Explanation
1. BACKGROUND
This ordinance authorizes the Director of the Department of Public Service to enter into agreements with and accept a contribution from MORSO Holding Co. relative to the construction of the Stelzer Road and Easton Way Intersection Improvements (the “Project”), and to, as necessary, provide a refund to MORSO Holding Co. after the Project and final accounting are complete.
Those improvements include widening Stelzer Road to include a second northbound right turn lane at the intersection with Easton Way and widening entrance ramp ‘B’ from eastbound Easton Way to southbound I-270 to include a second lane.
Pursuant to Ordinance No. 2982-2016, passed by City Council on December 5, 2016, the City applied for and accepted a Roadwork Development (629) Grant from the Ohio Development Services Agency in the amount of $500,000 to pay for costs associated with the Project, which is being constructed to support the expansion of Morgan Stanley & Co. LLC at Easton Commons. Franklin County also is expected to contribute $300,000.00 toward that effort, subject to approval by the Franklin County Board of Commissioners.
MORSO Holding Co. has agreed to contribute $860,073.18 to the Project, although that amount may increase once the construction contract is awarded, and may subsequently seek reimbursement from the City for eligible expenses.
2. CONTRACT COMPLIANCE INFORMATION
The contract compliance number for MORSO Holding Co. is expired. They will be required to become contract compliant before entering into agreement with the City.
3. FISCAL IMPACT
The estimated cost to complete the aforementioned Project is $1,360,073.18, with MORSO Holding Co. contributing $860,073.18 thereto, although the final amount of that contribution may increase once the construction contract has been awarded.
4. EMERGENCY DESIGNATION
The Department of Public Service is requesting this ordinance be considered as an emergency measure so as to allow for immediate ex...
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