Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to apply to the Ohio Department of Transportation (“ODOT”) for a State Infrastructure Bank (“SIB”) Loan. The loan amount requested will be for a maximum of $10.5 million. The SIB Loan will provide financing for the construction of roadway improvements to the south of the N. Hamilton Road and State Route 161 interchange. Specifically, the SIB Loan will finance an “S-Curve” that will connect the existing portions of N. Hamilton Road between Preserve Boulevard and State Route 161.
The construction of the S-Curve will occur in conjunction with the mixed-use development of the site located directly to the north and south of the N. Hamilton Road and State Route 161 interchange. The development project will also include additional public roadway improvements in and around the development site. The development will include approximately 700,000 square feet of Class A office space, 1,000,000 square feet of retail space, 800 multi-family residential units and 125 senior housing units; the private investment occurring at the site will be in excess of $250 million. The construction of the S-Curve is vital to alleviate current traffic conditions and to facilitate the construction of a mixed-use, walkable development that supports a successful environment for Class A office space.
This legislation is submitted as an emergency measure in order to enable the Director of the Department of Development to apply for the SIB Loan so that it coincides with the timing of the public and private development.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to apply to the Ohio Department of Transportation for a State Infrastructure Bank Loan for a maximum of $10.5 million to construct the Hamilton Road S-Curve; and to declare an emergency.
Body
WHEREAS, the City of Columbus desires to submit an applicat...
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