City of Columbus - File #: 0733-2004

• File #: 0733-2004
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 4/7/2004
• In control: Public Service & Transportation Committee
• On agenda: 4/19/2004
• Final action: 4/21/2004
• Title: To appropriate $27,600,000.00 within the Special Income Tax Fund and authorize the transfer thereof to the City Auditor-designated and approved Polaris Interchange Capital Fund; to appropriate $27,600,000.00 within the Polaris Interchange Capital Fund to provide for reconstruction of the Interstate 71 and Polaris Parkway Interchange and construction of a new interchange at Interstate 71 and Fashion Mall Parkway; to authorize the use of a portion of the proceeds of bonds of the City to be issued for such purposes to reimburse such funds for monies advanced therefor and to declare an emergency. ($27,600,000.00)

Date	Ver.	Action By	Action	Result
4/21/2004	1	CITY CLERK	Attest
4/20/2004	1	MAYOR	Signed
4/19/2004	1	Columbus City Council	Approved	Pass
4/19/2004	1	COUNCIL PRESIDENT	Signed
4/9/2004	1	SERVICE DIRECTOR	Reviewed and Approved
4/9/2004	1	Auditor Reviewer	Contingent Within
4/9/2004	1	CITY AUDITOR	Reviewed and Approved
4/9/2004	1	SERVICE DIRECTOR	Reviewed and Approved
4/9/2004	1	CITY ATTORNEY	Reviewed and Approved
4/9/2004	1	SERVICE DIRECTOR	Sent to Clerk's Office for Council
4/9/2004	1	City Clerk's Office	Sent back for Clarification/Correction
4/9/2004	1	Service Drafter	Sent to Clerk's Office for Council
4/9/2004	1	City Clerk's Office	Sent back for Clarification/Correction
4/9/2004	1	SERVICE DIRECTOR	Sent to Clerk's Office for Council
4/8/2004	1	SERVICE DIRECTOR	Reviewed and Approved
4/8/2004	1	Finance Reviewer	Reviewed and Approved
4/8/2004	1	FINANCE DIRECTOR	Reviewed and Approved
4/7/2004	1	Service Drafter	Sent for Approval

Explanation
The City of Columbus, in conjunction with the Ohio Department of Transportation (ODOT); NP Limited Partnership, an Ohio Limited Partnership; and Polaris Ventures IV, Limited, will undertake a roadway improvement project to reconstruct the existing interchange of Interstate 71 and Polaris Parkway and construct a new interchange at Interstate 71 and Fashion Mall Parkway. These improvements are necessitated by the tremendous increase in vehicular traffic generated by the adjacent amphitheater and retail and commercial development.

ODOT is the lead agency for this project and will bid the project construction and award, as well as administer the construction contracts. The City's cost of these interchange improvements is $27,600,000.00. ODOT is responsible for right-of-way and environmental clearances, utility relocation and permit procurement. NP Limited Partnership will provide, without compensation, free and clear title to approximately 23 acres of real estate needed for the improvement.

The City will fund this construction through a tax increment financing (TIF) package eventually financed from service payments in lieu of taxes generated within the specifically-designated TIF area. Initial financing will be from the City's sale of special revenue obligations (revenue bonds) that will not be a general obligation debt of the City, the State of Ohio or any political subdivision or agency thereof. Upon demand of the City, NP Limited will purchase up to $12,500,000.00 of these bonds. The City Charter (Section 159) requires appropriation of only that amount of money necessary to satisfy the current yearly obligation.

The construction schedule for this project is very aggressive and necessitates that the City deposit $8,500,000.00 with the State by May 4, 2004, and an additional $4,850,000.00 by October 1, 2004. Since the tax increment financing package will not be finalized nor revenue bonds sold in time to meet the initial payment date,...