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HomeMy WebLinkAboutOrdinance 058-19RECORD OF ORDINANCES BARRETT BROTHERS - DAYTON, OHIO Ordinance No. 58-19 Passed AN ORDINANCE DETERMINING TO PROCEED WITH THE ACQUISITION, CONSTRUCTION, AND IMPROVEMENT OF CERTAIN PUBLIC IMPROVEMENTS IN THE CITY OF DUBLIN, OHIO IN COOPERATION WITH THE COLUMBUS REGIONAL ENERGY SPECIAL IMPROVEMENT DISTRICT (525 METRO PLACE NORTH, DUBLIN, OHIO PROJECT) Form 6220S WHEREAS, the Council C"Council"s of the City of Dublin, Ohio (the ""City's duly adopted Resolution No. c -19 on October 21, 2019 (the "Resolution of Necessity', (i) declaring the necessity of acquiring, constructing, improving, and installing energy efficiency improvements including, without limitation, LED lighting upgrades, exterior pole rework, elevator modernization, and related improvements (the "Project,'' as more fully described in the Petition referenced in this Ordinance) located on real property owned by OH15 Dublin LLC (the "Owner's and identified by the County Auditor of Franklin County, Ohio as Parcel Number 273-001343-00 within the City (the ""Property", as more fully described in Exhibit A to the Petition); (ii) providing for the acquisition, construction, and improvement of the Project by the Owner, as set forth in the Owner's Petition for special Assessments for special Energy Improvement Projects and Affidavit (the "Petition', including by levying and collecting special assessments to be assessed upon the Property (the""Special Assessments' in an amount sufficient to pay the costs of the Project, which is estimated to be $244,969.00, including other related costs of financing the Project, which may include, without limitation, the payment of principal of and interest on nonprofit corporate obligations issued to pay the costs of the Project and other interest, financing, credit enhancement, and issuance expenses and ongoing trustee fees and Columbus Regional Energy Special Improvement District C'District`� administrative fees and expenses; and (iii) determining that the Project will be treated as a special energy improvement project to be undertaken cooperatively by the City and the District; and WHEREAS, the claims for damages alleged to result from, and objections to, the Project have been waived by one hundred percent (100%) of the Owners, and following notice of the adoption of the Resolution of Necessity which was delivered by the Clerk of Council to the Owner on October 21, 2019, no claims for damages alleged to result from, or objections to, the Project have been filed within the times prescribed by Sections 727.15 and 727.18 of the Ohio Revised Code. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Dublin, State of Ohio, of the elected members concurring that: Section 1. Each capitalized term not otherwise defined in this Ordinance or by reference to another document shall have the meaning assigned to it in the Petition. Section 2. This Council declares that its intention is to proceed or to cooperate with the District to proceed with the acquisition, construction, and improvement of the Project described in the Petition and the Resolution of Necessity. The Project shall be made in accordance with the provisions of the Resolution of Necessity and with the plans, specifications, profiles, and estimates of cost previously approved and now on file with the Director of Finance and the Clerk of Council. Section 3. The Special Assessments to pay costs of the Project, which are estimated to be $244,969.00, including any and all architectural, engineering, legal, insurance, consulting, energy auditing, planning, acquisition, installation, construction, surveying, testing, and inspection costs; the amount of any damages resulting from the Project and the interest on such damages; the reasonable costs incurred in connection with the preparation, levy and collection of the special assessments; the cost of purchasing and otherwise acquiring any real estate or interests in real estate; reasonable expenses of legal services; costs of labor and material; trustee fees and other financing costs incurred in connection with the issuance, sale, and servicing of securities, nonprofit corporate obligations, or other reasonable obligations issued or RECORD OF ORDINANCES BARRETT BROTHERS - DAYTON, OHIO Form 6220S Ordinance No. Passed incurred to provide a loan or to secure an advance of funds to the O ' Owner or otherwise to pay costs of the Project in anticipation of the receipt of the Special p p Assessments, capitalized interest on, and financing reserve funds for such securities, nonprofit corporate obligations, or other obligations so issued or incurred including any credit enhancement fees, trustee fees, program administration fees financing ' and reasonableGing servicing fees, District administrative fees and expenses; an amount to reflect interest on unpaid Special Assessments which shall be treated asart of the cost p of the Project for which the Special Assessments are made at an interest rate which shall be determined by the District to be substantial) equivalent to th Y q e fair market rate that would have been borne by notes or bonds if notes or bonds had been issued by the District or another issuer of notes or bonds to a the costs of • pay the Project, together with all other necessary expenditures, shall be assessed against g the Property in the manner and in the number of semi-annual installmentsrovided in the Petition tion and the Resolution of Necessity. Each semi-annual Special Assessment a of payment represents the payment a portion of any principal repayment and interest and administrative fees payable with respect to the Project. The Special Assessments shall be' assessed against the Property commencing in tax year 2020 for collection in 2021 and shall continue through tax year 2029 for collection in 2030 provided, however, ever, if the proceedings relating� to the Special Assessments are completed at such time that the County Auditor of Franklin County, Ohio determines that collections shall not commence in 2021, then the collection schedule may be deferred b one year. In addition A y y addition to the Special Assessments, the County Auditor of Franklin County, Ohio may impose a y ose p special assessment collection fee with respect to each semi-annual payment, which amount rr� osed will I be a y ' if i p added to the Special Assessments by the CountyAuditor of Fran County, Franklin Ohio. Section 4. The estimated Special Assessments for costs of' the Project prepared and filed in the office of the Clerk of Council and in the office of the' Director of Finance, in accordance with the Resolution of Necessity, are adopted. ted. p Section 5. In compliance with Ohio Revised Code Section 319.61, the Clerk of Council is directed to deliver a certified co of this Ordinance copy to the County Auditor of Franklin County, Ohio within 15 days after the date of itsass p age. Section 6. All contracts for the construction of the Project Proj' . � will be let in accordance with the Petition, the Program Plan, and the Supplemental PI Project sh pp an, and the costs of the all be financed as provided in the Resolution of Necessity. Section 7. Council finds and determines that all formal' actions of this Council concerning and relating to the passage of this Ordinance were taken in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal action, were in meetings o nn Bance w' g pen to the public, in compliance with all legal requirements including Ohio Revised Code Section 121.22. Section 8. Under Section 4.04 of the Charter of the City, this Ordinance is an Ordinance for improvements petitioned for by owners of the requisite majority (100%) of they front footage or the area of the property benefited and to be assessed and shall be in full force and effect immediately upon its passage. [Signature Page Follows] RECORD OF ORDINANCES BARRETT BROTHERS - DAYTON, OHIO gssed Form 6220S IcityOffice of the City Manager of Dublin 5200 Emerald Parkway • Dublin, OH 43017-1090 -Memo Phone: 614-410-4400 • Fax: 614-410-4490 To: Members of Dublin City Council From: Dana McDaniel, City Manager Date: October 9, 2019 Initiated By: Colleen Gilger, Director of Economic Development Jeremiah Gracia, Economic Development Administrator Re: Resolutions & Ordinances for Property Assessed Clean Energy (PACE) Special Improvement for 525 Metro Place North (OH15 Dublin LLC) Background The City of Dublin is focused on setting appropriate conditions to encourage investment and economic development. City Council continues to support our strategies and tactics to ensure Dublin's office space remains competitive in the market as supported by the Dublin Corporate Area Plan. One particular tool the economic development team has brought to existing building owners' attention is the use a favorable financing tool for major building energy efficiency improvements. Financing for PACE eligible projects in Central Ohio is provided by the Columbus -Franklin County Finance Authority (Finance Authority). The Finance Authority established the Columbus Regional Special Improvement District that allows for additional properties within the City of Columbus, Ohio and within any municipal corporation or township that is adjacent to any other municipal corporation or township to opt -in to the District. Projects between $200,000 - $6,000,000 may be financed through the Finance Authority's bond fund. Eligible uses of funds include LED lighting, energy management and controls that includes, HVAC and boiler replacement, building envelope, and other improvements that result in bottom line operation savings for building owners and tenants. In August 2018, the building ownership of 525 Metro Place North invested just over $900,000 in PACE Financing for its energy efficiency improvement project for the 80,000 SF office building. The scope of work for that project included indoor LED lighting upgrades, boiler replacement, cooling tower replacement, and other temperature control upgrades. This PACE project will invest another $165,000 in improvements to the building to upgrade the elevators and outdoor lighting to LEDs. In order to satisfy this request, the City of Dublin must pass a series of Resolutions on October 21, 2019 and Ordinances on November 4, 2019 Council meetings. These Resolutions and Ordinances will allow building ownership to opt -in to the Regional Special Improvement District. The City has no financial obligations with the establishment of a Special Improvement District for this project. The City simply serves as a pass through entity for the project financing. Recommendation Staff recommends Council passage of all related Resolutions and Ordinances October 21 and November 4, 2019 Council meetings. Please contact Jeremiah Gracia with any questions.