Explanation
Background: The City of Columbus currently owns a property commonly referred to as Gowdy Field. Columbus Urban Growth Corporation has been granted an option to purchase the property and redevelop it as commercial offices. Utility upgrades leading to and from the site will be necessary for development as well as the addition of turning lanes and signalization upgrades on Olentangy River Road to accommodate the additional traffic that will result from this development. The estimated cost of these improvements is $2,710,000. The City of Columbus has committed to funding these off-site improvements for purposes of creating economic development opportunities and increasing the real and personal property tax and income tax revenues of the City.
Fiscal Impact: $2,710,000 is available in the 2005 Capital Improvement Budget.
Title
To authorize the Director of the Department of Development to enter into a Guaranteed Maximum Price Reimbursement Agreement pursuant to Section 186 of the Columbus City Charter with Columbus Urban Growth Corporation for up to $2,710,000 to design and construct off-site improvements to Gowdy Field; to waive the provisions of Chapter 329 of Columbus City Code; and to authorize the expenditure of $2,710,000 from the Capital Fund. ($2,710,000) (AMENDED BY ORD. 2221-2006 PASSED 12/11/2006)
Body
WHEREAS, the City of Columbus currently owns the property commonly referred to as Gowdy Field; and
WHEREAS, Columbus Urban Growth Corporation has obtained an option to purchase the site and redevelop as commercial office space; and
WHEREAS, the design and construction of off-site improvements will be necessary to serve the new development and traffic flow; and
WHEREAS; the City has committed to funding these improvements to create economic development opportunities and to increase real, personal and income tax revenues; 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 enter into a Guaranteed Maximum Cost Reimbursement Agreement pursuant to Section 186 of the City Charter with Columbus Urban Growth Corporation for up to $2,710,000 for purposes of designing and constructing upgrades to the water line and sanitary service to and from Gowdy Field as well as additional turn lanes and signalization at the site's access point on Olentangy River Road.
Section 2. That for the purpose stated in Section 1, the expenditure of up to $2,710,000 from the Development Department, Division No. 44-01, Fund No. 735, Project No. 440113 Miscellaneous Development and Acquisition, OCA Code 735113, Object Level Three 6680 is hereby authorized.
Section 3. That the formal consultant selection process provisions of Chapter 329 of the City Code be and hereby are waived.
Section 4. That the provisions of Chapter 329 of the Columbus City Code are hereby modified to permit Columbus Urban Growth Corporation to provide a letter of credit in substitution of a performance bond.
Section 5. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.