Share to Facebook Share to Twitter Bookmark and Share
File #: 19-1141    Version: 1 Name:
Type: Consent Status: Agenda Ready
File created: 11/17/2019 In control: City Council Regular Meeting
On agenda: 11/25/2019 Final action:
Title: Adoption of Budget Ordinance Amendment 2020-5 and Capital Project Ordinance Amendment 2020-28 for the Hay St. Garage Project
Attachments: 1. BOA 2020-5 (GF Transfer for Hay St Parking Garage), 2. CPOA 2020-28 (Hay Street Parking Garage)
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.
TO: Mayor and Members of City Council

THRU: Douglas J. Hewett, ICMA-CM, City Manager

FROM: Kristoff Bauer, ICMA-CM, Deputy City Manager
Tracey Broyles, Budget and Evaluation Director

DATE: November 25, 2019

RE:
Title
Adoption of Budget Ordinance Amendment 2020-5 and Capital Project Ordinance Amendment 2020-28 for the Hay St. Garage Project
end

COUNCIL DISTRICT(S):
Council District(s)
District 2


b
Relationship To Strategic Plan:
Goal II: Diverse and Viable Economy
FY19 Target for Action: Project Homerun


Executive Summary:
As this project reaches conclusion, the project appropriation needs to be adjusted to provide sufficient funds to cover actual project expenditures. Council is asked to pass Budget Ordinance Amendment 2020-5 to appropriate $1.4 million from General Fund fund balance to fund Capital Project Ordinance Amendment 2020-28 which will set the total project appropriation for the Hay Street Parking Garage at $17,745,000.

Background:
In December, 2017, the Council authorized the execution a Garage Contract with Hay Street Development Pad, LLC ("Hay St.") for the development of a mixed use structure with a City parking garage. That agreement established a maximum price of $14,467,888 plus the actual Soft Costs (design, engineering, environmental, permitting, special inspection, legal and tax fees/costs) related to the construction of the Parking Garage. This price was established based on estimates prior to Hay St. completing the final design or construction contract. On June 10, 2019, Council increased the contribution to the construction cost for the project by $1.5 million to a total of $15,967,888. This amount does not include Soft Costs that the City is also obligated to pay under the contract or charges related to debt issuance and the City's internal cost allocation for project management.


Issues/Analysis:
The Garage Contract sets the City's purchase price for the Hay St. Garage based on two elements; A max...

Click here for full text