Explanation
1. BACKGROUND
This legislation authorizes the Director of Public Service to accept a deposit for construction inspection and administration funds from The Gravity Project LLC per an executed Construction Guaranteed Maximum Reimbursement Agreement (CGMRA) for the 500 West Broad Streetscape project, to establish an Auditor Certificate Direct Invoice (ACDI) for the payment of construction inspection and administration services for the project, and to expend funds relative to the project on construction inspection and administration. It also authorizes the refund of any funds deposited for construction inspection and administration and unused for this project upon final acceptance of work or when the Department of Public Service, Division of Design and Construction, certifies funds are no longer needed for construction inspection and administration and any remaining balance can be refunded.
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.
Ordinance 3031-2018 authorized the Director of Public Service to enter into a Construction Guaranteed Maximum Reimbursement Agreement with The Gravity Project LLC for the 500 West Broad Streetscape project. Per the CGMRA, City reimbursement of funds is contingent upon the Gravity Project LLC depositing funds in the amount of $85,856.61 for construction inspection costs associated with the project. The funds have been received and it is necessary to establish an ACDI to allow the funds to be used.
3. CONTRACT COMPLIANCE
The contract compliance number for...
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