Explanation
1. BACKGROUND
This ordinance authorizes the Director of Public Service to enter into a Construction Guaranteed Maximum Reimbursement Agreement (the “Agreement”) with Campus Partners for Community Urban Redevelopment, Inc. (the “Developer”) for the Arterial Street Rehabilitation - 15th and High Phase 2 project (the “Project”).
The Developer is undertaking the construction of the Project in connection with its 15th and High Street redevelopment project in the University District area. This will result in public improvements to North High Street, East 17th Avenue, East 16th Avenue, Waldeck Avenue, and North Pearl Street.
The Department of Development has agreed to submit legislation to City Council in an amount of up $2 million to reimburse the Developer for a portion of Project costs. This ordinance will appropriate funding in the amount of $1 million to support partial reimbursement to the Developer of eligible Project costs. The Department of Development plans to submit a request through the 2022 Capital Improvement Budget process to fund the remaining $1 million owed to the Developer for reimbursement of eligible Project costs.
2. CONTRACT COMPLIANCE INFORMATION
Campus Partners for Community Urban Redevelopment, Inc., will be required to become contract compliant before entering into a reimbursement agreement with the City.
3. FISCAL IMPACT
Funding for this project is available as follows: $1,000,000.00 is available in the Streets and Highways Bond Fund within the Department of Public Service. An amendment to the 2020 Capital Improvement Budget is necessary for the purpose of providing sufficient spending authority for the aforementioned project expenditure.
4. EMERGENCY DESIGNATION
Emergency action is requested so as to allow the Director of Public Service to immediately execute the aforementioned Construction Guaranteed Maximum Reimbursement Agreement, which is necessary to complete the construction of the proposed improvements as soo...
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