Explanation
1. BACKGROUND
The purpose of this legislation is to authorize the issuance of a refund for the unexpended balance of funds deposited by NWD Investments LLC (NWD) with the City to support the construction of various improvements to West Nationwide Boulevard in the Arena District.
The West Nationwide Improvements encompassed the reconstruction of Nationwide Boulevard and Hocking Street and the installation of a new underground power duct for overhead utilities in the Arena West area. Pursuant to Ordinance 0998-2015, the Director of Development and the developer executed a Guaranteed Maximum Reimbursement and Construction Contribution Agreement, whereby NWD agreed to provide up-front funding equal to the sixty percent (60%) of estimated costs to construct the aforementioned improvements. Following the completion and acceptance of that work, the Department of Development determined that NWD is owed a refund in the amount of $114,427.18, which represents the value of unspent developer-contributed construction funding.
2. FISCAL IMPACT
Funding in the amount of $114,427.18 is available in Fund 7766 Street and Highway Improvements (Non-Bond) Fund to satisfy the obligation owed to NWD. An amendment to the 2018 Capital Improvement Budget is necessary for the purpose of providing sufficient spending authority for the aforementioned project expenditure.
3. EMERGENCY JUSTIFICATION
Emergency action is requested in order to facilitate the return of unused developer-deposited construction funding to NWD as soon as reasonably practicable.
Title
To amend the 2018 Capital Improvement Budget; to authorize the City Auditor to transfer funds and appropriation within the Street & Highway Improvements Non-Bond Fund; to authorize the City Auditor to appropriate funds within the Street & Highway Improvements Non-Bond Fund; to authorize the Director of Public Service to refund the sum of $114,427.18 to NWD Investors, LLC for the unspent portion of developer...
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