Explanation
Background: On August 29, 2008 the City entered into the Columbus Coated Fabrics Economic Development Agreement (EDA) with Wagenbrenner Development, Inc. to address the redevelopment of the site with housing, green space and improved roadways. On July 17, 2009 the City entered into the Columbus Coated Fabrics Design Agreement with Wagenbrenner Development, Inc. for the design of public roadway and infrastructure improvements on and around the site. The City has committed to funding the design and construction of street and utility improvements up to $12.85 million. The cost of design is $1,060,000.00. The cost of roadway improvements, including utility upgrades and inspection, will be $11,790,000. This legislation authorizes the expenditure of $6,760,000.00 from the 2009 Capital Improvements Budget for Grant Avenue improvements including construction inspection costs. Subsequent legislation will authorize the remaining construction of public improvements on the site from the 2010 Capital Improvements Budget.
Emergency Justification: Infrastructure and roadway improvements to Grant Avenue must be completed before March 31, 2010 in order to comply with funding requirements of the New Market Tax Credits.
Fiscal Impact: Funds are available in the 2009 Capital Improvements Budget under Streets & Highways G.O. Bonds, Gov'l Build America Bonds (B.A.B.s), and Sanitary B.A.B.s (Build America Bonds) Fund for construction and inspection. The Division of Power and Water's (Water) estimated share of this project is $1,300,00.00 and will be funded via transfer of funds within the Water Works Enlargement Voted Bonds Fund and the Water Build America Bonds Fund. An amendment to the 2009 Capital Improvements Budget is also necessary.
Title
To authorize the Directors of Public Service and Public Utilities to enter into a Guaranteed Maximum Reimbursement Agreement pursuant to Section 186 of the Columbus City Charter with Wagenbrenner Develop...
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