HomeMy WebLinkAboutItem 07 - Stone Myers/Prospect ParkwayITEM / 1
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: ROGER NELSON, CITY MANAGER
MEETING DATE: FEBRUARY 6, 2001; "/V
SUBJECT: CITY / DEVELOPERS' CONTRACT FOR STONE MYERS
PARKWAY AND PROSPECT PARKWAY
RECOMMENDATION:
City Council consider approving a Developers' Contract with the Herman Smith Company,
the Estate of A. C. Stone, and the 157 Joint Venture for:
the construction of Stone Myers Parkway from its current north terminus north to
a point just north of the intersection with Prospect Parkway; and
the construction of Prospect Parkway from its intersection with Stone Myers
Parkway west to SH 121;
authorizing City participation in the cost of the roadway project in an estimated amount of
$ 185,721.14, authorizing staff to execute said Developers' Contract, and take any
necessary action.
FUNDING SOURCE:
Funds are currently available in the Economic Development Funds sold as part of the
2000A General Obligation Bonds sale, account number 178-78103-012.
Funding
City $ 185,721.14 33%
Developer $ 371.442.28 67%
Total $ 557,163.42 100%
Budaet
Construction $ 506,512.20 90%
Contingency $ 50.651.22 10°
Total $ 557,163.42 100%
February 1, 2001 (12:55PM)
The project was included in the FY 2001 budget with a budgeted amount of $75,500.
The actual bid amount exceeded the budgeted amount by $17,864. The construction
market is extremely competitive at this time resulting in the high fee for the project.
Several non-responsive contractors were contacted and they indicated that they had so
much work under contract at this time that they could not accommodate the project. The
Utility Division budgets $500,000 for capital improvements in a permanent capital
maintenance fund (PCMF) and this fund will be utilized to make up the additional funds
needed.
Staff recommends approval.
W.
January 25, 2001 (11:38AM)
BACKGROUND INFORMATION:
The three participants' own undeveloped property which borders the planned extension of
Stone Myers Parkway and/or Prospect Parkway as reflected in the City's Thoroughfare
Plan. They are preparing to develop their tracts in accordance with their approved
development plans.
According to City ordinance, the City is responsible for one-third of the cost of constructing
a thoroughfare / roadway. Subsequently, the balance of the roadway costs are borne by
the developer of the proposed development.
This project was publicly bid and the award of the construction contract by the City is
scheduled for the February 6, 2001 Council meeting.
Staff recommends approval.
JLH/JSL/dsm
oAagenda\02-06-01 \DeveloperContract_
February 1, 2001 (12:55PM)