Purpose: Close-out the West Riverwalk project, accept title and authorize the City Manager to execute closing documents and issue final payment at closing.

Background: In December 2015, the City Council authorized a purchase and sale agreement for the extension of the West Riverwalk and other public improvements, including lighting and streetscape, as part of a $400 million revitalization of West River Street.  Under the agreement, amended in March of 2018, the City authorized Plant Riverside to complete the public projects to coordinate private construction with public construction because of the complexity of concurrent work on the same site. In essence, Plant Riverside served as the General Contractor at an established price, and Plant Riverside accepted all cost risk and overruns.

Facts and Findings:

1. In accordance with the agreements, Plant Riverside has submitted a request for the City to accept the work through a quitclaim deed and close out the project except for certain punch list items (i.e. brick pavers and lighting) along the western 200 feet of the riverwalk.  The March 2018 Amendment authorized the delay in accepting the final punch list items until completion of the final section that connects into Plant Riverside.
2. The City made one progress payment of $4,560,000, as part of the March 2018 Amendment.  This leaves $6,540,000 due at closing, and an additional $300,000 due upon completion of identified punch list items (brick pavers and lighting).
3. Closing will be scheduled as soon as the City completes final inspection. The City will receive a quitclaim deed/bill of sale, document escrow agreement for retainage, transfer documentation and closing settlement since the transaction includes transfer of property.
4. The City issued a bond for the West River Street revitalization project. Plant Riverside, the Alida and other private investment will generate more than twice as much incremental new tax revenue to fund the annual bond payment.  The agreement sets up tax allocation financing without the need for an urban redevelopment plan.
5. The Agreement protected the City from any cost overruns or additional costs.

Policy Analysis: Compliance with a written agreement in accordance with the authority that the City Charter grants.

Alternatives:

1. That the Council close-out the West Riverwalk project, accept title and authorize the City Manager to execute closing documents and issue final payment at closing, pending scheduling.
2. That the Council delay acceptance.

Approval of Alternative 1: Approval by Council closing out the West Riverwalk project, accept title, and authorizing the City Manager to execute closing documents and issue final payment at closing, pending scheduling.

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