Explanation
1. BACKGROUND
The purpose of this legislation is to facilitate the execution of a Construction Guaranteed Maximum Reimbursement Agreement (CGMRA) relative to the Short North Parking Garage - Lincoln & Pearl project.
The aforementioned project is being completed through a Public-Private Partnership (3P) between the City and private developers and will culminate in the construction of a commercial office building at 711 N. High Street and the redevelopment of a surface parking lot in the northeast corner of Lincoln and Pearl streets into a parking garage, with 125 spaces dedicated for public use, and a residential component. Electric utility infrastructure improvements also are necessary on Wall and Pearl streets to support the proposed developments.
Ordinance 3040-2016 authorized the Director of Public Service to execute a CGMRA with Wood G.P., Ltd., and 711, LLC (the Development Team) for the purpose of reimbursing the Development Team for utility relocation costs in the amount of up to $250,000.00. This legislation seeks to authorize the assignment of the aforementioned CGMRA to Wood Operating Company, LLC, the name under which the Development Team is now doing business.
This legislation also authorizes the encumbrance and expenditure of up to $231,157.00 to reimburse Wood Operating Company, LLC for eligible utility relocation costs as funds previously encumbered for that purpose have been reallocated to fund other infrastructure improvements.
2. CONTRACT COMPLIANCE
The contract compliance number for Wood Operating Company, LLC is CC030991, which expires October 4, 2021.
3. FISCAL IMPACT
Funding in the amount of $231,157.00 is available within Fund 7739 and Fund 7735 for this project. An amendment to the 2019 Capital Improvement Budget is necessary for the purpose of providing sufficient spending authority for the aforementioned expenditure.
4. EMERGENCY JUSTIFICATION
Emergency action is requested so as to prevent unnecessary delays in...
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