into a Construction Guaranteed Maximum Reimbursement Agreement with Campus Partners for Community Urban Redevelopment, Inc. (the “Developer”) for the Arterial Street Rehabilitation - 15th and High project (the “Project”).
The Developer is undertaking the construction of the Project in connection with its 15th and High Street redevelopment project in the University District area. This will result in various improvements to North High Street, East 17th Avenue, East 16th Avenue, Waldeck Avenue, and North Pearl Street.
The City has agreed to reimburse the Developer up to $2 million for certain Project costs, with the Department of Public Utilities committing up to $1 million for sanitary sewer improvements and the Department of Development committing up to $1 million for roadway improvements.
2. CONTRACT COMPLIANCE INFORMATION
Campus Partners for Community Urban Redevelopment, Inc., will be required to become contract compliant before entering into agreement with the City.
3. FISCAL IMPACT
Funding for this project is available as follows: $1,000,000.00 is available in the Streets and Highways Bond Fund within the Department of Public Service and $1,000,000.00 is available in the Storm Water General Obligation Fund within the Department of Public Utilities. An amendment to the 2017 Capital Improvement Budget is necessary for the purpose of providing sufficient spending authority for the aforementioned project expenditure.
4. EMERGENCY DESIGNATION
Emergency action is requested so as to allow the Director of Public Service to immediately execute the aforementioned Construction Guaranteed Maximum Reimbursement Agreement, which is necessary to facilitate the construction of the proposed improvements as soon as reasonably practicable in order to maintain the current project schedule and to meet community commitments.
Title
To amend the 2017 Capital Improvements Budget...
Click here for full text