Explanation
Background: The Public Service Department, Transportation Division, is pursuing a project to reconstruct Roberts Road. This roadway improvement will consist of major reconstruction including widening pavement from 2 to 5 lanes with curb, drainage, sidewalks, and a 10 foot shoulder for a bike lane between the traveled lane of cars and the curb. Project limits extend from Hilliard Rome Road to Westbelt Drive. Project length is 1.8 miles. This project is estimated to be bid by the Ohio Department of Transportation (ODOT) in June, 2007 and the project will begin construction approximately 4 weeks thereafter.
This ordinance repeals ordinance 2205-2006 to revise the amount of the State Infrastructure Bank Loan applied for by the City and provides for additional language as necessary and as supported by the City Attorney's Office. Since ordinance 2205-2006 passed, the amount of the loan increased from the previous amount of up to $6,750,000.00 to the current amount of up to $7,163,732.00 to allow for maximum reimbursement for MORPC.
Fiscal Impact: The amount of the State Infrastructure Bank (S.I.B.) loan has increased to $7,163,732.00 since the passage of the previous ordinance. This ordinance authorizes the expenditure of $128,000.00 for fees and interest associated with this loan from the 1995, 1999, 2004 Voted Streets and Highways Fund in the Arterial Street Rehabilitation project. Auditor's Certificate AC026545 was established in ordinance 2205-2006. This ordinance authorizes the City Auditor to cancel this certificate and reestablishes these funds in this ordinance.
Emergency Action is requested to meet the State's schedule for this project. This project is expected to be sold by ODOT in June and the funding source must be secure prior to that.
Section 55(B) of the City Charter.
Title
To authorize and direct the Public Service Director to enter into a seven-year low interest loan agreement and execute a promissory not...
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