Explanation
1. BACKGROUND
This ordinance authorizes the Director of Public Service to enter into agreements with and to accept contributions from MORSO Holding Co. (the “Developer”), pursuant to Section 186 of the Columbus City Charter, relative to the construction of the Arterial Street Rehabilitation - Morse Road (Seward Street to Stygler Road) project (the “Project”).
The City and the Developer are engaged in a Public-Private Partnership (3P) to construct certain public infrastructure improvements that benefit the Easton area and executed a Tax Increment Financing Agreement (“TIF Agreement”) to advance that effort. The Project encompasses widening and resurfacing Morse Road to provide additional through lanes and turn lanes, as well as widening I-270 ramps B, C and D.
The City will construct the Project and pay for a portion of the improvements with an upfront contribution from the Developer in an amount currently estimated to be $4,033,192.61. The final amount of said contribution may increase based on the outcome of the competitive bidding process. Pursuant to the existing TIF Agreement, the Developer is eligible to receive reimbursement from the Easton TIF for a portion of its upfront contribution to the Project.
2. CONTRACT COMPLIANCE INFORMATION
MORSO Holding Company currently does not have a valid contract compliance number and will be required to be contract compliant prior to executing a contribution agreement with the City.
3. FISCAL IMPACT
MORSO Holding Co. has agreed to provide funding to the Department of Public Service, through an estimated lump sum payment of $4,033,192.61, to support the construction of the Project.
4. EMERGENCY DESIGNATION
Emergency action is requested to allow for immediate execution of requisite agreements necessary to facilitate construction of the aforementioned improvements in a timely manner in order to maintain the project schedule and to meet community commitments.
Title
To authorize the Director of ...
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