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Ordinance Making Supplemental Appropriation in the Amount of $314,800 from NNP IV-Cape Fear River, LLC and The Proximity Watermark, LLC to the Streets and Sidewalks Capital Projects Fund for the Installation of a Roundabout and Associated Roadway Improvements at the Intersection of Independence Boulevard and River Road
body
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Department: |
Engineering |
Meeting Date: |
6/3/2025 |
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Contact Name: |
Mike Naklicki |
Public Hearing: |
No |
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Contact Phone: |
910.341.5897 |
Advertising Date/Advertised By: |
N/A |
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Attachments: |
Attachment #1: Ind Blvd & River Road RAB - Amendment Ordinance |
PURPOSE:
The purpose of this ordinance is to appropriate $314,800 in funding from NNP IV-Cape Fear River, LLC (Riverlights) and The Proximity Watermark, LLC (Watermark) per Amendment #1 to the Roadway Improvement Agreement dated June 7, 2024 to increase the maximum cost of the improvements adjust the not-to-exceed cost share per party to reflect the project costs based on the final design and the results of the bid for construction.
BACKGROUND:
The initial ordinance appropriating funding for the Roadway Improvement Agreement dated June 7, 2024 was based on concept plans and estimates for the cost of design, permitting, and construction. Updated costs based on final design and bids for construction have been developed and the City, Riverlights, and Watermark have agreed to increase the maximum cost of the improvements in the agreement, hold the proportional cost shares from the original agreement, and adjust the not-to-exceed cost share amounts to reflect these project costs. Additional funding appropriations are required for Riverlights and Watermark to provide sufficient funding for the not-to-exceed amounts for their share of the roundabout work. No additional City funding beyond what has already been appropriated into the project is needed to construct the City’s share of the improvements.
budget
BUDGET IMPACT:
A total appropriation in the amount of $314,800 from Riverlights and Watermark is needed for the roundabout work.
recommendation
RECOMMENDATION / ACTION REQUESTED:
Staff recommend approval of the ordinance.