Explanation
1. BACKGROUND
This ordinance authorizes the Director of Public Service to enter into agreements with and to accept contributions from NP Capital Management Corp. (the “Developer”) pursuant to Section 186 of the Columbus City Charter, relative to the construction of the Intersection - E. Powell Road and Lyra Drive project (the “Project”). It also authorizes the Auditor's Office to appropriate funds received from the Developer for the Project and to establish auditor certificates as needed and requested by the Director of the Department of Public Service to allow funds received from the Developer to be spent on utility relocation, right-of-way acquisition, and construction administration and inspection expenses for the Project.
The City and the Developer are engaged in a Public-Private Partnership (3P) to construct public improvements that will benefit the Polaris area and have executed a Tax Increment Financing Agreement (“TIF Agreement”) to advance those efforts. The Project includes the connection of East Powell Road and Lyra Drive with a roundabout.
The City will coordinate utility relocation and right-of-way acquisition activities for the Project which will require an upfront contribution from the Developer in an amount currently estimated to be $400,000. Additional funding may be needed if the estimated amount is insufficient to complete utility relocation and right-of-way acquisition for the Project. Pursuant to the existing TIF Agreement, the Developer is eligible to receive reimbursement from the Polaris TIFs for its upfront contribution to the Project.
2. CONTRACT COMPLIANCE INFORMATION
NP Capital Management Corp. currently does not have a valid contract compliance number and will be required to be contract compliant prior to executing a contribution agreement with the City.
3. FISCAL IMPACT
NP Capital Management Corp. has agreed to provide funding to the Department of Public Service with a lump sum payment of up to $400,000 to su...
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