Title
Request for approval to enter into an intergovernmental agreement, the Facilities Payment Agreement, by and between the City of Colorado Springs, on behalf of its enterprise, the Colorado Springs Municipal Airport, and Peak Metropolitan District No. 1.
(Legislative)
Presenter:
Travis Easton, P.E., Deputy Chief of Staff - Infrastructure and Development
Body
Summary:
This Facilities Payment Agreement (the “Agreement”) sets forth the terms and conditions under which Peak Metropolitan District No. 1 (the “District”) will reimburse the Colorado Springs Municipal Airport (the “Airport”) for construction costs related to stormwater improvements.
Background:
The City is undertaking construction of stormwater improvements for the benefit of the Airport Business Park, to be located directly south of Powers Boulevard (the “Project”). The costs of construction are eligible to be reimbursed by the District. The City’s Stormwater Enterprise (“SWENT”) is the constructing department for the Project. The District reimbursements under the Agreement will be used by the Airport to repay SWENT for its construction costs.
Review Criteria:
N/A
Previous Council Action:
N/A
Financial Implications:
The City may be reimbursed up to a maximum amount of $ 1,754,538.00.
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Recommended Action
Proposed Motion:
Approve the Facilities Payment Agreement, 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. 1.