HomeMy WebLinkAbout10 Agreement for Project Funds - Board of WorksAGRF.FMENT FOR PRELIMINARY PROTECT FUNDING
FOR THE INTERCITY ROAD PROTECT
BETWEEN
TNF TFFFFR4nNVIL.T,F. T)F,PARTMF.NT nF REDEVELOPMENT
AND
THF, BOARD OF PUBLIC WORKS AND SAFETY
OF THE CITY O,F~.TEFFERSONVII.LE
This Agreement made and entered into this ~i day of ~ , 1996, by and
between the Jeffersonville Department of Redevelopment, acting by and rough the
Redevelopment Commission ("the Agency") and the Jeffersonville Sewage Office acting by and
through the Board of Public Works and Safety ("the Board"),
WHEREAS, the City of Jeffersonville("the City"), through the Agency, wishes to develops the
Intercity Road Project, and
WHEREAS the Agency will issue Bonds to construct the project at the time bf D~sign
Completion and receipt of bids, and
WHEREAS, the Agency will incur costs in the design and planning of the project prior to the
Bond Issue, and
WHEREAS, a portion of the design work will benefit the Board in that it will provide for the
design of additional sewer lines for the Intercity Road Project, and
WHEREAS, the Intercity Road Project will allow significant expansion of the City's sewer system ~
allowing the City to more effectively utilize its wastewater treatment facility, and
i
WHEREAS the Board has indicated its interest in lending from available Sewage Department
funds, on a temporary basis, the funds required for Planning and Design of the Intercity Road
Project,
NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties
hereto mutually agree as follows:
A. Fund Amounts to he Initiall~Provided by the Board
1. Interlocal Portion of the Phase 1 Intercity Road Project
Planning and Design costs for the Interlocal Portion of the Intercity Road Project
will be funded based on a 50-50 share between the City and the Town of
Clarksville ("the Town")
s
• The Interlocal portion of the project extends from a point on the proposed
Intercity Road approximately five hundred feet (500') West of I-65, the normal
point of touchdown from the bridge over I-65, to the easterly right-of--way line of
Hamburg Pike, for a total distance of approximately three-fourths (3/4) mile.
The City`s 50% share of the Planning and Design Phase for this portion of
the project will be approximately Two Hundred Twenty-Four Thousand
Four Hundred Fifty Dollars ($224,450.00).
2. Jeffersonville Portion of the Phase 1 Intercity Road Project
a. Planning and Design costs for the portion of the Phase 1 Project outside
the Interlocal Project limits are to be funded solely by the City.
The components of the Phase 1 Project in the City's portion -are the
Intercity Road from Hamburg Pike to New Albany-Charlestown Pike, the
Sanitary Sewer interceptors from the Millcreek Pump Station to Allison
Lane and from Allison Lane to I-265 along State Road 62, and the
improvements on Allison Lane required by the Meijer Store.
The estimated cost for Planning and Design of these components is Two
• Hundred Seventy-Five Thousand Four Hundred Eighty Dollars
($275,480.00).
b. Preliminary financial and legal costs to establish the Bond Sale documents
are also items to be funded by the City. These preliminary financial and
legal costs are estimated to be Fifty Thousand Dollars ($50,000.00).
In summary, the total amount of funds required is estimated to be Five Hundred
Fifty Thousand Dollars ($550,000.00) for Numbers 1. and 2., above.
B. Allocation of Funds
The Board will allocate Five Hundred Fifty Thousand Dollars ($50,000.00) of Sewage
Account Funds to be used solely for this project.
C. Disbursement of Funds
As costs are incurred, the Agency will submit requests monthly for partial disbursement of
monies as Planning and Design progresses. The Agency will submit its requests for funds
to the Board one (1) week prior to the Board's regularly-scheduled meeting.
The Board shall then remit the funds to the Agency within five (5) working days of Board
approval of the Agency's request
D. Reimbursement of Funds
All monies used by the Agency and provided by the Board will be reimbursed to the Board
by the Agency at the time of the completion of the sale of the Bonds.
IN WITNESS WHEREOF, the parties hereto have made and executed this Agreement on the
Date first above mentioned.
"AGENCY"
"BOARD"
JEFFERSONVILLE REDEVELOPMENT JEFFERSONVILLE BOARD OF
COMMISSION
Robert E. ampbell, J ., Pre d t
~- G=
Dale A. Yost, Vice sident
•
L
Barry ,Secretary
~~
James P. Urban
PUBLIC WORKS & SAFETY
ayor Thomas R. Galligan, sident
I ~~ '
~~-~ ~~~
Anthony'W. Harrod, Member
~.~~
Harold W. Lakeman, Member
ATTEST:
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Ronald T. rooms ember
C. , ~.~i
C. Richard Spencer, rk-Tre rer