NUMB:
990919
VERS:
ORIGINAL
REF:
XXBY:
Alderman Nardelli
TITL:
Resolution rescinding Department of Public Works Invoice No. 68595 and directing the City Engineer to issue a new invoice in the amount of $40,400 to Urbanek Investments for sewer construction work in the Heritage Heights and Heritage Woods subdivisions. (DPW)
ANLS:
- ANALYSIS - This resolution rescinds Department of Public Works Invoice No. 68595 in the amount of $80,799.53 an directs the City Engineer to issue a replacement invoice in the amount of $40,400. The reduced amount recognized good faith project financing decisions made by the developer based upon information provided by the Department of Public Works.
BODY:
Whereas, Over the last few years Urbanek Investments has developed several single family residential subdivisions in the vicinity of North 107th Street and West Green Tree Road; and
Whereas, The City of Milwaukee has entered into a series of Out-of-Program agreements with Urbanek Investments regarding the funding and construction of public improvements to support these residential subdivisions; and
Whereas, The various Out-of-Program agreements obligated the developer to pay 100% of the public improvement costs; and
Whereas, Urbanek Investments provided the City with several letters-of-credit which ensured the availability of funds for the public improvements; and
Whereas, On April 3, 1997 the Department of Public Works notified Urbanek that all but one of the outstanding letters-of-credit could be closed out because all project costs were then known; and
Whereas, Subsequent to the issuance of the April 3rd letter, the department discovered an additional sewer contract change order that had not been billed; and
Whereas, In October of 1997 an invoice in the amount of $80,799.53 was sent to Urbanek Investments (Invoice No. 68595) to cover the cost of the sewer contract change order; and
Whereas; Urbanek Investments had been selling lots i...
Click here for full text