Explanation
1. BACKGROUND
This ordinance authorizes: 1) the Director of Public Service to accept deposits from NP Limited to be used for construction inspection and administration for the Intersection - E. Powell Road and Lyra Drive project; 2) the establishment of an Auditor Certificate Direct Invoice (ACDI) for the payment of construction inspection and administration services for the project; and 3) the expenditure of funds for the aforementioned purpose. It also authorizes the refund of any unused funds deposited by NP Limited for construction inspection and administration for this project upon the completion of final accounting for the Intersection - E. Powell Road and Lyra Drive project or when the Department of Public Service determines remaining funds are no longer needed for construction inspection and administration for the project.
The aforementioned effort will culminate in the construction of the connection of east Powell Road and Lyra Drive with a roundabout. Other improvements will include lighting, drainage, waterline, sanitary, sidewalk, shared use path and landscaping improvements. NP Limited will oversee the construction of the project, and the Department of Public Service will perform the requisite construction administration and inspection services relative to that effort.
NP Limited recently deposited $101,620.00 with the City Treasurer to support the performance of those services. Ordinance 2631-2018 authorized the execution of a Construction Guaranteed Maximum Reimbursement Agreement for this project, which is currently being finalized.
2. FISCAL IMPACT
The City has received funding in the amount of $101,620.00 from NP Limited for the inspection expenses and deposited said funds in Fund 7766, the Street and Highway Non-Bond Fund, Project P530086-100047 (Intersection - E. Powell Road and Lyra Drive). It is necessary to amend the 2021 Capital Improvement Budget to establish sufficient budget authority for this project. The funds n...
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