Title
Resolution Authorizing a Reimbursement Agreement Between the City of Greensboro and Union Square Campus Inc. for Construction of Public Improvements in South Elm Redevelopment Project
Body
Department: Planning
Council District: 2
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Sue Schwartz, 373-2149
Contact 2 and Phone: Dyan Arkin, 433-7377
PURPOSE:
City Council approval is requested for a design and construction Reimbursement Agreement with Union Square Campus Inc. (USCI) in an amount not to exceed Six Hundred Thirty Eight Thousand Three Hundred and Ninety-Eight Dollars ($638,398.00). This design and construction supports the future development of the South Elm Street Brownfields Project by improving public infrastructure within a designated redevelopment area.
BACKGROUND:
The South Elm Street Redevelopment Plan, which covers 6.7+ acres at the intersection of South Elm and Lee Streets, was approved by City Council in 2007 and included an $11 million dollar budget for land assembly, environmental assessment and remediation; infrastructure and streetscape improvements; and affordable housing subsidies. The land assembly and environmental work are complete, and development of a multi-parcel mixed-use project by master developer South Elm Development Group is in progress. This funding allocation is the first investment of public funds the plan anticipated for infrastructure and streetscape improvements.
The Union Square Campus is the first component to be built, triggering design and construction of the public infrastructure and streetscape planned for the redevelopment project. Improvements in the vicinity of the Campus are being installed now, ahead of other planned improvements, to ensure that the Campus is ready for occupancy by summer 2016. Reimbursing USCI for this work in conjunction with their site and building construction is economically and functionally efficient as it eliminates City mobilization costs...
Click here for full text