Title
Resolution Authorizing an Amendment to 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 an amendment to the construction Reimbursement Agreement with Union Square Campus Inc. (USCI), executed May 14, 2015. This construction agreement supports the future development of the South Elm Street Brownfields Project by improving public infrastructure within a designated redevelopment area. The requested amendment adds infrastructure, streetscape, and parking construction for the Union Square Campus (Campus) to the Reimbursement Agreement.
BACKGROUND:
The South Elm Street Redevelopment Plan was approved by City Council in 2007 and included an $11,013,500 dollar proposed budget for land assembly, environmental assessment and remediation; infrastructure and streetscape improvements; and affordable housing subsidies. This requested funding allocation is a portion of the investment of public funds the Plan anticipated for infrastructure and streetscape improvements.
In February 2015, City Council approved a Reimbursement Agreement with USCI for design and construction of public improvements required to ensure that the first building of the Union Square Campus is ready for occupancy in summer 2016. This approach has been economically and functionally efficient, eliminating City mobilization costs, providing for economies of scale, and allowing for seamless coordination across the public and private elements of the project. Under this reimbursement agreement, infrastructure/streetscape design and some construction of public infrastructure has already been accomplished. USCI has proposed amending the agreement, so th...
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