header-left
Share to Facebook Share to Twitter Bookmark and Share
File #: 3031-2018    Version: 1
Type: Ordinance Status: Passed
File created: 10/29/2018 In control: Public Service & Transportation Committee
On agenda: 11/19/2018 Final action: 11/21/2018
Title: To amend the 2018 Capital Improvement Budget; to authorize the City Auditor to transfer cash and appropriation between projects within the Streets and Highways Bond Fund; to authorize the City Auditor to transfer cash and appropriation between projects within the Development Taxable Bonds Fund; to authorize the Director of Public Service to enter into a Construction Guaranteed Maximum Reimbursement Agreement with The Gravity Project, LLC; to authorize the expenditure of $510,012.00 within the Streets and Highways G.O. Bonds Fund; to authorize the expenditure of $126,333.00 within the Development Taxable Bond Funds; and to declare an emergency. ($636,345.00)
Attachments: 1. Ordinance 3031-2018 Accounting Codes
Explanation
1. BACKGROUND
This legislation authorizes the Director of Public Service on behalf of the City of Columbus, Ohio (the “City”) to enter into a Construction Guaranteed Maximum Reimbursement Agreement with The Gravity Project, LLC, an Ohio limited liability company (the “Development Team”). The Development Team is an affiliate of Kaufman Development.

The 500 West Broad Streetscape project consists of various improvements to Broad Street and May Avenue, including: installing two loading zones on Broad Street east of May Avenue and one loading zone on May Avenue, north of Broad Street; constructing new curb, sidewalk and street lighting on the north side of Broad Street and the East side of North May Avenue; and installing a new mast arm signal at the intersection of Broad Street and North May Avenue and new pavement markings on Broad Street and North May Avenue.
The City agrees to reimburse the Development Team up to $636,345.00 to subsidize the cost of construction.
2. CONTRACT COMPLIANCE INFORMATION
The contract compliance number for The Gravity Project, LLC is CC021278, which expires March 27, 2019.

3. FISCAL IMPACT
Funds in the amount of $636,345.00 are available for this project as follows: $510,012.00 within the Streets and Highways G.O. Bonds Fund and $126,333.00 within the Development Taxable Bonds Fund. An amendment to the 2018 Capital Improvement Budget is necessary for the purpose of providing sufficient spending authority for the aforementioned project expenditure. A transfer of cash is necessary to align cash with the proper project.

4. EMERGENCY DESIGNATION
Emergency action is requested to allow for the timely execution of the requisite reimbursement agreement so as to maintain the current project schedule and to meet community commitments.

Title
To amend the 2018 Capital Improvement Budget; to authorize the City Auditor to transfer cash and appropriation between projects within the Streets and Highways Bond Fund; to authorize...

Click here for full text