Explanation
1. BACKGROUND
This legislation authorizes the Director of Public Service to enter into agreements with and to accept contributions from the Central Ohio Transit Authority (COTA) relative to the construction of the Downtown Streetscape - 85 N. High Street - Edwards project, and to, as necessary, provide a refund to COTA after the project and final accounting have been completed, or to provide the refund when the Department of Public Service's Division of Design and Construction certifies any excess funds deposited by COTA are no longer needed and can be refunded.
The City currently is engaged in a Public-Private Partnership (3P) with 85 North High Street, LLC to facilitate the construction of certain public infrastructure improvements in support of a mixed-use development at 85 N. High Street in downtown Columbus. A portion of the proposed improvements will benefit COTA operations, and COTA agrees to assume and bear all costs associated with the removal of the existing asphalt concrete pavement on the south side of Long Street between Wall Street and High Street and the installation of a concrete bus pad at that location.
2. FISCAL IMPACT
COTA has agreed to contribute $67,578.50 to support construction of the project based on preliminary cost estimates. The actual amount owed may vary pending the outcome of a future competitive bid process. COTA will deposit additional funds if the pricing received during the bid process for their portion of the work exceeds the estimated cost amount for which the initial deposit was based.
3. EMERGENCY DESIGNATION
Emergency action is requested in order to facilitate the execution of requisite agreements as soon as reasonably practicable so as to prevent avoidable delays in the completion of the project.
Title
To authorize the Director of Public Service to enter into agreements with and accept contributions from COTA relative to the Downtown Streetscape - 85 N. High Street - Edwards project; to, as necessa...
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