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Authority approves final $515,358 amendment to close out Eleventh & Lewis streetscape pass-through
Summary
Trustees approved a $515,358.44 budget amendment to pass city funds through the authority to a developer, closing out the Eleventh & Lewis streetscape contract after unexpected underground work raised costs.
The Tulsa Authority for Economic Opportunity on Thursday approved a $515,358.44 budget amendment to pass through city funds for the completed Eleventh and Lewis streetscape project.
Lynn Kenny, presenting to trustees, said the authority is acting as a pass-through entity: the city of Tulsa already reimbursed the authority, which will transmit the funds to the developer. Mike Dickerson, TEO controller, told the board the streetscape work originated in earlier TIF negotiations and that the authority was designated as the appropriate pass-through entity when the developer front-funded construction. The original contract value was about $2.1 million and has been amended multiple times to account for issues discovered during construction, including century-old buried utilities and other underground conditions that increased costs.
"The original contract was for $2,100,000; we have done two amendments to that that increased the value each time based off of what was discovered underground," Dickerson said, explaining the current amendment will close out the contract.
Board members asked why the city used TEO as the pass-through rather than paying the developer directly. Dickerson recounted that city legal at the time recommended TEO as the implementing entity to advance the CIP work and coordinate TIF timing.
Trustees moved, seconded and approved the budget amendment by roll call. Staff said the work has been completed and the amendment is the final payment to close out the contract.
