Title
A Resolution authorizing the City Manager to allocate and fund up to $3,000 for remaining project costs for the North Gateway Welcome Monument and Lee's Summit Municipal Building Authority administrative and close out costs. (F&BC 10-1-18)
Body
Issue/Request:
A Resolution authorizing the City Manager to allocate and fund up to $3,000 for remaining project costs for the North Gateway Welcome Monument and Lee's Summit Municipal Building Authority administrative and close out costs.
Key Issues:
In an effort to close out the North Gateway Welcome Monument project and to ensure the Lee's Summit Municipal Building Authority (LSMMBA) does not have any outstanding financial liabilities, the LSMMBA and staff are requesting that the City Council authorize that the City Manager allocate and fund up to $3,000 for remaining project costs for the North Gateway Welcome Monument as well as LSMMBA administrative costs. The $3,000 overage is a result of North Gateway Welcome Monument project change orders and ongoing administrative costs that the LSMMBA, as a 501(c)3 entity is required to maintain. These administrative costs primarily relate to legal and financial reporting that is required of 501(c)3 entities.
Proposed City Council Motion:
I move for adoption of A Resolution authorizing the City Manager to allocate and fund up to $3,000 for remaining project costs for the North Gateway Welcome Monument and Lee's Summit Municipal Building Authority administrative and close out costs.
Background:
In June of 2017 the Lee's Summit Municipal Building Authority (LSMMBA) entered into a construction agreement with MEGA Industries to construct the North Gateway Welcome Monument at the I-470 and Lakewood Boulevard interchange. A Cooperative Agreement was approved to fund and construct the gateway monument with funding provided through the LSMMBA, Industrial Development Authority (IDA) and the City. A breakdown of the funding sources for the project is outlined in the first a...
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