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Resolution Authorizing the City Manager to Enter into Amendment #1 to the Roadway Improvement Agreement with NNP IV-Cape Fear River, LLC and The Proximity Watermark, LLC, for the Installation of a Roundabout and Associated Roadway Improvements at the Intersection of Independence Boulevard and River Road and Pedestrian Improvements on Independence Boulevard
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Department:
Engineering
Meeting Date:
6/3/2025
Contact Name:
Mike Naklicki
Public Hearing:
No
Contact Phone:
910.341.5897
Advertising Date/Advertised By:
N/A
Attachments:
Attachment #1: Ind Blvd & River Road RAB - Amendment Resolution
PURPOSE:
The purpose of this resolution is to authorize the City Manager to negotiate and amend the Roadway Improvement Agreement for installation of a roundabout and associated road improvements at the intersection of Independence Boulevard and River Road and pedestrian improvements on Independence Boulevard to increase the maximum cost of the improvements, maintain the proportional cost shares in the original agreement, and adjust the not-to-exceed cost share amounts to reflect the project costs based on final design and results of the bid for construction.
BACKGROUND:
The City of Wilmington (City), NNP IV-Cape Fear River, LLC (Riverlights), and The Proximity Watermark, LLC (Watermark) entered into a Roadway Improvement Agreement dated June 27, 2024. The projects costs identified in the agreement were based on concept designs and estimated costs of the improvements.
With the design complete and bids received for construction of the project, the City, Riverlights, and Watermark now wish to enter into an amendment to the agreement to increase the maximum cost of the improvements and adjust the not-to-exceed amounts for each party to reflect the updated project costs. The proportional cost share of the improvements will remain unchanged from the original agreement with the City obligated for 30% of the roundabout costs, Riverlights obligated for 56% ...
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