Explanation
Background: This ordinance authorizes the Director of the Department of Finance and Management to enter into a guaranteed maximum cost reimbursement agreement with Nationwide Mutual Insurance Company. Pursuant to the terms of the agreement, Nationwide will construct certain capital improvements to the High Street Walkway, which connects various hotels, the Convention Center and Nationwide's headquarters. Additionally, Nationwide will undertake certain capital improvements to Sensenbrenner Park, located at the corner of High Street and Nationwide Boulevard. In exchange for said improvements, the City will pay Nationwide the sum of $2,300,000, with $400,000 being earmarked for Sensenbrenner Park upgrades. Furthermore, upon completion of the improvements, the City, through the Directors of Finsnce and Management snd Recreation and Parks, will grant Nationwide an aerial encroachment easement for the overhead walkways and will convey title to the connecting structures to Nationwide with a restriction requiring that it remain accessible for public use. This ordinance requests that City Council finds that it is in the best interest of the City to waive provisions of Chapter 328 and Chapter 329 of the Columbus City Codes, 1959, pertaining to Land Review Commission and competitive bidding.
This ordinance also authorizes the transfer of $620,000.00 between projects within the Construction Management Capital Improvements Budget and $1,680,000 from the Special Income Tax Fund (as a temporary funding measure until bonds are sold to reimburse the Special Income Tax Fund) and amends the 2007 Capital Improvement Budget, ordinance #0733-2007, to reflect the expenditures for this project. In addition, funds are reserved to pay construction inspection costs up to $276,000.
Fiscal Impact: The cost of this project will be $2,300,000 with $400,000 being earmarked for improvements to Sensenbrenner Park.
Emergency Designation: This legislation is being su...
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