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 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 of the S-Curve began in April 2016.
As a part of the EDA, the Development Team agreed to follow the Public-Private Partnership (P3) model for the design and construction of subsequent public infrastructure projects that will occur in the area. The Development Team is beginning the process of designing the next phase of public roadway projects that will support the private development occurring on the site.
The construction of the S-Curve and subsequent public infrastructure projects 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 Design Guaranteed Maximum Reimbursement Agreement, which is necessary to facilitate the design of public infrastructure projects to maintain the project schedule and to coincide with the established development timeline.
FISCAL IMPACT: Funds to reimburse Hamilton Crossing, LLC, ...
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