Explanation
BACKGROUND: This ordinance authorizes: 1) the Director of the Department of Public Service to enter into a Guaranteed Maximum Reimbursement and Construction Contribution Agreement with NRI Equity Land Investments, LLC (NRI) for purposes of NRI contributing construction funds for the Grandview Yard - Third Ave Railroad Bridge: Roadway Improvements - Third Ave Phase 2, Rail St Phase 3 and 5th/Edgehill Signal Improvements project; and 2) the City Auditor to deposit the funding contribution from NRI.
The City and NRI entered into a Tax Increment Financing Agreement (the “TIF Agreement”) pursuant to Ordinance 2130-2011, executed on July 12, 2012, to pay for the construction of public infrastructure improvements in the Third and Olentangy River Road area of Columbus known as Grandview Yard. As part of the City’s and NRI’s commitment to the ongoing development of Grandview Yard, the parties continue to collaborate through the Public-Private Partnership Process (3P), on the design and construction of public infrastructure improvements that support private development activities.
NRI has undertaken the design of a public infrastructure project known as the Grandview Yard - Third Ave Railroad Bridge: Roadway Improvements - Third Ave Phase 2, Rail St Phase 3 and 5th/Edgehill Signal Improvements (the “Project”). Funding for the Project’s construction will come from the following sources: 1) an Ohio Public Works Commission (OPWC) grant in the amount of $4,999,999.00; 2) a contribution from the City of Grandview Heights in the amount of $149,797.00; 3) a contribution from the City in the amount of $277,698; and 4) a contribution from NRI in the amount of $5,530,946.61. The amounts herein are estimates until the construction contract is awarded.
The Department of Public Service has determined that it is in the City’s best interest to enter into a Guaranteed Maximum Reimbursement and Construction Contribution Agreement with NRI for purposes of NRI contributing ...
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