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File #: 0562-2017    Version: 1
Type: Ordinance Status: Passed
File created: 2/27/2017 In control: Public Service & Transportation Committee
On agenda: 3/27/2017 Final action: 3/29/2017
Title: To amend the 2016 Capital Improvements Budget; to authorize the City Auditor to appropriate monies in the Street & Highway Improvement Fund; to authorize the City Auditor to transfer funds within the Streets and Highways Bond Fund; to authorize the Director of Public Service to reimburse NRI in an amount of up to $1,350,000.00 in connection with the Grandview Yard - Third Avenue Railroad Bridge project; and to declare an emergency. ($1,350,000.00)
Attachments: 1. 0562-2017 Accounting Template.pdf, 2. Executed 2nd Amendment.pdf
Explanation
1. BACKGROUND
This legislation authorizes the Director of Public Service to reimburse NRI Equity Land Investment, LLC, (NRI) $1,350,000.00 in connection with the Grandview Yard - Third Avenue Railroad Bridge project.

The Grandview Yard - Third Avenue Railroad Bridge project is a Public-Private Partnership (3P) between the City of Columbus and NRI. The project includes: widening and reconstructing Third Avenue from a point 375' west of the CSX railroad bridge to a point 400' east of the bridge; constructing approximately 300 feet of a new 3 lane roadway (Rail Street) to the south of Third Avenue; constructing a shared use path and a sidewalk; replacing the CSX railroad overpass and making tail track improvements at the new overpass structure; and replacing the traffic signal at the Fifth Avenue and Edgehill Road Intersection.

The project was bid by the Department of Public Service and the bids came in considerably higher than the engineer’s estimate for the project. NRI agreed to contribute additional funds to the project so construction could begin. As part of that agreement, the Second Amendment to Tax Increment Financing Agreement document, authorized by Ordinance 2415-2016, was executed on the 25th day of October, 2016. A PDF of the executed copy of this agreement is attached to this legislation. Per that agreement, legislation is to be started by 03/01/17 for City Council consideration to reimburse NRI $1,350,000.00. This ordinance is that request.

2. FISCAL IMPACT
Funding for this reimbursement in the amount of $1,350,000.00 is available through Department of Development funds included in the Department of Public Service’s 2016 Capital Improvement Budget. An amendment to the 2016 Capital Improvements Budget is necessary to establish sufficient authority for this project

3. EMERGENCY DESIGNATION
Emergency action is requested in order to reimburse NRI in a timely manner.

Title
To amend the 2016 Capital Imp...

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