Explanation
1. BACKGROUND
The purpose of this ordinance is to authorize the issuance of a refund, representing the unspent balance of monies deposited to support the construction of certain railroad bridge improvements, to NRI Equity Land Investments, LLC (NRI) relative to the Grandview Yard - Third Ave Railroad Bridge: Roadway Improvements - Third Ave Phase 2, Rail St Phase 3 and 5th/Edgehill Signal Improvements project.
The aforementioned project culminated in various public infrastructure improvements in Grandview Yard, including: replacement of the CSX railroad overpass; widening and reconstruction of the portion of Third Avenue adjacent to the railroad bridge; construction of a new 3-lane roadway (Rail Street) south of Third Avenue; replacement of the traffic signal at the intersection of Fifth Avenue and Edgehill Road; and installation of sidewalk, curb ramps, and a shared use path.
Pursuant to Ordinances 1195-2016 and 1196-2016, the City, acting through the Department of Public Service, executed a Guaranteed Maximum Reimbursement and Construction Contribution Agreement with NRI, whereby the developer NRI agreed to provide an upfront contribution in excess of $9 million to facilitate the construction of those improvements.
A portion of that funding was appropriated to support a construction contract with CSX Transportation (CSX), which operates within the project limits, to facilitate the temporary and final track realignment in coordination with the construction of the project. The initial estimate of the cost to complete that work was $1,008,897.00. However, it was subsequently determined that sum would be insufficient to pay the actual costs incurred, prompting NRI to deposit additional monies with the City to support the anticipated overruns, previously estimated to be $1,116,386.00.
CSX recently submitted its final invoice for payment to the Department of Public Service, and upon performing final accounting, Public Service staff determined ...
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