Explanation
1. BACKGROUND
The purpose of this legislation is to authorize the issuance of a refund for the unexpended balance of funds deposited by N.P. Capital Management Corporation (the “Developer”) with the City to support construction administration and inspection services necessary to the completion Roadway - Fermi Drive - Polaris Pkwy to Ikea Way project (the “Project”).
Completed in 2019, the Project encompassed the realignment and reconstruction of an existing roadway, renamed Fermi Drive, from Polaris Parkway to Ikea Way. The roadway consists of three lanes including a two-way left turn lane and travel lanes in each direction. Other improvements within the project limits included full-depth pavement, curb and gutter, sidewalks, street lighting, storm sewer, water main, street trees, and minor modifications to the two existing traffic signals on either terminus.
The construction of the Project was made possible by an ongoing public-private partnership between the City and the Developer to finance, design, and build certain public infrastructure improvements to support continued development in the Polaris area.
Ordinance 2631-2018 authorized the Director of Public Service to execute a construction guaranteed maximum reimbursement agreement, effective November 8, 2018, with the Developer. Pursuant to that agreement, the Developer agreed to deposit funds with the City Treasurer, which were to be allocated to pay the Department of Public Service for the performance of construction administration and inspection services necessary to the completion of the Project.
Ordinance 0032-2019 authorized the Director of Public Service to appropriate and expend the sum of $104,544.73 deposited by the Developer to support the performance of construction administration and inspection services relative to the completion of the Project. That legislation also noted it may necessary for the City to refund any remaining funds to the Developer following the completi...
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