AGENDA CAPTION:
Title
Consider approval of Resolution 2018-119R, approving the award of a contract to P3Works, LLC for consulting and administrative services concerning the Trace Public Improvement District; authorizing the City Manager or his designee to execute the said agreement on behalf of the City and declaring an effective date.
Body
Meeting date: June 19, 2018
Department: City Manager’s Office, Steve Parker, Assistant City Manager/CFO
Amount & Source of Funding
Funds Required: $30,000 to $40,000 per year
Account Number: Click or tap here to enter text.
Funds Available: Reimbursed in full by developer via Public Improvement District
Account Name: Click or tap here to enter text.
Fiscal Note:
Prior Council Action: Click or tap here to enter text.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Workforce Housing
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
☒ Economic Development - Choose an item.
☐ Environment & Resource Protection - Choose an item.
☐ Land Use - Choose an item.
☒ Neighborhoods & Housing - Choose an item.
☐ Parks, Public Spaces & Facilities - Choose an item.
☐ Transportation - Choose an item.
☐ Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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Background Information:
As part of the Highpointe Trace Public Improvement District (PID) Finance and Reimbursement agreement, the City negotiated the ability to hire a consultant who will make sure the City is conforming to the statutory regulations concerning the PID. This firm will be responsible for the following functional areas of the PID Administration:
District Administration
District Due Diligence and Preparation of PID Plan of Finance
Preparation of Service and Assessment Plan
Bond Issuance Support
Participation in Presentations to City Council or other Public Forums
This is a 3 year agreement and is completely reimbursed by the HighpointeTrace Developers via the PID. The estimated agreement should cost between $30k to $40k per year.
Council Committee, Board/Commission Action:
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Alternatives:
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Recommendation:
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