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, Center State Enterprises and Hamilton Crossing LLC, have agreed to provide funding to the Department of Public Service through a lump sum payment of $436,885.30 to construct the Hamilton Road S-Curve roadway project. The City will incur no expenditures with the passage of this ordinance.
Title
To authorize the Director of the Department of Public Service to enter into a Construction Contribution Agreement, along with future amendments for contribution if needed, with Town & Country City, Inc., The New Albany Company, Center State Enterprises and Hamilton Crossing LLC, for purposes of contributing construction funds for the Hamilton Road S-Curve roadway project; and to declare an emergency.
Body
WHEREAS, the City of Columbus entered into an Economic Development Agreement with Hamilton Crossing, LLC, Casto AP Residential, LLC, The New Albany Company LLC, and Center State Enterprises LLC pursuant to ordinance number 1802-2015 for purposes of funding public improvements in the area adjacent to N. Hamilton Road and State Route 161; and
WHEREAS, the City of Columbus 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; and
WHEREAS, as a part of the Economic Development Agreement, Hamilton Crossing, LLC, Casto AP Residential, LLC, The New Albany Company LLC and Center State Enterprises LLC have agreed to provide funding to all non-standard items being constructed as part of the Hamilton Road S-Curve roadway project; and
WHEREAS, the construction of the roadway will be in conjunction with a mixed-use development that includes approximately 700,000 square feet of Class A office space, 1,000,000 million square feet of retail space, 800 multi-family housing units and 125 senior living housing units, which represent over $250 million in private investment; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Public Service, in that it is immediately necessary to enter into the Construction Contribution Agreement to maintain the project schedule and to coincide with the established development timeline, thereby preserving the public health, peace, property, safety and welfare; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Public Service is hereby authorized to enter into a Construction Contribution Agreement, along with future amendments for contribution if needed, with Town & Country City, Inc., The New Albany Company, Center State Enterprises and Hamilton Crossing LLC, for the purpose of contributing construction funds for the Hamilton Road S-Curve roadway project.
SECTION 2. That for reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.