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 funds for a construction agreement between the City and CSX Transportation, Inc. in association with 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 are engaged in a Public-Private Partnership (3P) to construct 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”). As part of the City’s construction of the Project, it is necessary for the City to enter into a separate construction agreement with CSX Transportation, Inc. (CSXT) to pay for costs incurred by CSXT in association with the Project, including flagging and materials for temporary track realignment and final track alignment. The costs associated with the CSXT construction agreement are estimated to be $1,008,897.00.
NRI has agreed to provide funding for the City to enter into a construction agreement with CSXT and will make a contribution of $1,008,897.00 for those costs, which will be eligible for reimbursement from the Third and Olentangy TIF, pursuant to the TIF Agreement executed on July 12, 2012, and authorized by Ordinance 2130-2011.
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 funds for the construction agreement between the City and CSXT in association with the Project and to accept a contribution from NRI for construction of the...
Click here for full text