Explanation
Background: On August 29, 2008 the City entered into the Columbus Coated Fabrics Economic Development Agreement (EDA) with Wagenbrenner Development, Inc. to address the redevelopment of the site with housing, green space and improved roadways. In accordance with the provision of Section 11 of the EDA, the City and the developer agreed to enter into a Design Agreement to design improvements to the public roadways. The City has committed to funding the design and construction of street and utility improvements up to $12.85 million. The cost of design is $1,060,000. Subsequent legislation will authorize the construction of the improvements.
Fiscal Impact: Funds are available in the 2008 Capital Improvements Budget under Development Department projects.
Emergency Justification: Design of Phase I roadways must be completed in time to construct Grant Avenue improvements during the 2009 construction season in order to comply with funding requirements of the New Market Tax Credits.
Title
To amend the 2008 Capital Improvements Budget; to authorize the transfer of funds within the Streets and Highways G.O. Bonds Fund and the Northland and Other Acquisitions Fund; to authorize the expenditure of $1,060,000 from the Streets & Highways G.O. Bonds Fund, the Northland and Other Acquisitions Fund and the Development Fund; to authorize the Directors of Public Service and Development to enter into a Design Agreement with Wagenbrenner Development, Inc. for the design of public roadway improvements in and around the Columbus Coated Fabrics site; and to declare an emergency. ($1,060,000.00)
Body
WHEREAS, the City entered into an Economic Development Agreement (EDA) with Wagenbrenner Development, Inc. to address the redevelopment of the Columbus Coated Fabrics site; and
WHEREAS, the EDA includes the need for improved public roadways and utilities through and around the site, of which the design and construction will be funded by the Ci...
Click here for full text