Department: Management and Budget
Department Head/Elected Official: Daniel Ramos, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Commercial Paper
Project ID (if applicable): MF0AD
Vendor/Entity Legal Name (if applicable):N/A
MWDBE Contracted Goal (if applicable):N/A
MWDBE Current Participation (if applicable):N/A
Justification for 0% MWDBE Participation Goal: N/A - Goal not applicable to request
Request Summary (Agenda Caption):
title
Request for approval of commercial paper funding for the Office of the County Engineer for the Nettleton, Coffee Pot Building & Surface Lot Demolition project in the amount of $2,185,000 for a total of $5,685,000.
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Background and Discussion:
Commercial Paper Series D can be used for (1) construction of public works, (2) the purchase of automobiles, equipment and machinery, including computers, materials and supplies for the operation of the County's precincts and departments (3) Professional services, including services provided by engineers, architects, attorneys, auditors, financial advisors, and fiscal agents, in connection with the contractual obligations described in (1) and (2).
Commercial Paper is being requested for the Nettleton, Coffee Pot Building & Surface Lot Demolition project and is expected to be repaid within the next three fiscal years either through bonds, budgetary means or pay-as-you-go sources.
HB 1869 compliance confirmed by: Michael James, Special Assistant County Attorney, September 7, 2022.
Expected Impact:
The Lomas Nettleton, Coffee Pot Building & Surface Lot Demolition project includes the demolition and removal of the Coffee Pot Building and Lomas Nettleton Parking garage within the downtown city block bordered by San Jacinto, Franklin, Commerce and Fannin streets.
Alternative Options:
A Structural evaluation was done on the existing Coffee Pot building, and there appears to be a significant amount of structural concerns that recommend that employees/ pe...
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