Explanation
BACKGROUND: The City entered into an Economic Development Agreement (the “EDA”) with Hamilton Crossing, LLC, Casto AP Residential, LLC, The New Albany Company LLC, and Center State Enterprises LLC (the “Development Team”), pursuant to ordinance number 1802-2015 passed on July 15, 2015 for the purposes of funding public improvements in the northeast area of the city located adjacent to the N. Hamilton Road and State Route 161 interchange.
The City is currently in the construction procurement phase of the Hamilton Road S-Curve roadway that will connect existing portions of N. Hamilton Road between Preserve Boulevard and State Route 161. The final design of the project was completed on February 1, 2016; the construction bids were opened approximately February 23, 2016. The construction cost, including inspection, of the project is expected to be approximately $7.8 million.
As a part of the EDA, the Development Team committed to provide funding for all non-standard items being constructed as part of the Project. These items include specialty pavers, landscaping, and irrigation systems, among other amenities. The cost of these items is expected to be $436,885.30.
The construction of the S-Curve will occur in conjunction with the mixed-use development located adjacent to the N. Hamilton Road and State Route 161 interchange. 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.
EMERGENCY JUSTIFICATION: Emergency action is required to allow for immediate execution of the Construction Contribution Agreement, which is necessary to facilitate the construction of the Hamilton Road S-Curve to maintain the project schedule and to coincide with the established development timeline.
FISCAL IMPACT: Town & Country City, Inc., The New Albany Company,...
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