Explanation
This ordinance authorizes the Public Service Director to enter into a guaranteed maximum reimbursement contract with Jeffrey Place Development LLC for the construction of roadways within the Jeffrey Place development site. Jeffrey Place Development LLC has finalized plans for this traditional neighborhood development to include over 850 residential units, a neighborhood school and hotel, retail space and over 300,000 square feet of office space. Ordinance No. 1419-2001, passed by City Council on July 30, 2001, authorized the expenditure of a $500,000.00 Roadwork Development Grant from the Ohio Department of Development for infrastructure improvements on the site. Ordinance No. 1608-2002, passed by City Council on October 28, 2002, created a tax increment financing (TIF) district as a resource to help pay for over $15 million in required infrastructure to develop this project. Ordinance No. 1915-2002, passed by City Council on December 9, 2002, authorized an agreement with Jeffrey Place Development LLC for administration of a
$3 million Clean Ohio program grant for brown field remediation on the site. Roadwork construction is set to begin at this site in February 2004.
Funding for this expenditure is available within two different Funds. The 1995, 1999 Voted Streets and Highways Fund supplies $280,000.00 from the Jeffrey Housing - Streets project. The Development Fund supplies $20,000.00 from three projects (Brewery District, Second Avenue School and Short North NCR). This ordinance transfers the monies within the Development Fund from these three projects to the Miscellaneous Economic Development project and authorizes the total expenditure from the 1995, 1999 Voted Streets and Highways Fund and the Development Fund.
Emergency action is requested in order to expedite roadway construction, a prerequisite to the construction of housing and commercial structures, prior to the December 2004 expiration of the Roadwork Development Grant.
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