Explanation
The City of Columbus has undertaken a multi-phase project in cooperation with the Columbus Downtown Development Corporation and Franklin County to redevelop the Scioto Peninsula. As part of that project and to support the redevelopment, the City has engaged Capitol South Community Urban Redevelopment Corporation, an Ohio nonprofit corporation (“Capitol South”), to construct a parking garage which will be financed and owned by the City (the “Project”).
The Project involves the design and construction of a parking facility containing approximately 1,400 parking spaces (the “Facility”) to support private development planned to take place on the Scioto Peninsula. The Facility will be located on property bounded by Capital Street on the north, Starling Street on the east, the Norfolk Southern railroad tracks west of Starling Street on the west, and West Town Street to the south.
Ordinance 3223-2019 previously authorized the Director of Finance and Management, on behalf of the Director of Public Service, to enter into an agreement with Capitol South for design and construction of the Facility in the initial amount of $1,500,000 and made full funding for construction subject to future appropriation by this Council for that purpose. Ordinance 1636-2020 authorized the issuance of limited tax bond anticipation notes for the purpose of financing the costs of construction of the Facility.
The design-builder engaged by Capitol South has proposed a guaranteed maximum price (“GMP”) of $30,080,157 for construction of the Facility, and based on this GMP, Capitol South anticipates that the total cost to develop the Facility will be $30,700,000, including appropriate construction contingency and other expenses.
The Contract Compliance Number for Capitol South Community Urban Redevelopment Corporation is #76-0704655.
EMERGENCY JUSTIFICATION: An emergency exists in the usual daily operation of the Department of Finance and Management in that it is immediately nec...
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