AgdaPkt 2003-10-13 - Laserfiche WebLink

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; , x. � ^� ,�,� ' " �' n s a «" , 1./' 1 �� K ` • < ' ,kt r � -. r� » g � r :s � � x � ` k : x .� K i *a., : .. � . ��. " � � m�. T k ''w � . Q x . . ' . � °fo 'the =�io�ara5t� ��lfs��' ��un�i1' : ,. . �F .: �_. .� . . .� - ar�d��t�e �ecie�toprne�rrt,��cy;��aarc� �rom' the � Man" er;�d ��acutiv� Dire�or T October 13, 2003 Subject Construction and Reimbursement Agreement for an Underground Public Parking Garage in the Downtown Area Recommendation 1. Direct the City Manager and the Redevelopment Agency Executive Director not to execute the Construction and Reimbursement Agreement with BHV Innisfree Ventures 1, LLC (developers of the Downtown Retail-Cinema Project), approved on September 22, 2003. 2. Approve and authorize the City Manager and the Redevelopment Agency Executive Director to execute the revised Construction and Reimbursement Agreement with BHV Innisfree Ventures 1, LLC (developers of the Downtown Retail-Cinema Project), for construction of an underground public parking garage. Background On September 22, 2003, the City Council and Redevelopment Agency $oard authorized the execution of the Construction and Reimbursement Agreement. At that - time, as we worked with the Developer on the details, it was noted that there might be some minor changes to the Agreement. It was also reported that anything that impacted cost, appearance, schedule, or risk would come back to Council/Agency for resolution. Issues The following corrections, clarifications, additions, or deletions are all considered to be minor, but because there were several changes, the Agreement is being sent to Council again for review (a redlined version of the revised Agreement is attached; a clean copy of the Agreement is available for review in the City Clerk's office): � Identification of "Clarification and Exclusions", which are listed in the cost estimate from the General Contractor. This will help the staff understand what is included in the estimates and what should come from contingency, if necessary. (Section 3.B.). � Language to clarify "construction contingency" and "unforeseen" costs. This will help to determine who pays for what (Section 3.C.). :� The Agreement now includes a cost sharing Value Engineering incentive. This allows the City and Developer to equally share in any cost savings. This is commonly allowed in targer contracts (Sec.tion 3.D.4.). � The Agreement now allows reduction of retention for subcontractors who have completed their work. This allows contractors who have completed their work to be paid in a timely manner, and not have to wait until final acceptance of the -�-