PPEA for Replacement of the 8th & 9th Street Office Buildings

Item C-3.10 #1s

Language
Page 487, line 30, following "Construction:" strike "Phase I".
Page 487, following line 31 insert:
"1. The Governor is authorized to implement that portion of the plan presented to the Chairmen of the Senate Finance and House Appropriations Committees, as set forth in paragraph 5 of Item C-1.45 of Chapter 943 of the 2004 Acts of Assembly, as further described in this Item, by entering into a comprehensive agreement with a private entity pursuant to The Public-Private Education Facilities and Infrastructure Act of 2002 (§
56-575.1
et seq. of the Code of Virginia), as he determines proper and cost-beneficial to the Commonwealth, as otherwise provided for in this Item.
2. The project shall provide for the demolition of the derelict building and development of office and parking facilities on certain state-owned property bounded by 8th, 9th, and Broad Streets in the City of Richmond.
3. The improvements authorized in this Item are described generally as a 620 vehicle parking deck, estimated to cost $23.7 million, more or less, and a 450,000 net square foot office building incorporating restored historical architectural features as fully as possible, estimated to cost $94.0 million, more or less, which shall be utilized as part of the consolidated Capitol Square complex operations, and for the relocation and/or co-locations of state agency office space from offices leased from private sources.
4. Any agreement or agreements developed pursuant to this Item may include, but need not be limited to, the temporary transfer of the state-owned real property described herein, provided that the real property, and any improvements thereto, ownership shall be retained by the Commonwealth as may seem prudent and cost-beneficial.
5. The General Assembly determines that time is of the essence in making available the facilities described herein, and the Department of General Services is directed to initiate the project as soon as practical following the enactment of this chapter.
6. The Governor shall report periodically to the Chairmen of the Senate Finance and House Appropriations Committees on the plans and status of this project.
7. It is anticipated that sufficient general fund appropriations or Virginia Public Building Authority bond authorization will be provided in future fiscal years to cover all phases of the project as specified in the final contract."

Explanation
(This amendment provides for the replacement of the 8th and 9th Street Office Buildings with a new structure to be constructed under the Public-Private Education Facilities and Infrastructure Act of 2002. The total estimated cost is $117.7 million.)