AGENDA #4g
memorandum
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to: |
Mayor and Town Council |
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from: |
Roger L. Stancil, Town Manager |
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subject: |
Budget Amendment Establishing Public Art Revenue for Lot 5 Development |
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date: |
April 14, 2008 |
PURPOSE
The purpose of this report is to budget revenue to be received from Ram Development Company for artist contracts with Mikyoung Kim for detailed design/construction services and with Gordon Huether for design and construction services for Lot 5 in the amount of $627,000.
BACKGROUND
On June 27, 2007, the Council authorized the Manager to negotiate and execute contracts for public art design services with Mikyoung Kim and with an additional artist for the Lot 5 Downtown Economic Development Initiative (see Attachment 1).
On September 24, 2007, the Council budgeted an initial $29,000 for the first contract with Mikyoung Kim for revision of the Art Master Plan, preliminary design, and for selection of an additional artist.
DISCUSSION
The Town and Ram Development Company have negotiated additional contracts totaling $627,000 with Mikyoung Kim and Gordon Huether for the design and construction of public art in the Lot 5 project. Ram Development Company is responsible for paying this amount as part of its commitment to providing 1% for public art in the Lot 5 project, and has agreed to fund these contracts (please see letter in Attachment 2). The contracts call for the Town to make payments, and for Ram to reimburse the Town within 30 days.
RECOMMENDATION
We recommend the Council enact the attached amendment to the project ordinance budget established for the project.
ATTACHMENTS