Title
Heartwood Request for Bid Award and Proposed Financing Plan (NB)
Explanation
Heartwood is a 15.1 acre infill redevelopment project that will accommodate 34 single family detached homes. After receiving our third and final round of comments from City Planning for permitting, and the St. John’s River Water Management District for storm water, CRA Staff is nearing the conclusion of the construction permitting approval process which would yield construction documents for storm water, site work, wetland mitigation, roads and sidewalks, utility infrastructure and more. This approval will allow construction to begin and the continuation of the Design Plat approval process. CRA Staff is also working to finalize the architectural standards and design guidelines with flexible floor plans and ramping up the accompanying marketing efforts.
In May 2017, Staff worked with the City’s Purchasing Department on a public solicitation for a site contractor in the form of an Invitation to Bid. The contracted site work would include utility infrastructure, wetland improvements, paved streets, curb and gutter, sidewalks, and pad ready sites. There were three responsible and responsive bids received; all being over the budgeted amount of $1.7M. After collaborating with a third party financial services partner and City Budget and Finance, CRA Staff will present a recommendation to move the project forward.
Fiscal Note
$1,118,116.59 remaining in the Heartwood project account W920 will be used towards the site improvements. Staff proposes utilization of the remaining $305,362.51 Kennedy Homes Demolition bond funding account C333 towards the current scope. In addition, Staff proposes securing a ~$1.1M loan from the City to be used towards the site improvements. The additional funds required for incentives and model construction will be appropriated during the FY2018 Adjusted Budget to be presented at July’s CRA Board Meeting.
Recommendation ...
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