Title
Fountain Village Development Completion
History
This is a follow-up to the recent draw on a letter of credit for the Fountain Village development in the amount of $216,545.10 in order to substantially complete and correct public improvements associated with the townhome and commercial/ retail development project at 179th Street just east of Wolf Road.
Staff recognized that a portion of the partially complete pedestrian path in this area is actually beyond the limits of Fountain Village, on the adjacent Parkview Plaza subdivision. Since the letter of credit funds can only be used specifically for Fountain Village improvements, additional funding is needed to complete the path. An additional 350 feet of path remains to be completed, which will cost just under $10,000, based on the unit pricing in the Crowley Sheppard contract. An exhibit is attached for reference which shows the path layout from an aerial perspective, along with the Fountain Village and Parkview Plaza subdivision plats.
Staff worked with other Village departments to get the additional funding in order to fully complete this section of path at one time. Parks & Building Maintenance has $100,000 in an account from which the $10,000 can be utilized.
Financial Impact
Financial impact is $10,000 from Parks & Building Maintenance account 054-0000-443500. Work for the additional path will be invoiced separately to demonstrate utilization of Village funds, not Fountain Village letter of credit funds, to complete the portion of path that lies beyond Fountain Village subdivision property.
Recommended Action/Motion
I move to approve authorizing the use of a maximum of $10,000 from account 054-0000-443500 to fund the completion of the pedestrian path adjoining the Fountain Village development.