Title
Consider a resolution authorizing the Mayor to execute a Developer Participation Agreement with Ryan Sanders Baseball, LP for infield and outfield turf improvements at Dell Diamond.
Body
The City and Ryan Sanders Baseball, LP (The Developer) have agreed to enter into this Developer Participation Agreement for infield and outfield turf improvements at the Convention Center Complex (Dell Diamond). Therefore, the Developer, at its sole cost and expense, shall prepare and submit reconstruction cost bids to the City for review and acceptance prior to the execution of a contract for the project. Upon completion of the project to the City's satisfaction, the City shall pay to the Developer the amount of thirty percent (30%) of the sum of the original contract cost and any approved change orders for the project, not to exceed $130,000. In no event, shall the City's payment exceed thirty percent (30%) of the total cost of the project or $130,000, whichever is less.
SOURCE OF FUNDS: DELL DIAMOND CAPITAL IMPROVEMENT FUND
Recommended Action
Staff recommends approval.