26-99 Ordinance RECORD OF ORDINANCES
Dayton Legal Blank Co. Form No. 30043
26-99
Ordinance No-------------------------- Passed------- - -19--
AN ORDINANCE AUTHORIZING THE CITY MANAGER TO ENTER
INTO AN AGREEMENT WITH THE OHIO DEPARTMENT OF
TRANSPORTATION (ODOT) TO FINANCE THE AVERY-MUIRFIELD
DRIVE/U.S. 33 INTERCHANGE IMPROVEMENT PROJECT THROUGH
THE STATE INFRASTRUCTURE BANK PROGRAM, AND DECLARING
AN EMERGENCY.
WHEREAS, the City's 1999-2003 Capital Improvements Program has programmed
the construction of the Avery-Muirfield Drive/LT.S. 33 interchange improvements
project to be initiated in the spring of 1999; and
WHEREAS, it is necessary to obtain financing for the construction of the project;
and
WHEREAS, in 1996, Ohio became one of eight states allowed to implement a State
Infrastructure Bank (SIB) program; and
WHEREAS, the SIB allows the State of Ohio to provide low interest loans to
finance infrastructure projects approved by ODOT; and
WHEREAS, the City has received preliminary approval from ODOT for
participation in the program for the Avery-Muirfield Drive/U.S. 33 interchange
improvement project; and
WHEREAS, it is necessary for the City to enter into an agreement with ODOT
acknowledging the preliminary terms and conditions for participation in the SIB
program.
NOW, THEREFORE, BE IT ORDAINED, by the Council of the City of Dublin,
State of Ohio, of the elected members concurring that:
Section 1. The City Manager in hereby authorized to enter into the attached
agreement with the Ohio Department of Transportation to finance the Avery-
Muirfield Drive/LJ.S. 33 interchange improvement project through the State
Infrastructure Bank program.
Section 2. The public hearing be waived in order for the agreement to be executed
immediately.
Section 3. This Ordinance is declared to be an emergency measure necessary for the
public peace, health, safety of welfare of this City and for the further reason to allow
the final term sheet to be prepared and the project financing to be in place prior to
awarding the construction contract for the project.
Passed this ~ Day of Q , 1999.
~'~1"
:fv that copies of this Or~!'nr~nce/Resnlution were poste in the
Mayor -Presiding Officer City of Dc6i~n in accordance witH Sect'on /31.25 of tote 0!;io Revise lode.
ATTEST: _
~SS
!C!C Qr f Cnonc~l, D~~bisn, Ohio
Clerk of Council ~
T:\99\ 122-9-MG. WPD
State of Ohio
Ohio Department of Transportation
State Infrastructure Bank
City of Dublin
Avery-Muirfield Drive/LTS 33 Interchange Improvement Project
Preliminary Project Term Sheet
Outlined below are the preliminary terms and conditions of the State of Ohio, Ohio Department of
Transportation ("ODOT"), State Infrastructure Bank ("S1B") direct loan transaction with the City of
Dublin (the "City"), for the construction of the Avery-Muirfield Drive/US 33 Interchange Improvement
Project (the "Project"). The following information contains the terms as related to the structure of the
SIB direct loan.
Project Description: The project will consist of the modification of the
Avery-Muirfield Drive Interchange, including deck
widening and ramp widening; the widening of Avery-
Muirfield from the interchange to Perimeter Drive,
adding one lane in each direction; adding a lane from
Perimeter Drive to Post Road; and installing a closed
loop signal system (the "Project").
Sources S: Uses of Funds: See attached Schedule A.
I. Proposed Terms of the SIB Direct Loan:
Loan Amount from SIB: SS,O»,000
Lender: State of Ohio, Ohio Department of Transportation, State
Infrastructure Bank
„k,..
Source of Funds: State Infrastructure Bank
Borrower: City of Dublin
Address of Borrower: X200 Emerald Parkway
Dublin, OH 43017
Term of Loam: 20 years
Loan Repayments: There will be no interest assessed on the loan for the
first twelve (12) months after the first draw of loan
proceeds. For the next twelve (12) months (beginning
with the thirteenth (13) month after the first draw)
interest will begin to accrue to the borrower, but no loan
payments will be due. This amount is estimated to be
5261,755.
AlcUuua(d lnveslnuiNs /n c. 02/IS/J9
City of Dublin
Loan Repayments (cont.): Accrued interest will be added to the principal amount
of the loan, which will be amortized over the remaining
life of the loan. Thereafter, principal and interest
payments will be due on asemi-annual basis, beginning
on the thirtieth (30) month and continuing until
maturity. See Schedule B.
Interest Rate: The following interest rates will be assessed during the
designated time periods:
Interest
Months Rate
I- I2 0%
13-60 3%
61-130 4rlo ,f
n_1-ISO sera
ISl - 2=10 690
State Administrative Fee: An annual administrative fee of .25% will be charged to
the borrower based upon the outstanding balance of the
loan. This fee will begin to accrue on the first day of the
thirteenth (13) month and continue through final
maturity of the loan.
Prepayment of Loan: Prepayment of the State loan, in whole or in part, will be
at the option of the borrower.
Repayment Sources: The City of Dublin will pledge to utilize revenues
generated by City income taxes as specified in the SIB
application.
Requirements of
the City of Dublin: (a) fund cost overruns, if any, in order to complete the
Project;
(b) provide a guaranteed fixed price construction
contract prior to the drawdown of funds;
(c) provide to ODOT, annual audited financial
statements for the City of Dublin.
(d) all environmental approvals for the Project must be
received and approved by ODOT prior to any draw
of funds.
McDonal~I InvesUnen(s Inc. 2 02/IS/99
City of Dubti~t
Acceptance:
Upon acceptance of the preliminary terms herein, please sign and return to: Ohio Department of
Transportation, Erin Sexton, 1980 W. Broad Street, 2"d Floor, Columbus, Ohio 43223. Based upon
additional negotiations between the City and ODOT, a final term sheet will be prepared at a later date.
This agreement will be terminated if not signed and received by March 31, 1999.
Ohio Department of Transportation
By~ Date:
Its:
The City of Dublin hereby accepts the foregoing terms o~i the date set forth below.
By: Dare:
Its:
AtcDonuld Investments /ifc. 3 Ol//S/~>
Schedule A
State of Ohio -Ohio Department of Transportation
City of Dublin
Avery-Murfield Drive / US 33 Interchange Improvement
Schedule of Sources & Uses
SOURCES
SIB Loan, Federal $5,05,000.00
TOTAL SOURCES $S,0~5,000.00
USES ,f
Construction $5,000,000.00
Closing Costs 5,000.00
TOTAL USES $5,0»,000.00
McDonald Investments Inc. 2/15/99
Schedule B
State of Ohio -Ohio Department of Transportation
City of Dublin
Avery-MurGeld Drive / US 33 Interchange Improvement
Proposed Loan Amortization
State
Semi-Annual Administrative Outstanding
Periods Principal Interest' Fee @ Accrued Total Balance
(in months) Payment Payment 0.25% Interest Payment on Loan
¦ew Closing Date 0 - 6 0.00 0.00 0.00 0.00 0.00 8,055,000.00
Pmt. Waived 7 - 12 0.00 0.00 0.00 0.00 0.00 5,055,000.00
Pmt. Accrued 13 - 18 0.00 120,825.00 10,065.75 130,893.75 0.00 8,185,893.75
w¦ Pmt. Accrued 19 - 24 0.00 120,825.00 10,068.75 130,593.75 0.00 8,316,787.50
Pmt. Begins 25 - 30 160,154.69 124,751.31 10,395.98 0.00 295,303.x5 8,156,632.81
31 - 36 162,757.20 122,3x9.49 10,195.79 0.00 2'I5,302.xS 7.993,875.61
37 - 42 (65,402.01 119,905.13 9,992.34 0.00 295,302.x5 7,823,473.61
43 - 48 168,089.79 117,x27.10 9,755.59 0.00 295,302.x5 f 7,660,383.82
49 - 54 170,521.25 114,905.76 9,575.48 0.00 295,302.45 7,459,562.57
55 - 60 173,597.09 112,3x3.xx 9,36 L95 0.00 295,302.x8 7,315,965.48
61 - 66 165,743.64 116,319.31 9.144.96 0.00 321,2L.91 7,150,216.8x
67 - 72 169,270.80 143,OOx.3x 8,937.77 0.00 321,212.91 6,930,946.04
73 - 78 172,867.50 (39,615.92 S,726.IS 0.00 321,212.91 6,503,078.23
79 - 84 176,541.24 136,161.56 8,510.10 0.00 321,212.91 6,631,536.99
8S - 90 180,292.75 132,630.74 8,289.42 0.00 321,212.91 6,451,24x.24
91 - 96 18x,123.97 129,02x.33 5,06x.06 0.00 321,212.91 6,267,120.28
97 - 102 188,036.60 125,3a2.x l 7,833.90 0.00 321,212.91 6,079,083.67
103 - 108 192,032.38 121,551.67 7,595.85 0.00 321,212.91 5,857,051.30
109 - 114 (96,113.07 117,741.03 7,355.31 0.00 321,212.91 5,690,933.23
115 - 120 200,280.47 113,513.76 7,113.67 0.00 321,212.91 5,x90,657.76
121 - 126 20-1,134.07 137,266.xx 6.563.32 0.00 3aS,263.S3 5.256,523.69
127 - 132 209,492.59 132,163.09 6,603.15 0.00 3x3,263.53 5.077,031.1 I
133 - 133 21x,991.77 126,925.73 6,3x6.29 0.00 3xS,2G3.S3 4,S62,039.3a
t39 - lax 220.635.30 121.550.95 6,077.55 0.00 3a3,2G3.S3 x,6xl,xOx.Ox
lay - 150 226,a2G.9S 116,035.10 S.SOl.7G 0.00 3x3,263.53 -1.x1a,977.07
lSl - lSG 232,370.65 110,37x.x3 5,51S.72 0.00 3aS,2G3.S3 4,IS2,60G.3S
IS7 - 162 235,x70.41 l0.3565.16 S.22S.26 0.00 3aS,2G3.S3 3,9xx,13S.97
163 - 163 2x-3,730.26 95,603.x0 4,930.17 0.00 3aS,263.S3 3,699,x05.70
169 - 174 251,154.43 92,4S5.(x 4,62x.26 0.00 3x3,263.33 3,xx3,251.27
w+~e~ 175 - 1 SO 257,747.24 56,206?3 4,3 (0.3 t 0.00 3x8,263.S3 3,190,50x.Ox
iSl - 136 276,71 LOx 95,715.12 3,935.13 0.00 376,a1a?9 2,913,792.99
137 - 192 235,358.26 57,x13.79 3.6x2.2x 0.00 37G,x1a.29 ~,G2S,43x.73
193 - 193 29x,275.71 78,853.Ox 3,2SS.Sx 0.00 376,41x.29 2,334,159.02
199 - 20x 303,x71.83 70,02x.77 2,917.70 0.00 37G,x14?9 x,030,637.19
205 - 210 312,955.32 60,920.62 2,533.36 0.00 376,41x.29 1,717,731.53
2ll - 216 322,735.17 51,531.96 2,147.16 0.00 37G,x1a.29 1,39x,996.70
217 - 222 332,820.65 41,5x9.90 1,7x3.75 0.00 37G,alx?9 1,062,176.05
223 - 228 3x3,221.29 31,SGS:Z3 1,327.72 0.00 376,41x.29 713,954.76
229 - 234 353,946.96 21,56S.6a S9S.G9 0.00 376,414.29 365,007.50
235 - 2x0 365,007.80 10,950?3 456.26 0.00 376,41x.29 0.00
TOTAL 5,316,787.50 3,935.4x5.53 2x0.276.72 261,787.50 12,?30,725.2x
' Interest was assessed u Collows:
Years 2-5: 3.25%
Years 6-10: 4?5%
Years 11- I S: 5.2590
Years 16-20: 6.25%
Average Interest Rate: $.1790
McDonald Investments Inc. III S/99
Office of the City Manager
5200 Emerald Parkway • Dublin, Ohio 43017-1006
CITY OF DUBLIPi Phone: 614-761-6500 • Fax: 614-889-0740
Memo
To: Members of Dublin City Council
From: Timothy C. Hansley, City Manager /
„N;,r Date: February 25, 1999 I
Re: Ordinance No. 26-99, Agreement with the Ohio Department of Transportation to
provide the financing for the Avery-Muirfield Drive/LT.S. 33 interchange
improvement project.
Initiated by: Marsha I. Grigsby, Director of Finance
In 1996, Ohio was selected as one of the eight states approved to implement a State Infrastructure Bank
(SIB) program. The goal of the SIB is to capitalize on the economic success that accompanies well-
planned infrastructure growth and to maximize the use of Federal and State funds. Funding is allocated
toward individual infrastructure projects selected by the Ohio Department of Transportation (ODOT)
as low interest loans rather than grants. Repayments from these loans will be made to ODOT and then
reloaned to subsequent projects, thus creating a SIB revolving loan program.
In September 1997, Ohio became the first state in the country to grant a SIB loan. The City submitted
a project application for the Avery-Muirfield Drive/LJ.S. 33 interchange project in early January and
we received notification on February 18, 1999 the project had been approved.
We have estimated that over the term of the loan, the City will save in excess of $500,000 with a
significant amount of the savings occurring in the early years. Because the loan requires no repayment
during the first two years, we will benefit from a cash flow stand point as well. Under our previous
financing assumptions, interest payments on short-term notes utilized during construction and the first
payment on long-term bonds that would have been issued were programmed to begin in the year 2000.
The first payment on the loan will be due in 2001.
Also, if we were to finance the project as originally assumed, with general obligation bonds, we would
not be able to take advantage of the current favorable interest rates. Mid-2000 was the earliest long-
term bonds would have been issued. These bonds would have been designated as "voted debt" utilizing
the City's remaining transportation voted authority available. The remaining voted authority will now
be available for other transportation projects.
We have also attached a debt service schedule that we obtained from our senior underwriter, NatCity
Investments. This reflects a repayment schedule had traditional long-term general obligation bonds
been issued in late January and was used to evaluate the loan terms. The debt service schedule was
used to negotiate better interest rates than originally proposed by ODOT, resulting in the SIB loan
being the most cost-effective method to finance the project.
_
Memorandum
February 25, 1999
Page Two
Additional legislation will be required once the final loan documents are prepared by ODOT's bond
counsel. We are requesting this Ordinance to be adopted as an emergency at the first reading to
expedite the preparation of the final term sheet and loan documents.
Representatives from ODOT have been very helpful during the application process and we look
forward to working with them on future projects.
If you have any questions, please do not hesitate to contact Marsha.
JAf`f-21-1999 THU 10 ~ O 1 Aft NRTC I TY I NVESTr1ENTS FAX IdO, 1614 463 8141 P. 02
5a,loo,oco city of >r~blia, onio
vensral Ob115ati0n BordO ((i:.I.ini[o3 Tax)
very/rr~irfiel3 Fzcjec[
DEDT S~2VIC5 ~Ct1=DilLE
DATE PRI27CIPAL CCUc^'~ INTEF..Sl' FF7Y.IOD TOTAI, FISCAL. TC':AI.
J/ 1/3? 151,215.''<5 191,216.25 181,2:5.25
3/ 2/ 0 181,215.25 1°.1,2:G.25
a/ 1/ 0 181,215.25 181,216.25 3G 2,432.50
3/ 1/ 1 191,216.25 ].91,215.25
i/ 1/ 1 290,000.00 3.500000 191,21G.25 471,216.25 552,432.:0
~q 1/ 2 176,141.25 17G,141.25
9/ 1/ 2 300,000.00 3.650000 176,141.25 476,141.25 552,252.50
1/ ] 170,556.25 170,556.25
~r+
1/ 7 310,000.00 3.750070 170,635.21 490,655.25 551,332.50
1/ a 15•t,653.75 164,653,75
1/ 4 3:5,000.00 ].850000 154,813.75 499,553.75 659,70'1.50
3/ 1/ 5 159,137.50 150,597,50
9/ 1/ 5 335,000.00 3.950000 159,537,50 473,537.50 E52,135.00
1/ 5 151,?°_1.25 151,991.25
1/ 5 350,000.00 4.000000 151,961,25 501.?0.1.25 653,952.50
1/ 7 14.,451.25 144.001.25
9/ 1/ 7 355,000.00 4.100000 144,4c1-25 509,?91.25 554,952.50
3/ 1/ 3 137,4;3.75 137,499.75
9/ 1/ ? 775,000.00 4.150000 137,a?3.75 512,433.75 649,997.50
1/ 9 129,717,50 129,717.50
7/ 1/ 9 395,000.00 4.250900 129,717,50 52<,717.50 554,435.00
7/ 1/10 121,]23.7$ 121,323.75
9/ 1/10 410,000.00 4.350000 121,323.75 5?1,323.75 652,647.50
3/ 1/11 112,405.25 112,406.25
1/11 425,000.00 6.450000 112,405.25 537,605.25 6d 9,912.50
3/ 7/12 102,?'7.00 102,350.00
9/ 1/12 dG5,000.00 4.550000 102, 910.00 547,350.00 650,')00.00
3/ 1/.3 92,821,25 92,375.25
9/ 1/13 455,000.00 4.610000 92.9=5.25 557,826.25 550,65:.50
3/ 1/14 32,0:5.00 61,015.00
?i 1/14 4?0,000.00 4,700000 P2,015.00 572,011.00 554,030.00
1/15 70,5:0.00 %•0,500.00
1/15 510,000.00 5.000900 ,0,500.00 Si 7, 500.00 551,000.00
3/ 1/l0 57,75:.00 57,750.00
1/16 575,000.00 5.000)09 57,750.09 592,750,00 ;S O,SCO.GO
3/ 1/17 dd,?7=.00 44.375.00
5/ 1/17 SES,000.00 5.000000 49,371.00 50?,375.00 553,750.00
1/19 7o,2sa.co 30,250.00
_ 1/13 590,000.00 S.000OOC 30,210.0] GZC,250.00 550,500.00
1/19 15.5:0.00 15,500.00
9/ 1/19 620,007.00 $.000000 15,5^0.00 675,500.00 651,000.0)
9,100,000.00 4,834,746.75 12,934,749.75
l..^.CF.[JeD
?,100,000,00 4,934,7;3,75 23,334,749.75
Ca[c.t 3/ 1/39 wi[k Deli•:sr/ of 3/ 1/93
9on3 Ycar~ 107,399.0:7
.gvsr sae Co•.,pon 4.G7G22i
A'~9zagq I,lf: 12.76:195
v I c t 6.676225 a v_ing 100.0006000
I C t 4.638750 Z Fco:n Celivery mate
?zeparea ry:r~,tr,;~y c.,, i_al Nnzl:a[e
N.icro-M~.,ni O.b[ DaCe: 01-21-19?S ~ 03:SM1 :11 Filename: DL77 Li": Y.'y: AVERY
MEMORANDUM
TO: Dublin City Council
FROM: Timothy C. Hansley, City Manager
~ i~3~-
INITIATED BY: Balbir S. Kindra, Director of Engineering/City Engineer ~ j
DATE: March 17, 1999
SUBJECT: Ordinance No. 32-99
Rings Road Improvement Project Bid Acceptance
March 10, 1999, bids were received and publicly opened and read for the Rings Road Improvement project.
Seven (7) bids were received as shown on the attached bid form. The bids have been reviewed and it is
recommended that we award this contract to Performance Site Management of Columbus, Ohio, the lowest,
responsible bidder. The bids ranged from $3,534,735.22 to $3,893,165.56. Performance Site Management's
bid was $3,534,735.22. The engineer's estimate for the project was $4,000,000.00.
Attached is an emergency Ordinance No.32-99 for approval by City Council prior to awarding this contract to
Performance Site Management, Inc. I recommend approval of this contract to Performance Site Management,
Inc. of Columbus, Ohio on an emergency basis, so that work can start as soon as possible.
Attachment