Minutes 09/28/2010 - Laserfiche WebLink

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September 28. 2010 WHEREAS, because of these conditions, more extensive roadway restoration is required than originally anticipated and specified in the bid documents, including the total rebuilding of numerous sections of roads in the neighborhood; and WHEREAS, it is anticipated that four of the seven contracts will potentially exceed the original contract by 25%; and WHEREAS, Section 12-183 of the City Code requires Council approval to exceed an original contract amount by more than 25% or $50,000, whichever is greater; and WHEREAS, while the original bids for the contracts totaled $11,653,908, the projected final cost of $14,635,901 is in line with the Design Engineer's original estimate of $14,456,000, despite the substantial roadway restoration not included in the original bids. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that, pursuant to Section 12-183 of the City Code, the Director of Public Utilities is authorized to expend the additional funds necessary to complete the Prentis Park Utility Replacement project." Ayes: Cherry, Heretick, Moody, Psi mas, Randall, Whitehurst, Griffin Nays: None 10 - 453 - Adoption of a resolution authorizing a Memorandum of Intent with Cradock Properties, LLC, for development of the former Cradock High School site. Vision Principle: Thriving Neighborhoods and a Sense of Community. Background: . A developer, Cradock Properties, LLC wishes to develop this property for owner- occupied residences that will be of a level of quality at least as high as normal, well- maintained single-family residences in Cradock. This resolution authorizes a non- binding Memorandum of Intent ("MOl") for that purpose. Discussion: . Following the MOl, the parties shall conduct due diligence to validate that the project will be feasible and also that it will make a positive contribution to the quality of life in all nearby neighborhoods. . There will be extensive neighborhood involvement in planning both the new development and the new community center. . If there is a positive determination, the parties shall negotiate a legally binding Sale and Development Agreement consistent with the MOl. . The property will be transferred to the Portsmouth Redevelopment and Housing Authority for the purpose of facilitating the project. This transfer will require authorization by City Council by duly recorded vote, and only if City Council is satisfied with the proposed development and the replacement community center. Financial Impact: . There will be immediate revenue generated by the sale of the property, and additional future tax revenues will also be generated. These amounts cannot be reasonably determined at the present time. It is also anticipated that the additional residents will support more varied and upgraded retail facilities to serve all nearby neighborhood, thus generating additional local sales tax. Recommended Action: . Adoption of the resolution is recommended. Neighborhoods and a Sense of Community. Vision Principle: Thriving