Fiscal Note
The proposed resolution increases funding for repairs at the Village on Park necessitated by a storm that occurred in June 2016. Legistar item 45589, approved by the Common Council on February 7th, 2017, amended the 2017 Adopted Capital Budget to appropriate $189,000 in additional GO borrowing to perform the necessary repairs; final cost estimates for the repairs total $291,928. The proposed resolution appropriate $72,928 in CDA reserves to offset the increased costs.
Title
Amendment the 2017 Adopted Capital Budget to appropriate $72,928 in CDA reserves for repairs at the Village on Park.
Body
WHEREAS, the Community Development Authority of the City of Madison (“CDA”) is the owner of The Village on Park, located at 2300 South Park Street (“The Village”); and
WHEREAS, The Village experienced significant water damage inside the mall from the torrential rain down pour that occurred on July 21, 2016 due to its inadequate storm sewer system located in the alley of the mall and other related factors; and
WHEREAS, CDA staff has reviewed the problem with City Engineering and formed a plan to reduce the risk of future flooding; and
WHEREAS, the plan included some initial storm sewer work that was constructed by City Engineering crews in late 2016, billable to CDA, that was estimated to cost $30,000 (“Phase I Alley Work”). The Common Council approved this amount per RES-16-00809 on November 1, 2016; and
WHEREAS, the Phase I Alley Work totaled $74,709. The cost over-run of $44,709 (“Phase I Incremental Cost”) is due and payable in 2017; and
WHEREAS, the plan includes additional contracted work and related expenses in 2017 to be included in the Capital Budgets of both City Engineering and CDA respectively, which City Engineering has budgeted for and the CDA Board has approved totaling $189,000 (“Phase II Alley Work”). The Common Council approved this work per RES-17-00099 on February 7, 2017; and
WHEREAS, the bids, labor and contingency for the Phase...
Click here for full text