Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to apply to the Ohio Department of Transportation (“ODOT”) for a State Infrastructure Bank (“SIB”) Loan. The loan amount requested will be for a maximum of $10.5 million. The SIB Loan will provide financing for the construction of roadway improvements to the south of the N. Hamilton Road and State Route 161 interchange. Specifically, the SIB Loan will finance an “S-Curve” that will connect the existing portions of N. Hamilton Road between Preserve Boulevard and State Route 161.
The construction of the S-Curve will occur in conjunction with the mixed-use development of the site located directly to the north and south of the N. Hamilton Road and State Route 161 interchange. The development project will also include additional public roadway improvements in and around the development site. The development will include approximately 700,000 square feet of Class A office space, 1,000,000 square feet of retail space, 800 multi-family residential units and 125 senior housing units; the private investment occurring at the site will be in excess of $250 million. The construction of the S-Curve is vital to alleviate current traffic conditions and to facilitate the construction of a mixed-use, walkable development that supports a successful environment for Class A office space.
This legislation is submitted as an emergency measure in order to enable the Director of the Department of Development to apply for the SIB Loan so that it coincides with the timing of the public and private development.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to apply to the Ohio Department of Transportation for a State Infrastructure Bank Loan for a maximum of $10.5 million to construct the Hamilton Road S-Curve; and to declare an emergency.
Body
WHEREAS, the City of Columbus desires to submit an application for a State Infrastructure Bank Loan through the Ohio Department of Transportation; and
WHEREAS, the City of Columbus will apply for a maximum loan amount of $10.5 million for the construction of an S-Curve roadway connecting existing portions of N. Hamilton Road between Preserve Boulevard and the State Route 161 interchange; and
WHEREAS, the construction of the roadway will be in conjunction with a mixed-use development that includes approximately 700,000 square feet of Class A office space, 1,000,000 square feet of retail space, 800 multi-family housing units and 125 senior housing units, which represents over $250 million in private investment; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus whereby it is immediately necessary to authorize the Director of the Department of Development to apply to the Ohio Department of Transportation for a State Infrastructure Bank Loan in order to facilitate the private development and coincide with the established development timeline, 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 Director of the Department of Development is hereby authorized to apply to the Ohio Department of Transportation for a State Infrastructure Bank Loan for the construction of an S-Curve roadway improvement located to the south of N. Hamilton Road and State Route 161.
SECTION 2. That the Council of the City of Columbus authorizes the Director of the Department of Development to serve as the official representative of the City of Columbus application to participate in the Program, and provide all information and documentation required in said Application for the submission to the Ohio Department of Transportation.
SECTION 3. That the Director of the Department of Development is authorized to participate in the Program, comply with program guidelines, and provide necessary assurances.
SECTION 4. That for 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.