Title
Amending the City’s 2020 Operating Budget to reflect an advance in the amount of up to $500,000 from the internal borrowing fund and the use of fund equity of up to $500,000 to finance the CHA Exterior Wall Restoration Project.
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WHEREAS, the Office of Financial Services Real Estate Section (“Real Estate”) proposes to repair and restore large sections of the exterior walls on the north and west sides of the City Hall Annex ("CHA") building by restoring exposed beams and columns that have experienced spalling, improving the brick face by repairing, cleaning tuckpointing and sealing the brick, and affixing an insulated overlay to the east stairwell to reduce the possibility of interior heating pipes and fire standpipes freezing and bursting in the winter months ("Exterior Wall Restoration Project"); and
WHEREAS, OFS Real Estate has been working with a structural engineering consultant to conduct an assessment of the exterior walls and to prepare cost estimates, plans and specifications for the needed repair and restoration work; and
WHEREAS, the structural engineering consultant has completed its plans and specifications and OFS Real Estate now wishes to solicit bids for the work; and
WHEREAS, OFS Real Estate estimates the total cost of the Exterior Wall Restoration Project to be up to $1,000,000; and
WHEREAS, the 2020 Operating Budget needs to be amended to provide spending and financing for the Exterior Wall Restoration Project; and
WHEREAS, OFS Real Estate proposes to finance the project through the use of an interdepartmental loan (up to $500,000) and the use of fund equity (up to $500,000); and
WHEREAS, there are available funds in Fund 700, (the "City Internal Loan Fund"), to make an advance in 2020; and
WHEREAS, the advance, until repaid, will bear interest at the monthly City treasury portfolio investment rate, ("Pool Rate"), which is variable and reset monthly by the City and will be paid as part of the project cost; and
WH...
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