Title
A Resolution approving the Intergovernmental Agreement by and between the City of Colorado Springs, on behalf of its enterprise the Colorado Springs Municipal Airport, and the Peak Metropolitan District No. 3 related to the reimbursement of construction costs
(Legislative)
Presenter:
Travis Easton, P.E., Deputy Chief of Staff - Infrastructure and Development
Body
Summary:
This Facilities Payment Agreement (the “Agreement”) outlines the terms under which Peak Metropolitan District No. 3 (the “District”) will reimburse the Colorado Springs Municipal Airport (the “Airport”) for construction costs associated with stormwater improvements.
Background:
The Airport is undertaking construction of stormwater improvements to benefit the Airport Business Park, commonly known as Peak Innovation Park. The project area is located directly south of Powers Boulevard, with a portion extending into Bluestem Prairie Open Space, which is managed by the Parks, Recreation, and Cultural Services Department (the “Project”). These improvements aim to mitigate downstream erosion and stabilize the existing stormwater channel. The construction costs are eligible for reimbursement by the District, which has agreed to reimburse the Airport accordingly.
Previous Council Action:
N/A
Financial Implications:
The City may be reimbursed up to a maximum amount of $ 3,542,706.30.
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
N/A
Summary of Ordinance Language
Approve a Resolution approving an intergovernmental agreement, by and between the City of Colorado Springs, on behalf of its enterprise, the Colorado Springs Municipal Airport, and Peak Metropolitan District No. 3 related to the reimbursement of construction costs.