Title
RESOLUTION MODIFYING LOAN AGREEMENT BETWEEN CITY OF COMMERCE CITY AND BUFFALO HIGHLANDS METROPOLITAN DISTRICT WITH RESPECT TO 96TH AVENUE CONSTRUCTION
Body
Summary and Background Information:
• In 2013 the City entered into an agreement with Buffalo Highlands to contribute some money and to loan the rest for the purpose of building 96th Avenue between Nucla Street and Tower Road.
• On December 16, 2013 Council approved loaning an additional $680,000 to the Buffalo Highlands Metro District for the project, bringing the total loan to $6,180,000.
• The project encountered a number of challenges in early 2014 resulting in delays and increased costs.
• The project manager for the Buffalo Highlands Metro District has worked through the challenges and secured new cost estimates to complete the work.
• The intergovernmental agreement between the City and Buffalo Highlands must be amended to resolve several issues and change the dates set out in the IGA.
• It will require an additional $1,345,000 to complete the project and staff proposes that the City contribute this amount to the project in exchange for Buffalo Highlands removing their request for the City to obtain project cost reimbursement to Buffalo Highlands from adjoining property owners.
• Buffalo Highlands commits to completing the project by the end of this year.
• The attached Second Amended and Restated Funding and Loan Agreement is for your consideration on September 15.
Staff Responsible (Department Head): Roger Tinklenberg
Staff Member Presenting: Roger Tinklenberg
Financial Impact: $1,345,000
Funding Source:
Solid Waste Fund (landfill tipping fee revenue)
Suggested Motion:
I move approval of Resolution 2014-100