HomeMy WebLinkAbout100-15 RESOLUTIONRESOLUTION NO. 100-15
A RESOLUTION TO APPROVE THE PERFORMANCE BOND OF BRIGHT
INVESTMENTS, LLC TO GUARANTEE CONSTRUCTION OF REQUIRED
SIDEWALK IMPROVEMENTS ALONG ARMSTRONG AVENUE BY THE
END OF 2017
WHEREAS, the Planning Commission determined that Bright Investments, LLC's proportional
share for infrastructure improvements related to their addition of 80,000 square feet to be the
construction of sidewalk improvements along their project frontage connecting to St. Paul Trail;
and
WHEREAS, Bright Investments, LLC , owner and developer of Bright Technology, agrees to
build the required improvement, but is requesting the City Council to approve a performance bond
in the amount of $50,000 to allow for a delayed construction of the sidewalk improvement; and
WHEREAS, the City Council may approve a performance bond to guarantee such delayed
improvement, pursuant to §158.05 (B) of the Unified Development Code.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves and agrees
to accept the Performance Bond of Bright Investment, LLC, in the amount of $50,000 to be secured
by a performance bond or irrevocable bank letter of credit in the same amount in a form and
substance to be approved by the City Attorney. This performance bond shall guarantee the required
sidewalk improvements will be constructed no later than December 31, 2017.
PASSED and APPROVED this 5t` day of May, 2015.
APPROVED
ATTEST:
ON 0 X. - M -I
SONDRA E. SMITH, City Clerk Treasurer
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City of Fayetteville, Arkansas 113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Text File
File Number: 2015-0208
Agenda Date: 5/5/2015 Version: 1 Status: Passed
In Control: City Council File Type: Resolution
Agenda Number: A. 11
BRIGHT INVESTMENTS, LLC
A RESOLUTION TO APPROVE THE PERFORMANCE BOND OF BRIGHT INVESTMENTS, LLC
TO GUARANTEE CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS ALONG
ARMSTRONG AVENUE BY THE END OF 2017
WHEREAS, the Planning Commission determined that Bright Investments, LLC's proportional share
for infrastructure improvements related to their addition of 80,000 square feet to be the construction of
sidewalk improvements along their project frontage connecting to St. Paul Trail; and
WHEREAS, Bright Investments, LLC , owner and developer of Bright Technology, agrees to build the
required improvement, but is requesting the City Council to approve a performance bond in the amount
of $50,000 to allow for a delayed construction of the sidewalk improvement; and
WHEREAS, the City Council may approve a performance bond to guarantee such delayed
improvement, pursuant to § 158.05 (B) of the Unified Development Code.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves and agrees to
accept the Performance Bond of Bright Investment, LLC, in the amount of $50,000 to be secured by a
performance bond or irrevocable bank letter of credit in the same amount in a form and substance to be
approved by the City Attorney. This performance bond shall guarantee the required sidewalk
improvements will be constructed no later than December 31, 2017.
City of Fayetteville, Arkansas Page 1 Printed on 5/612015
Jeremy Pate
Submitted By
City of Fayetteville Staff Review Form
2015-0208
Legistar File ID
5/5/2015
City Council Meeting Date - Agenda Item Only
N/A for Non -Agenda Item
4/17/2015 Development Services /
Development Services Department
Submitted Date Division / Department
Action Recommendation:
A RESOLUTION TO APPROVE THE PERFORMANCE BOND OF BRIGHT INVESTMENTS, LLC TO GUARANTEE
CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS ALONG ARMSTRONG AVENUE BY THE END OF 2017..
Account Number
Project Number
Budgeted Item? NA
Budget Impact:
Current Budget
Funds Obligated
Current Balance
Fund
Project Title
Does item have a cost? No Item Cost
Budget Adjustment Attached? No Budget Adjustment
Remaining Budget $ m
V20140710
Previous Ordinance or Resolution #
Original Contract Number:
Comments:
Approval Date: 5- 6 115
CITY OF
Tay% 5,eflile
ARKANSAS
MEETING OF MAY 05, 2015
TO: Fayetteville City Council
THRU: Mayor Lioneld Jordan
CITY COUNCIL AGENDA MEMO
FROM: Jeremy Pate, Development Services Director
DATE: April 17, 2015
SUBJECT: Bright Investments, LLC Performance Bond
RECOMMENDATION:
Approval of a resolution accepting a performance bond and guarantee to install required sidewalk
improvements along Armstrong Avenue, pursuant to §158.05 (B).
BACKGROUND:
Bright Technology is a business located at 2501 S. Armstrong Avenue in the Commerce District
of Fayetteville. Situated in Fayetteville with 100,000 plus square feet of manufacturing floor space
and 120 employees, Bright Technology specializes in manual and automated sanding, polishing,
and buffing for the automotive industry. Recently Bright Investments, LLC, the owner and
developer of Bright Technology, obtained approval for an 80,000 square foot expansion on their
property, both to expand their own facility but also to provide space for other
production/warehouse tenants to locate, a need in our community cited many times by our
economic development contract representative, Chung Tan. The expansion is nearing
completion, and the first tenant, a locally grown business, has confirmed use of 20,000 square
feet for warehouse and distribution, with hopes to expand into another 20,000 square feet in the
near future.
As with all large scale development projects, the Planning Commission by ordinance evaluates
the project and its impact on surrounding infrastructure in order to determine appropriate and
proportional improvements. Most often, developers are required to bring the street adjacent to
their project into compliance, with curb, gutter, storm drains, street lights and sidewalks. In this
case, it was determined that sidewalk improvements, connecting this property to St. Paul Trail,
would be the primary infrastructure improvement, based on the impact to the area.
DISCUSSION:
Bright Investments, LLC acknowledges the required sidewalk improvements. However, due to
their initial capital investment in their tenant space and equipment for the building, they are
requesting that the City Council approve a performance bond to allow them additional time to
construct these sidewalk improvements, rather than before they open later this spring. The
performance bond, which would be filed of record at the County, would be accompanied by a
monetary bond or bank letter of credit in the amount of the sidewalk improvement. If the sidewalk
improvements did not occur within the time specified, the City would have the ability to draw on
the monetary guarantee and construct the improvements using those funds.
Mailing Address:
113 W. Mountain Street www.fayetteville-ar.gov
Fayetteville, AR 72701