Explanation
1. BACKGROUND
The purpose of this ordinance is to authorize the waiver of certain financial requirements in future roadway improvement agreements between the Department of Public Service and the Franklin County Convention Facilities Authority (FCCFA).
As part of its operations, the Franklin County Convention Facilities Authority (FCCFA) has proposed making certain modifications to adjacent public roadways for the purpose of improving pedestrian and vehicular ingress to and egress from the grounds of its facilities.
Chapter 901.01(f) of Columbus City Codes, 1959, currently requires entities wishing to make such roadway improvements to enter into an Agreement to Improve Streets with the Director of Public Service and to provide to the City a surety bond, or letter of credit, equal to the amount estimated to complete each of these roadway improvements. However, as a public entity, the FCCFA also is required to obtain a surety bond, or letter of credit, from its contractor(s) for all proposed work, including work within the public right-of-way on City streets. Therefore, the current requirements of the City and the FCCFA would result in the proposed public roadway improvements being bonded twice, thereby doubling the cost for ensuring this work is completed in a satisfactory manner while providing little or no additional benefit to the FCCFA or the City.
In an effort to eliminate this additional expense, this ordinance authorizes the City, acting through the Public Service Director, to waive on a project-by-project basis the surety bonding/letter of credit requirements associated with Chapter 901.01(f) of Columbus City Code, 1959, in future Agreements to Improve Streets between the City and the FCCFA for public roadway improvements administered by the FCCFA. That waiver shall endure so long as the FCCFA complies with the following conditions:
1. In lieu of surety bonding/letter of credit, the FCCFA shall, as a part of these future Agreements to...
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