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File #: 2422-2020    Version: 1
Type: Ordinance Status: Passed
File created: 10/20/2020 In control: Public Service & Transportation Committee
On agenda: 11/9/2020 Final action: 11/12/2020
Title: To amend the 2019 Capital Improvements Budget; to authorize the Director of Public Service to issue a refund to NWD Investments for the unspent portion of funds deposited for construction of the Roadway Improvements - Nationwide Boulevard and Hocking Street Improvements project; to authorize the expenditure of $549,285.64 from the Street & Highway Improvements Non-Bond Fund; and to declare an emergency. ($549,285.64)
Attachments: 1. Ordinance 2422-2020 Accounting Codes
Explanation
1. BACKGROUND
The purpose of this ordinance 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 the Roadway Improvements - Nationwide Boulevard and Hocking Street Improvements project.

The aforementioned project encompassed the reconstruction and resurfacing of Nationwide Boulevard from Olentangy River Road to Fletcher Road and the reconstruction of Hocking Street from West Spring Street to Nationwide Boulevard and various other improvements.

Ordinance 1554-2008 authorized the execution of a Guaranteed Maximum Reimbursement and Construction Contribution Agreement between the Department of Development and NWD, whereby NWD agreed to pay 60% of construction costs and to provide up-front funding equal to sixty percent (60%) of estimated costs to construct the aforementioned improvements, and NWD subsequently deposited $2,646,050.75 with the City for that purpose.

Following the completion and acceptance of that project, and the performance of final accounting for the project by the Department of Public Service, it has been determined that NWD is owed a refund in the amount of $545,339.44, which represents the value of unspent developer-contributed construction funding, due to construction costs being less than estimated prior to bidding the project.

This ordinance also authorizes the expenditure of $3,946.20 to provide for the payment of outstanding construction administration and inspection costs related to the project.

2. FISCAL IMPACT
Funding in the amount of $549,285.64 is available and appropriated in Fund 7766 (Street and Highway Improvements Non-Bond Fund) to satisfy the obligation owed to NWD and to pay outstanding construction administration and inspection costs. An amendment to the 2019 Capital Improvements Budget is necessary for the purpose of matching cash and providing budget authority for the expenditures.

3. EMERGEN...

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