Explanation
1. BACKGROUND
This resolution declares the official intent and reasonable expectation of the City of Columbus, on behalf of the State of Ohio (the Borrower), to reimburse the State Issue II Street Projects Fund for the Arterial Street Rehabilitation - SR161 - I-71 to Cleveland Avenue Phase I project with the proceeds of tax exempt debt of the State of Ohio.
This project will provide improvements to SR161 from Maple Canyon Avenue to Cleveland Avenue. Side streets including Maple Canyon Avenue and Parkville Street/Spring Run Drive will be improved north and south of SR161. These improvements will include the addition of pedestrian and bike facilities, new traffic signals, pavement widening and resurfacing, raised medians on the side streets and the installation of mini-roundabouts on the side streets.
Ordinance 1985-2020 authorized the Director of Public Service to submit applications for Round 35 of the State Capital Improvement Program and to execute agreements for approved projects. The Ohio Public Works Commission has since offered a twenty six (26) year, zero percent (0%) interest loan totaling $1,258,225.00 to the Department of Public Service to facilitate the completion of the Street Rehabilitation - SR161 - I-71 to Cleveland Avenue Phase I project. In order to comply with Internal Revenue Service regulations regarding this loan, it is necessary to adopt a resolution declaring the official intent and reasonable expectation of the City of Columbus on behalf of the State of Ohio (the Borrower) to reimburse its State Issue II Street Projects Fund for the aforementioned project with the proceeds of tax exempt debt of the State of Ohio.
2. FISCAL IMPACT
This resolution will allow the Department of Public Service to accept monies from the Ohio Public Works Commission for the $1,258,225.00 zero percent interest loan awarded under the State Capital Improvement Program.
3. EMERGENCY JUSTIFICATION
Emergency action is requested to expedite the rec...
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