Explanation
Background: The City committed $2 million to assist in the construction of a roadway around Rickenbacker to provide access to an intermodal facility as well as access to future development sites, both providing an increase in real, personal and income taxes that would benefit the entire City of Columbus. All costs have been shared by the Columbus Regional Airport Authority (CRAA), the State of Ohio, the Federal Government and the City of Columbus. The roadway was completed in August 2007 but incurred overruns of $1.25 million. The City desires to contribute an additional $300,000 to assist CRAA's efforts to continue the redevelopment of Rickenbacker from an Air Force base to a revenue and development-generating, self-sufficient private sector commercial airport and industrial center.
Fiscal Impact: $300,000 is available in the 2007 Capital Improvements Budget.
Title
To authorize the Director of the Department of Development to modify a grant agreement with the Columbus Regional Airport Authority for the construction of the Alum Creek Drive extension; and to authorize the appropriation and expenditure of $300,000 from the Northland and Other Acquisitions Fund. ($300,000)
Body
WHEREAS, the Department of Development entered into an agreement (contract #DL012675) with the Columbus Regional Airport Authority to contribute $2 million to the cost of constructing a roadway around Rickenbacker; and
WHEREAS, final construction costs totaled $12.5 million or $1.25 million more than anticipated; and
WHEREAS, construction costs have been shared by CRAA, the State of Ohio, the Federal Government and the City of Columbus; and
WHEREAS, the City feels it is necessary to contribute additional funds to assist in the redevelopment of Rickenbacker from which increases in real, personal and income taxes directly benefit the City; and
WHEREAS; it is necessary to amend the grant agreement to increase the dollars by $300,000 for an amende...
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