Explanation
1. BACKGROUND
The purpose of this ordinance is to authorize the issuance of a refund for the unexpended balance of funds deposited by NRI Equity Land Investments, LLC (NRI) with the City to support the construction of the Grandview Yard - Third Ave Railroad Bridge: Roadway Improvements - Third Ave Phase 2, Rail St Phase 3 and 5th/Edgehill Signal Improvements project.
Ordinance 2130-2011 authorized the execution of Tax Increment Financing Agreement between the City, acting through the Department of Development, and NRI to facilitate the construction of certain public infrastructure improvements in the vicinity of Third Avenue and Olentangy River Road in the area known as Grandview Yard.
Ordinances 1195-2016 and 1196-2016 authorized the execution of a Guaranteed Maximum Reimbursement and Construction Contribution Agreement between the City, acting through the Director of Public Service, and NRI relative to the Grandview Yard - Third Ave Railroad Bridge: Roadway Improvements - Third Ave Phase 2, Rail St Phase 3 and 5th/Edgehill Signal Improvements project.
The aforementioned project culminated in various public infrastructure improvements in Grandview Yard, including: replacement of the CSX railroad overpass; widening and reconstruction of the portion of Third Avenue adjacent to the railroad bridge; construction of a new 3-lane roadway, Rail Street, south of Third Avenue; replacement of the traffic signal at the intersection of Fifth Avenue and Edgehill Road; and installation of sidewalk, curb ramps, and a shared use path.
Pursuant to the executed reimbursement agreement, NRI agreed to provide an upfront contribution in excess of $9 million to facilitate the construction of the aforementioned improvements; in turn, the City agreed to provide an initial direct reimbursement of $1,350,000.00 to NRI in 2017, with the balance of the reimbursable costs to be paid from the proceeds of the Third and Olentangy TIF over time.
Subsequent to the compl...
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