Explanation
1. BACKGROUND
This legislation authorizes the Director of Public Service to enter into a Guaranteed Maximum Reimbursement and Construction Contribution Agreement, and future amendments if needed, with Lifestyle Communities, Ltd. (the “Developer”), relative to the construction of the Roadway Improvements - New Albany Road Oblongabout project (the “Project”).
The City entered into a Memorandum of Understanding (the “MOU”) with the Developer, pursuant to Ordinance 0745-2014 passed on March 31, 2014, for the purposes of funding various public improvements along New Albany Road West.
The construction of the New Albany Road Oblongabout will occur in conjunction with the mixed-use development located at the intersection of Central College and New Albany roads.
The projected cost to construct the Project is $2,696,400.30. In accordance with the MOU, the Developer has agreed to contribute funding toward construction of those improvements and to be reimbursed for its contribution over time from TIF Fund proceeds benefitting the New Albany West - Central College Tax Increment Financing District and the Harlem - Central College Tax Increment Financing District.
2. FISCAL IMPACT
This ordinance is not requesting approval to expend funds at this time. Lifestyle Communities, Ltd. has agreed to provide funding to the Department of Public Service through a lump sum payment of up to $2,300,000.00 to construct the Roadway Improvements - New Albany Road Oblongabout project and to be reimbursed for its contribution over time from TIF Fund proceeds benefitting the New Albany West - Central College Tax Increment Financing District and the Harlem - Central College Tax Increment Financing District. Council approval to expend funds to construct the project will be submitted under separate legislation.
3. EMERGENCY JUSTIFICATION
Emergency legislation is required to allow for immediate execution of the Guaranteed Maximum Reimbursement and Construction Contribution Agree...
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