Explanation
The Public Service Department, Transportation Division, is pursuing a project to reconstruct Roberts Road. This roadway improvement will consist of major reconstruction including widening pavement from 2 to 5 lanes with curb, drainage, sidewalks, and a 10 foot shoulder for a bike lane between the traveled lane of cars and the curb. Project limits extend from Hilliard Rome Road to Westbelt Drive. Project length is 1.9 miles. This project is estimated to be bid by ODOT in March, 2007 and the project will begin construction approximately 4 weeks thereafter.
This ordinance authorizes the Public Service Director to enter into appropriate loan agreements with the Ohio Department of Transportation for a seven-year low-interest loan for up to $6,750,000.00 for the Transportation Division from the State Infrastructure Bank that is administered by the Ohio Department of Transportation and to authorize the expenditure of up to $128,000.00 for interest and other fees associated with the loan. This project is eligible for Federal Funds which will be utilized to repay the loan.
Fiscal Impact: Funds in the amount of $128,000.00 are budgeted in the 2006 Capital Improvement budget in the Federal State Match Project. MORPC will provide payment directly to the State for the loan.
Emergency action is requested to meet the State's schedule for this project. This project is expected to be sold in March and it is important to secure this funding source prior to that.
Title
To authorize the Public Service Director to enter into appropriate loan agreements with the Ohio Department of Transportation for a seven-year low-interest loan of up to $6,750,000.00 from the State Infrastructure Bank for construction of the Roberts Road reconstruction project for the Transportation Division; to authorize the expenditure of $128,000.00 for fees and interest associated with this loan from the 1995, 1999, 2004 Voted Streets and Highways Fund; and to declare an emergency. ($128,000.00) (REPEALED BY ORD. 0850-2007 PASSED 7/16/2007)
Body
WHEREAS, the Public Service Department, Transportation Division, is pursuing the construction of the Roberts Road widening project; and
WHEREAS, the Public Service Director desires to enter into agreements for a seven year low interest loan for up to $6,750,000.00 for the Transportation Division from the State Infrastructure Bank that is administered by the Ohio Department of Transportation (ODOT) with said funds to be used for said roadway improvement reconstruction; and
WHEREAS, Federal Funds will be utilized to provide for payment of this loan; and
WHEREAS, if the loan is approved by the State of Ohio the Public Service Director desires to enter into appropriate loan agreement(s) with the Ohio Department of Transportation for this purpose; and
WHEREAS, funding in the amount up to $128,000.00 is needed for interest and other fees associated with this loan; and
WHEREAS, an emergency exists in the usual daily operation of the Public Service Department, Transportation Division, in that it is immediately necessary to authorize the Public Service Director to execute said loan agreement(s), thereby preserving the public health, peace, property, safety and welfare; now, therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Public Service Director be and hereby is authorized to enter into appropriate loan agreements with the Ohio Department of Transportation for a seven- year low-interest loan for up to $6,750,000.00 for the Transportation Division from the State Infrastructure Bank for construction of Roberts Road widening project for the Transportation Division.
SECTION 2. That for the purpose of paying fees and interest associated with this loan, the sum of $128,000.00 or so much thereof as may be needed, is hereby authorized to be expended from Fund 704 , the 1995, 1999, 2004 Voted Streets and Highways Fund, Department No. 59-09 , Transportation Division, Object Level One Code 06, Object Level Three Code 6621, OCA Code 644385, Project Number 530208 (Federal State Match), to pay the cost thereof.
SECTION 3. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.