Explanation
1. BACKGROUND
This ordinance authorizes the Director of Public Service to enter into agreements with and to accept contributions from Pizzuti Land LLC (the “Developer”), pursuant to Section 186 of the Columbus City Charter, relative to the construction of the Roadway - Shook Road Phase II project (the “Project”).
The City and the Developer are engaged in a Public-Private Partnership (3P) to construct certain public infrastructure improvements that benefit the Rickenbacker West Tax Increment Finance (TIF) area and have executed a Tax Increment Financing and Cooperative Agreement (“TIF Agreement”) to advance that effort. The Project consists of widening Shook Road and State Route 317 to provide a left-turn lane at that intersection and includes full-depth reconstruction of Shook Road as it approaches State Route 317.
The City will construct the Project and pay for the improvements with the proceeds of bonds issued by the Columbus-Franklin County Finance Authority and contributions from the Franklin County Engineer’s Office and the Developer.
2. CONTRACT COMPLIANCE INFORMATION
Pizzuti Land LLC will be required to be contract compliant prior to executing a contribution agreement with the City.
3. FISCAL IMPACT
Pizzuti Land LLC has agreed to provide funding to the Department of Public Service with a lump sum payment of $78,921.12 to support the construction of the Project. This amount is based upon a construction estimate. Additional funding from Pizzuti Land LLC may be required to complete the project, or it may be necessary to refund a portion of this funding if construction costs are less than estimated.
4. EMERGENCY DESIGNATION
Emergency action is requested to allow for immediate execution of requisite agreements necessary to facilitate construction of the aforementioned improvements in a timely manner in order to maintain the project schedule and to meet community commitments.
Title
To authorize the Director of Public Service to enter i...
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