Explanation
1. BACKGROUND
The City of Columbus and The Annex at River South II, Ltd., are engaged in a Public-Private Partnership (3P) to make streetscape improvements in support of the redevelopment of the Trautman and HUB buildings in the River South District of downtown Columbus as part of the Downtown Streetscape - Trautman Building (High Street) project. This ordinance authorizes the Director of the Department of Public Service to reimburse The Annex at River South II, Ltd. (the “Developer”), for costs incurred relative to construction of the Downtown Streetscape - Trautman Building (High Street) project (the “Project”).
In June 2015, the City of Columbus, acting through the Department of Public Service, agreed to reimburse the Developer up to $260,000.00 to construct the Project pursuant to Ordinance 1437-2015 which authorized the execution of a Construction Guaranteed Maximum Reimbursement Agreement (the “Agreement”) between the Department of Public Service and the Developer. Auditor’s Certificate AC037890 was established for this expenditure, which was converted to ACPR000375 in January 2016 when DAX became the City’s financial system.
ACPR000375 was cancelled in 2019 due to uncertainty concerning if the Project would be completed or reimbursement would be sought. The project has subsequently been completed and reimbursement has been requested per the terms of the Agreement. This ordinance will authorize the encumbrance and expenditure of the requisite funds to facilitate the issuance of payment to the Developer relative to this matter.
2. FISCAL IMPACT
Funding in the amount of $260,000.00 is available and appropriated within the Streets and Highways Bond Fund, Fund 7704, to support this expenditure. An amendment to the 2020 Capital Improvements Budget is necessary to match cash and to establish sufficient budget authority for the proper project. It is also necessary to transfer cash and appropriation between projects within Fund 7704 to align ...
Click here for full text