Subject
title
Authorize the City Manager to Execute an Agreement with Twinbrook Quarter LLC Relating to a Performance Bond for the Installation of Publicly Accessible Art in Private Development.
Department
City Manager's Office (CMO)
Recommendation
Staff recommends that the Mayor and Council authorize the City Manager to execute an Agreement relating to the installation of Publicly Accessible Art in Private Development. The Agreement is entered into with Twinbrook Quarter LLC for a Performance Bond in the amount of $301,959.11.
Discussion
Pursuant to Article IV (Publicly Accessible Art in Private Development), Twinbrook Quarter LLC (the Permittee), is required to install publicly accessible art as part of the Permittee’s and its affiliates’ multi-phase development of certain properties at Twinbrook Quarter in Rockville, Maryland. The Permittee has requested, and the City Manager supports, authorizing the Permittee to install public art that would otherwise be installed for Phase 1 of the project in Phase 2 of the Twinbrook Quarter Development. This will allow the developer to combine the code-mandated funding from two phases of the development into one, thus funding a more substantial piece of artwork.
The City Code requires that an agreement be executed, and a bond posted by the permittee, in a form approved by the City Attorney, prior to the issuance of the first occupancy permit for the construction project. This is required for any art to be installed or presented subsequent to the issuance of the first occupancy of the construction project.
This agreement, the associated Performance Bond, and the Performance Bond form, satisfies these requirements per Article IV of the City Code.
To view the draft agreement, see Attachment A.
Mayor and Council History
This is the first time this agenda item has been brought before the Mayor and Council.
Fiscal Impact
Performance bonds are not revenue for the city. These funds are held in separate accounts designated for later repayment upon satisfactory completion of the underlying work and agreement terms. In the event that the work is not performed in accordance with the agreement terms, the city has the right to retain the bond and may use the funds to complete the work.
Next Steps
Upon Mayor and Council approval, the City Manager will execute the agreement for the Performance Bond.