Explanation
BACKGROUND: This ordinance will provide the third payment to the Ohio Department of Transportation (ODOT) for construction of Section B-1 of the Spring-Sandusky Interchange. The work consists of new construction of mainline Interstate Route 670 from Neil Avenue to approximately Cleveland Avenue, lying within the City of Columbus. The total work length of the B-1 project is approximately 1.22 miles (see attached map). The project commenced in March 2002 and is currently under construction. The City is responsible for funding the entire project, as per Agreement No. 9435 and Supplemental Agreement No. 9435-A between the City and ODOT, except $14,100,000.00 in available federal funds that the State of Ohio has agreed to utilize.The City's agreed installment payments total $28,129,081.00, making the original estimate including federal funds $42,229,081.00. The actual bid price for this project was approximately $37,000,000.00; however, due to change orders and other factors, additional costs have been incurred. Following the completion of all construction operations for this project, the Ohio Department of Transportation will perform a cost accounting and reimburse the city for any overpayments made or bill for costs not covered by the previously agreed payment schedule.
FISCAL IMPACT: The Spring-Sandusky Interchange project is currently budgeted in the pending 2003 Capital Improvements Budget. This ordinance amends the 2002 Capital Improvements Budget and certifies funding from the Special Income Tax Fund as a temporary measure until the next bond/note sale occurs, at which point that Fund will be reimbursed.
Emergency action is necessary in order to make this payment by the July 1, 2003 due date.
Title
To amend the 2002 Capital Improvements Budget, to appropriate and authorize the City Auditor to transfer $6,753,653.00 from the Special Income Tax Fund to the Voted 1995, 1999 Streets and Highways Fund; to authorize the Public Serv...
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