Title
Resolution Authorizing Reimbursement Agreement Between SHVF Olympic, LLC and the City of Greensboro
Body
Department: Parks and Recreation
Council District: 2
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Wade Walcutt, 373-2964
Contact 2 and Phone: Nasha McCray, 433-7360
PURPOSE:
City Council approval is requested to approve a reimbursement agreement between SHVF Olympic, LLC "Self Help Venture Funds" and the City of Greensboro for the design and construction of Phase 1 of the proposed North Buffalo Creek Greenway.
BACKGROUND:
SHVF Olympic, LLC owns property located at the 1601 Yanceyville Street, which is being developed at the former Olympic Mill (Revolution Mill) site. The City and SHVF Olympic, LLC have agreed on a reimbursement agreement for the design and construction of Phase 1 of the proposed North Buffalo Creek Greenway in an amount not to exceed $500,000.
Construction of Phase 1 initiates the development of four-phases of the North Buffalo Creek Greenway. Upon completion, the North Buffalo Creek Greenway will tie into the existing Latham Park and Lake Daniel Greenways, and will improve walking and bicycling conditions, as well as, increase pedestrian connectivity to and from the Revolution Mills development. The reimbursement agreement creates a public-private partnership between the City and SHVF Olympic, LLC that will allow SHVF Olympic, LLC to complete design and construction of Phase 1 of the Greenway simultaneously with work already being completed on the site.
The terms and conditions of the agreement related to the construction include installation of a pedestrian bridge, permission from Norfolk Southern for construction of Phase 2, appropriate signage, and potential future collaboration for the construction of Phase 2 and design of Phase 3 and Phase 4 of the Greenway. The City will also hold Self Help Ventures Funds to general City contracting authorizations and delegations. At its January 11, 2017 meeting...
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