Explanation
BACKGROUND: The City of Columbus submitted a State Infrastructure Bank (SIB) Loan application to the Ohio Department of Transportation (ODOT) as authorized by ordinance 1800-2015 to construct the Hamilton Road S-Curve roadway. Ordinance 1800-2015 authorized the Director of the Department of Development to apply for a maximum amount of $10.5 million. The scope of the project increased during the design phase; therefore, this legislation will authorize the Director of Development to submit a revised application for a maximum of $11 million to ODOT and authorize the Director of the Department of Public Service to enter into appropriate SIB Loan agreements with ODOT for the construction of the Hamilton Road S-Curve.
The construction of the S-Curve will occur in conjunction with the mixed-use development located adjacent to the N. Hamilton Road and State Route 161 interchange. The development will include approximately 700,000 square feet of Class A office space, 1,000,000 square feet of retail space, 800 multi-family residential units and 125 senior housing units; the private investment occurring at the site will be in excess of $250 million. The construction of the S-Curve is vital to alleviate current traffic conditions and to facilitate the construction of a mixed-use, walkable development that supports a successful environment for Class A office space.
FISCAL IMPACT: Funds to repay this loan will be first taken from TIF Funds (Fund 7438 Northeast Preserve TIF, Fund 7439 Dublin Granville South TIF and 7440 Dublin Granville North TIF). Should those funds not be sufficient, repayments are also budgeted in future capital improvement budgets starting in 2019. Funds will be taken from TIF Fund 7440 Dublin Granville North to pay a commitment fee to the Ohio Department of Transportation for the State Infrastructure Bank Loan in the amount of $19,000.00.
EMERGENCY JUSTIFICATION: Emergency action is required to revise the amount of the State Infrastructure ...
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