Explanation
1. BACKGROUND
The City of Columbus 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 1802-2015 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.
As a part of the EDA, the Development Team agreed to follow the Public-Private Partnership (3P) model for the design and construction of subsequent public infrastructure projects that will occur in the area.
The construction of the Dublin Granville Road Realignment 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.
The City will contribute capital funds for the construction of the Dublin Granville Road Realignment project. The City will be reimbursed for fifty percent (50%) of the capital contribution through future TIF revenues; the funds reimbursed to the City will be deposited into Fund 7766 Street & Highway Improvements (Non-Bond) Fund.
This legislation authorizes the Director of Public Service to enter into a Construction Guaranteed Maximum Reimbursement Agreement with Hamilton Crossing LLC relative to that effort.
2. CONTRACT COMPLIANCE
Hamilton Crossing LLC does not have a valid contract compliance number and will be required to become contract compliant before entering into agreement with the City.
3. FISCAL IMPACT
Funding in the amount of $6,204,954.82 is available to reimburse Hamilton Crossing LLC for construction costs in the f...
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